Reaching agreement
“Life is not like water. Things in life don’t necessarily flow over the shortest possible route”.
Haruki Murakami
What We Do
Take all the risk
No financial contribution is required from you.
Do the hard work for planning gain
What’s more, we fully fund the process and if we fail to secure planning permission you pay nothing.
Work as you prefer
We will agree a fair value split for your site in advance and we will work in accordance with the agreement you prefer.
We find a way…
Promotion Agreement
This agreement instructs us to obtain planning and select a suitable team for the open market sale of the property once planning has been obtained. Other landowners have used this agreement to gain access to our considerable knowledge and experience and still have the planning risk removed because we would fund the planning application costs.
Once full planning has been achieved, we would use our own resources as well as local agents to seek offers on the open market for the consented site. The landowner retains ownership of their land right up until the development site is sold. We are paid from the sale proceeds at an agreed rate.
If planning consent is not obtained by a certain date, the agreement terminates, and our costs are not reimbursed. The upside of this approach is that the land could attract a premium by being sold on the open market through a competitive bidding process, however by not having a development partner in place during the planning application process can sometimes slow things down as the local authority and community does not have the comfort of knowing who the developer will be.
Option Agreement
The landowner grants us an ‘option’ to buy the land within a given time period after full planning permission has been secured. We will pay the landowner an upfront fee for granting the option agreement.
The typical agreement grants option holder the right to purchase the land at an agreed discount to the market value. This reflects the risks taken in obtaining planning and the time saved on networking during the promotion of your site. A valuation is conducted by a chartered surveyor to determine the market value of the site. Brightrock will take all of the risk in funding the promotion of the land.
Option agreements often benefit the landowner who does not want to go through the marketing exercise involved with promotion agreements, once the consent is gained, we have a defined period to purchase the land with planning.
How we would work is to secure a commitment from one of our development partners or institutional funds to acquire the site from us when planning has been achieved. Where a site is particularly challenging, other landowners have found it beneficial to have the developer on board at an early stage to engage with local communities, councils and other stakeholders to smooth the process and achieve planning consent. The site sale is often quicker than an open market promotion because the developer and community are working together to achieve a final plan, they are happy with.
Purchase my land
Subject to Planning Purchase – We enter a contract with a landowner to purchase land for an agreed sum subject to securing a satisfactory planning permission.
Purchase – land is purchased unconditionally or purchased with an uplift paid when planning consent is achieved at a future date. This works where there is a straightforward development plan and relaxed local conservation guidelines along with strong demand.