Case Study - Planning & Development 2 - Option Agreement
Ref: EJ/01/6’07 Andrew Wright – Partner Kirkby & Diamond
The clients were interested in disposing of their property and had been approached by a developer with a view to granting an Option Agreement. The main aim of the clients was to maximize the value of their property.
To overview the planning potential of the site to assess the value of the site and the risks associated with the Option Agreement.
An informal enquiry was conducted with the planning department at Milton Keynes Council. The potential of the site was identified as considerable. In light of the information the Option Agreement was assessed, as were the alternatives available to the client. With guidance from K&D the clients decided to apply for outline planning permission themselves for the redevelopment of the site. Permission was achieved and the site was brought to the market.
Kirkby & Diamond provided the clients with expert advice in all elements of the process. This included valuation, planning and development and ultimately agency. This enabled the clients to build up a good working relationship with one individual who was able to guide them through the entire process rather than employing various specialists over the working period. In addition with K&D’s extensive contact with developers we were able to effectively advertise the property to the correct market to achieve the desired interest.
From the initial involvement of K&D to the ultimate sale of the site took exactly 12 months. During this period the clients achieved a significantly higher value for the site than initially offered by the developer.