Case study: acquisition of seaside industrial site
Our Commercial Property team acted for a developer in the acquisition of a former industrial site in a seaside town. To avoid the risk of buying the site only to find the council wouldn’t allow development, the team first negotiated an option to acquire the site. This gave our client the peace of mind to seek planning consent to develop it, safe in the knowledge they could buy it if successful and walk away if not.
Planning consent for more than a dozen dwellings was secured and the council required a Section 106 agreement to secure a contribution to local affordable housing, which the team assisted our client on. Safe in the knowledge that the property now had the benefit of the planning consent, and could be turned into attractive and saleable modern housing, our client instructed us to exercise its option and secure finance for the purchase of the site.
The lenders had a number of stringent requirements and the team were able to assist in meeting these and advising on the security documents, including the director’s personal guarantee.
Our New Build team will be available to act in the sale of the flats when built.
Barcan+Kirby is able to offer developers of small green and brown field sites legal assistance from acquisition all the way to disposal, and we welcome enquiries from developers at the earliest stage possible.