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DISPOSAL OF A MAJOR REGENERATION SCHEME TO CONSORTIUM DEVELOPERS

From an initial site appraisal of this large regeneration site through to sale we advised our client through challenging negotiations.

How we helped

We were instructed by the Somerset Family to advise on the value of 31.16 hectares of land on arable fields to the west of Durrington’s urban boundary. 

We carried out a valuation of the current Market Value (MV) of the land based on the outline planning consent for 490 private units and 210 affordable units. We reviewed comparable capital values, land values and plot values.

We were then instructed as agents in the disposal of the land to a Consortium of development companies (Heron Land Developments, Persimmon Homes and Taylor Wimpey) which was formed in 1992 to deliver strategic housing and facilities on the north western edge of Worthing.

The outcome

We completed on the sale of the land by option in August 2013 after lengthy negotiations with the Consortium. A land value of £12m was agreed. This land forms the first phase of development.

We have recently been instructed to advise the Somerset Family on the value of land in the second phase of development and to negotiate the disposal by option with the Consortium.