24th June 2016

Strategic greenfield site in Hereford sold for residential development

Acting on behalf of a private landowner, property consultants Alder King and developers Gladman have finalised the sale of an 11.7 acre strategic greenfield site in Hereford for residential development.

The previously agricultural site, south of Hampton Dene Road in the Tupsley area of Hereford, has been acquired by Barratt Homes for £5.7 million. 

This substantial site was marketed via a planning promotion agreement with Gladman Strategic Land which secured outline planning consent for a 110 unit residential scheme on the site in 2014. 

Located approximately 1.5 miles to the east of Hereford city centre, the site has a pleasant rural aspect, bound to the north by existing residential properties and to the west by school playing fields.  It attracted strong competitive interest from a number of house-builders. 

The development will incorporate a range of properties with around 39 affordable homes available for rent or shared ownership. It will also include areas of public open space, play areas for children and communal allotments.

Chris Haworth, partner at Alder King, who represented the landowner in the transaction, said: “By entering into a planning promotion agreement with Gladman Strategic Land, we were able to market this previously agricultural site with the benefit of residential planning consent.  This maximised the value of the site for the landowner whilst minimising his exposure to the risk and costs associated with securing planning consent. 

“The promotion agreement method is increasingly preferred by landowners over the conventional granting of an option to a developer.  It enables sites to be sold in the open market for the best price obtainable, rather than being the subject of a valuation process between professionals.”