Agency services relating to the promotion and disposal of a Sustainable Urban Extension, Nuneaton

Location

Project summary

• Advised landowners and land promoter on the disposal of land with planning permission for up to 1,000 dwellings, local centre and primary school.
• Sale of phase 1 with planning permission for 150 dwellings to Jelson Homes, March 2017 – set to deliver 37 affordable homes and contribute £1.3m+ to education, health, highways, library and open space under Section 106 Agreement.
• Sale of phases 2 and 3 with planning permission for 850 dwellings, local centre and land for a primary school to Taylor Wimpey and Jelson Homes, April 2020 – set to deliver 212 affordable homes and contribute £14m+ to open space, sport/recreation facilities, highways, education, police infrastructure and healthcare.

Solution

• Created, managed and advised on disposal strategy for phase 1 and subsequently phases 2 and 3.
• Focus on generating competition between interested parties to maximise value.
• Operated a staged approach to the offer process, invitation to offer, interviews with shortlisted parties and best and final offers.
• Advised on planning and technical matters to enhance value and mitigate risk.

Benefits

• Negotiated 19% increase in sale price from the opening offer of the preferred party to the terms agreed on Phase 1.
• Negotiated 12% increase in the sale from the opening offer of the preferred parties to the terms agreed on phases 2 and 3.
• Advised on uncertainty surrounding Brexit (Phase 1) and Covid-19 (phases 2 and 3)