Once an agreement between land owners has been reached we issue the heads of terms. Medium and long term legal land contracts, often with performance targets and financial overage positions, can become very complicated. Quite frankly it can put people off. Again our experience in negotiating complex property contracts for the past 12 years, for both buyers and sellers, is second to none. We strip out the nonsense and have a reputation for explaining matters considerately, regardless of our clients’ experience, to ensure that everyone understands the facts and feels confident to make an informed decision.
Site promotion is expensive and can easily run into six figure sums with, of course, no guarantee of a return on that investment. Our business has its own cash reserves but for larger projects and acquisitions we combine with private equity and corporate investment to facilitate larger acquisions. Our business has grown organically and past successes and relationships as private residential developers has enabled us to expand into strategic land promotion and acquisition.
We have conducted a comprehensive housing study of several areas. The scope of the projects involve a review the council’s housing land capacity study and their ability to deliver their perceived land supply with a view to future growth.
With consultants we have an independent view of the long term housing requirements across areas, and we have identified potential future growth points. Identified sites have been assessed and evaluated against local plan policy. Local infrastructure has been assessed to establish if development would be achievable for each location.
We have developed a portfolio of short, medium and long term opportunities, with a view to either purchasing the sites, operating joint ventures or optioning sites for long term promotion. Where development opportunities are feasible, land owners have been contacted and negotiations are being carried out by the Lightwood Property team.
We believe that our unique approach to promoting sites, developing masterplans and gaining planning consent will be suited to the sweeping changes introduced by the current government.
The areas of proposed change will provide a platform for local communities to have far more involvement in planning applications. The abolition of the Regional Spatial Strategies (RSS) allows local authorities to scrap their proposed housing schemes. As the proposed future housing zones were prepared as a result of the RSS and have significant opposition, we believe it is the ideal time to bring forward new opportunities that embrace the concept of the growth and sustainable development. Lightwood Property believe the current shift in the planning process presents an exciting opportunity within the area, which has yet to identify its long term housing land supply.
The challenge facing the industry is to demonstrate that the strategic plans identified for future growth will provide sustainable communities.
28 January 2020