Barff Lane, Brayton
Acting on behalf of the landowners, a local farming family, T&B were approached to advise on the potential strategic development potential of this 126 acres of land located to the western side of the village of Brayton, near Selby, North Yorkshire.
Having identified that an initial phase of 10 acres offered development potential in the short term (2-3 year period), some of the remaining land holding offers more longer term potential (5 – 10 years), T&B were instructed by the landowner to secure a promotional partner for the land. Both house builders and strategic land promoters were approached as part of a co-ordinated strategy, following which a number of proposals were received. Following close scrutiny of each submission, a land promoter was selected on favourable terms for the family, and a Planning Promotion Agreement (PPA) entered in to. Our detailed analysis of each proposal lead us to the conclusion that a land promoter operating under a PPA was a more attractive proposition that entering into an Option Agreement with a house builder, as this ensures the land is market tested once a planning consent is secured.
Since the landowners entered the PPA, T&B have monitored progress closely acting essentially as the landowners ‘eyes and ears’. This included monitoring the promoter’s progression of a full planning application for 126 houses, that was submitted on the first 10 acres within 12 months of signing the PPA. Following the approval of the planning application, T&B have completed a sale of the site on an unconditional basis to a national house builder following the targeted marketing of the land. Both landowner and promoter were delighted with the result.
T&B continue to monitor the ongoing promotion of the remaining land on behalf of the landowners through the Selby Local Development Framework, and will market and sell consented development land once planning consent has been granted on behalf of both landowner and promoter.