There are numerous court cases which demonstrate the difficulties that even regular players in this field can sometimes experience with examples of disputes arising over the effectiveness of extensions to options and quite commonly the calculation of overage payments. However, strategic land remains an excellent investment for those wiling and able to invest in and manage a well structured and balanced portfolio.

Our strategic land group advises housebuilders, promoters, investors and landowners on real estate development opportunities that involve promotion of land through the planning process over a period of time and an application for planning permission.

We advise on:

• securing control of land by way of freehold purchase with or without overage, promotion agreements and option agreements
• structuring joint venture vehicles, collaboration or consortium arrangements, landowners' agreements and land assembly
• promotion, planning applications, appeals and s.106 agreements

Opportunities will typically involve both greenfield and brownfield sites, residential, mixed use and commercial schemes, located on urban fringes and out of town.

• Advising Barratt Strategic on land assembly and project delivery in relation to a scheme with potential at the time for circa 8,000 units on the north west of Bristol. The project required freehold purchases with overage with innovative modelling to assist with cash flow on project delivery, legal charges, existing agricultural tenancies with possession issues, leasebacks by way of farm business tenancies, plc guarantees, option agreements and pre-emptions in addition to usual due diligence.
• Acting for Welbeck Land in relation to approximately 500 acres and a potential scheme of circa 3,000 units, preparing a memorandum of understanding, exclusivity and profit share agreements with landowners and collaboration and promotion agreements with principles of equalisation of value, cost and sale proceeds.
• Acting for Gazeley on the acquisition of numerous options in connection with the proposed development of a strategic rail linked development of in excess of 1 million square feet including advising on planning, highways and other strategic development issues.

Elizabeth Sturgess
t +44 (0)118 959 2850
elizabeth.sturgess@osborneclarke.com