Case study: £5.9 million agricultural land sale with £4 million overage agreement
Commercial Property Partner, Jonathan Wilson, recently acted for an existing client on the sale of his agricultural land to a property developer for £5.9 million.
The instruction
The acquisition was part of a land acquisition scheme to develop a large area in South Gloucestershire for residential use. Jonathan and the Commercial Property team advised on and finalised the terms of the transaction. This involved extensive negotiation between the parties.
Our approach to the land acquisition
Our commercial property lawyers approached the transaction with expertise. They reported to the client on the terms of the sale contract and provided detailed responses to the buyer’s enquiries.
Securing future value
The sale was on the basis that the buyer was prepared to purchase the property without the benefit of planning permission.
Working collaboratively with Rob Davenport in our Corporate and Commercial team, Jonathan negotiated, amended and finalised a complex Overage Agreement which facilitated the parties’ intentions. The agreement entitled our client to a further minimum of £4 million should the buyer obtain planning permission to develop the property during the overage period.
This transaction provided the client with substantial financial security and ensured his best interests were protected in terms of future benefits arising from the sale of the property.
Contact our commercial property lawyers
Our commercial property solicitors provide clear advice to clients across the UK from our offices in Bristol and South Gloucestershire.
For expert advice on land acquisition and/or development, get in touch. Call our team on0117 325 2929 or fill out our enquiry form.
