Project summary
- Advising the landowners on the most appropriate method of promoting a 250+ acre urban extension to Tamworth
- Advice included a complex legal and tax situation which involved seeking counsel opinion on a land pool trust, and the extinguishing of two overage agreements
- The proposal, which is now a proposed allocation in the Local Plan, is for the delivery of over 1,500 new dwellings, a new primary school and various employment and retail uses
- Consideration was also needed for ongoing business concerns on site including a go-kart track with nearly 10 years to run on the existing lease
Solution
- Advised on planning potential and the various routes to planning permission as well as the risks involved.
- Advised and discreetly marketed the opportunity to strategic developers and promoters with the ability to infrastructure.
- Advised on the landowner collaboration which ultimately ended in the setting up of a land pool trust.
- Advised on valuation matters in relation to setting up the land pool trust.
Benefits
- Negotiated and secured a promotion agreement with a national infrastructure land promoter on preferential terms. These have subsequently been improved upon due to variations made to the land pool trust.
- Regular planning update meetings with project team as well as full professional consultant meetings to advise on pooling and tax matters have taken place.
- Advice on disposal methods has been given in advance of planning consent.
