JLL Residential

Marple College - Land

marple-college
Project: Disposal of Land at Hibbert Lane, Marple, Stockport
Client: Cheadle and Marple Sixth Form College
Date: Q2 2014 – Q4 2014

situation

Cheadle and Marple College identified an 8 acre Campus at Hibbert Lane, Marple as being surplus to requirements and required a sale within a tightly controlled timescale in order to generate funds to reinvest in a significantly improved teaching facility nearby.  The College previously experienced an aborted sale to a major food store retailer which caused significant delay and cost.  A disposal for residential development was seen as a lower risk strategy in planning terms and due to the previously aborted sale, reputational risk and deliverability were of paramount importance.

brief

Present the site to a targeted shortlist of developers capable of delivering a residential planning permission in the shortest possible period of time.
Achieve a deal that provided the maximum possible land receipt for the Vendor and removed as much conditionality and uncertainty of the final land value as possible.
Protect the Vendors future interests in capturing any enhanced land value arising from planning gain through an overage agreement and negotiating an elongated vacant possession period to allow the Vendor adequate time to relocate.

outcome

Achieved a sale conditional only upon planning despite limited availability of technical site investigation information.
Negotiated a contract that allows the Vendor to benefit from any enhanced value arising from any decrease in affordable housing or increased developable area through the planning process.
De-risked the Vendor’s financial position via a guaranteed purchase price allowing certainty for the re-investment in the new education facility.
Proposed development will deliver approximately 90 executive family dwellings including 30% affordable housing in an affluent and sought after market.