Sale of former Neosid site, Letchworth
Acting for the freeholder, Letchworth Garden City Heritage Foundation (LGCHF), the development agency team sold a 5.5 acre site to Croudace Homes for approximately £11.65m.
Negotiations to establish the profit sharing arrangements for each party were undertaken with the long leaseholder, Legal and General. Thereafter, Cluttons worked in conjunction with the leaseholder to ensure ‘best value’ was achieved for LGCHF’s interests under the Charities Act.
The gross development value was c. £30m.
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