Acting on behalf of a longstanding institutional client, Carter Jonas has sold 43 acres of development land on the edge of the Oxfordshire village of Bodicote, near Banbury, with outline planning permission for 280 new dwellings.
Achieving this result was the culmination of several years of work. This included the negotiation of a landowners’ equalisation agreement and the procurement of a development partner on behalf of our client, through the negotiation of a promotion agreement. By negotiating the agreement and engaging a specialist land promoter, we helped our client realise the development value of their land, without exposing it to the risk of pursuing planning speculatively.
At the same time we also resolved a number of matters required for the delivery of the site, including the release of third party access rights and third party drainage rights over the land, and obtaining vacant possession from an Agricultural Holdings Act tenant, thus allowing our client realise the full potential of their property.
Having secured outline planning permission, we took the land to the open market and secured competitive interest, ultimately delivering a clean, unconditional sale to a national housebuilder.