Our experience of working with housebuilders
- Acted for two developers in collaboration in the promotion of an eco-town, originally envisaged to be in excess of 5,000 units as a new settlement. The promotion agreement was a hybrid in that, whilst the principal role of the developers was to promote the new settlement, it also gave them the ability to acquire some or all of the site following market testing. A number of landowners were involved and party to the promotion agreement.
- Acted for a developer who has promoted a strategic extension to a Hampshire town. There were some 25 separate land holdings. Whilst our clients proceeded by way of individual option agreements, these all contained provisions for equalisation of costs and value over the entirety of the scheme so that landowners are equally compensated irrespective of the actual use to which their individual land holding may be put. Planning consent for some 530 houses has been obtained.
- Acted for a consortium of developers in connection with a proposed residential development of some 3,000 units as an extension to a Hertfordshire town. The transaction required some innovative structuring in that a number of the developers were either landowners in their own right or had existing options over other parts of the site. We formed a consortium company combining the various developers. The new company acquired fresh options from the various landowners with the operation of the existing options suspended for the duration of the new option agreements. An overarching agreement was entered into between the consortium company and the landowners to ensure that all the individual options proceeded in parallel. The transaction also involved complex overage, security and stamp duty land tax arrangements.
- Acting for a plc housebuilder on the acquisition of a residential development site for over 300 units in the northern home counties for a consideration in excess of £30 million. The transaction was complex, involving a number of land interests and major infrastructure issues and was subject to very tight deadlines.
- Advising a major property and construction group on the creation of a joint venture with a plc housebuilder and the acquisition by the joint venture of residential development land for a consideration in excess of £50 million.
- Acting for a developer and housebuilder in a joint venture to acquire unconditionally from a utility company a potential urban development site. The transaction was completed in a short timeframe and involved complicated overage arrangements because at the time of acquisition the position and nature of the future development was not known with any certainty.
- Handling the sale to a plc housebuilder of residential development land in Oxfordshire for a consideration in excess of £12 million.