Our experts were instructed in the spring 2019 by De Bene Esse and the Abbey Group, promoters for a residential development opportunity on behalf of a consortium of landowners.
The site extended to approximately 4.6 hectares. To the rear of the property residents will benefit from the view of open fields.
An outline planning consent was secured in May 2018 for up to 45 dwellings, including a 40% affordable housing allocation. A full national marketing campaign was undertaken, and serious interest was received from a wide range of companies including housebuilding plc’s, regional developers, local developers and affordable housing providers.
Bids were invited by informal tender and 12 bids were received; the vast majority exceeded the guide price of offers in excess of £2,500,000. Parties had been invited to offer a planning overage on the basis that the number of consented units was low for the site area.
Three of the developers were invited to post bid interviews. Cross Keys Homes, who was the highest bidder, decided to submit their offer to take account of potential planning gain and therefore were not offering overage. Terms were successfully agreed with Cross Keys Homes in the summer 2019, with the agreed price of £3,686,463.
There were a number of legal and technical issues that needed to be resolved and Carter Jonas acted collaboratively with the purchaser, promoters and solicitors throughout the post tender process to find satisfactory conclusions. Simultaneous exchange and completion took place in January 2020.
Mark Hanson, director of development at Cross Key Homes, outlines how Carter Jonas dealt with the complex matters involved in the project:
“We found the process of acquiring this site to be more complex than many other sites, however the process was greatly facilitated by the helpful and transparent style of the seller’s agents, Carter Jonas. There were one or two sticky patches, but the positivity and professionalism of the Cambridge team got us through them.”
For further information, please contact a member of our team:
Partner, Planning & Development