Roger Hannah were originally appointed in 2006 to act for three industrial land owners who had adjoining land ownership in Buckingham Road, Heaton Moor.
We were faced with a number of quite problematic issues to resolve, including: different objectives from the three land owners, no access to the land, no planning permission, historic contamination issues, title issues and onerous affordable housing provision.
Systematically, we worked through all of these issues, including arranging a three-way all-party agreement , negotiating access to the land with Stockport College without payment of any money, negotiating with other owners who had covenant rights over the land and obtaining planning permission for the development. All of this eventually allowed us to market the land for redevelopment and complete the transaction with Bellway Homes for Phase 2 of their Heaton Manor development.
Bellway acquired the land from the three owners for a consideration in excess of £5 million, which is the full market value without any deduction for ransom and with affordable housing reduced from 50% down to 25%. The land will see the construction of some 69 residential houses.
Simon Cook, Director of Roger Hannah, represented the three industrial land owners in securing the transaction with Bellway Homes. Commenting on the transaction, Simon said, ‘securing the release of this industrial land for residential development has taken many years of hard work with sensitive negotiations between the three land owners, the local planning authority and other land owners who potentially had the ability to prevent development taking place. To achieve this transaction with Bellway is a real result and shows the benefit of a patient approach.’