Maximising land value but managing risk!
The time and expense of successfully achieving planning permissions has been steadily rising for years due to the increased detail now required by local authorities. Land owners are facing higher costs without a guarantee that any application will be successful. So apart from choosing a highly dependable and cost effective planning consultant, what can land owners do to limit their exposure to risk whilst still optimising the full potential of their land?
Usefully, in the modern property market there are many alternative arrangements that could help, ranging from traditional subject to planning deals, where a developer agrees to pay a set price subject to achieving a predetermined planning consent, to more collaborative joint ventures. On larger, longer term opportunities an option to purchase might be more suitable, with the price to be agreed once planning has been consented. Alternatively, promotion agreements are becoming more prevalent where a consent is agreed and then offered back to the market.
Land owners have many options with numerous delivery partners to choose from, the key is taking a look at the site specifics and your own risk profile to see if any of these options might offer a better way forward.
If you would like to discuss any of these options then please contact our new in house Surveyor in Residential Development Land, Mark Presland.