We were instructed by a busy professional organisation operating in the London area. Our clients had a vibrant professional practice, but had an opportunity to secure planning permission to develop their existing premises for residential development.
The form of development involved utilising the airspace above the existing premises to accommodate the residential development. Our clients saw the potential, but considered themselves lacking in the necessary experience to pursue the development themselves.
We discussed options open to our clients with them. Our clients ultimately settled on an innovative proposal to sell the airspace to a professional developer on the open market. Our clients could then capitalise the development value without incurring the risk of developing themselves.
The Property was marketed and a buyer for the airspace found. We then worked closely with our clients to structure the sale correctly. Our clients had legitimate concerns about the privacy needs of their own clients, as their business was to remain open throughout the course of the development. Also important to our clients was the need to retain a degree of control over the developer, to ensure that the structure of the business premises was not compromised as a result of the development.
Our client’s concerns were of paramount importance to us in the negotiation of the documentation with the developer’s solicitors. These concerns had to be balanced against the needs of the developer and the needs of their funder. Where areas of friction were identified, we were able to work with both parties to develop their understanding of each other's perspectives and find the common ground necessary to build a compromise solution.
The deal was ultimately concluded on terms that enabled our client to unlock the value of their development, whilst continuing to operate their business with a minimum of risk to the business premises and their clients.