Development Land Sales – MidKent College
Chatham & Rochester
About this project
MidKent College needed to relocate their Medway facilities to new purpose built accommodation. As part of this, and to contribute to the associated costs, they needed to dispose of their two existing sites at City Way, Rochester and Horsted, Chatham. Both had the benefit of a Resolution to grant planning permission for residential development, albeit subject to numerous pre-conditions.
Harrisons were instructed to lead the disposal of development land. This included preparing a brief, fully analysing responses, inviting proposals with financial offers and recommending a short list of developers in relation to each of the sites, reflecting their very different nature.
As part of the appraisal of offers, we considered a range of added value criteria which resulted in the selection of an offer, subject to a deferred completion, involving an unconditional exchange which would progress through to completion following delivery of the new campus when ready.
This contract offered MidKent College occupation of their sites until relocation was possible, whilst ensuring that the money from the sale was available immediately after vacating their old premises.
Likewise, the developers did not have to transfer all the money for the sites until they had further progressed detailed planning permission and were closer to a position where the development could commence, avoiding the holding cost of financing the sites throughout the detailed planning stage. This was reflected in the successful bids.
This resulted in an enhanced purchase price for the site and more money for the client to invest into the operational side of their business.
If you require Development Agency advice in relation to sales or acquisitions of development land, please contact one of our Development Agency Team to discuss your requirements.