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Promotion of a multi-owner potential mixed use development site

Project summary

  • Advising the landowners on the most appropriate method of promoting a 250+ acre urban extension to Tamworth
  • Advice included a complex legal and tax situation which involved seeking counsel opinion on a land pool trust, and the extinguishing of two overage agreements
  • The proposal, which is now a proposed allocation in the Local Plan, is for the delivery of over 1,500 new dwellings, a new primary school and various employment and retail uses
  • Consideration was also needed for ongoing business concerns on site including a go-kart track with nearly 10 years to run on the existing lease

Solution

  • Advised on planning potential and the various routes to planning permission as well as the risks involved.
  • Advised and discreetly marketed the opportunity to strategic developers and promoters with the ability to infrastructure.
  • Advised on the landowner collaboration which ultimately ended in the setting up of a land pool trust.
  • Advised on valuation matters in relation to setting up the land pool trust.

Benefits

  • Negotiated and secured a promotion agreement with a national infrastructure land promoter on preferential terms. These have subsequently been improved upon due to variations made to the land pool trust.
  • Regular planning update meetings with project team as well as full professional consultant meetings to advise on pooling and tax matters have taken place.
  • Advice on disposal methods has been given in advance of planning consent.
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