Rutland County Council instructed Innes England to dispose of a brownfield site comprising redundant education and day centre facilities together with an adjacent amenity land owned by a third party further/higher education organisation. The contract sum was to be fixed.
Disposal of redundant public sector assets
- Advice on disposal of redundant education and day centre facilities
- In tandem with amenity land owned by others
- Negotiation of collaboration agreement, marketing activity and sale process
- Negotiating with preferred bidder to secure fixed price subject to planning contract
We provided pre-marketing advice in entering into a collaboration agreement with the education organisation and placed the joint offer for 4.7 acres of land on the open market. Subsequent marketing and negotiations with a wide spectrum of developers resulted in an informal tender followed by detailed discussions with bidders resulting in the selection of a preferred bidder. Detailed negotiations with the preferred bidder enabled us to agree fixed amounts for Section 106 payments and for the reduction in gross land value to reflect the affordable housing provision of the local planning authority. We closely monitored changes to the development through the planning process bringing to the client a capital receipt fixed at the point of exchange of conditional (on planning) contract.
- A sale to a leading national housebuilder at a fixed price.
- Protecting the local authority’s affordable housing policy.
- Securing correct adjustments to the gross purchase price to reflect specific circumstances.
- Securing retention of part of the site to relieve congested on street car parking for adjacent residential (private sector) properties.
- Redevelopment of a redundant site coupled with valuable cash receipt to the local authority vendor.
Redevelopment of redundant site and valuable cash receipt for vendor