George specialises in advising national and regional housebuilders from the point at which a new site is first identified, through negotiating heads of terms, assisting in guiding the structure of the transaction and preparing and negotiating the site acquisition documentation.
With substantial experience in relation to mixed use development, George is able to give holistic advice to his clients where they are taking a residential phase of a mixed use scheme or selling any commercial elements of large scale residential led schemes.
- Acting for a national housebuilder on the acquisition of a site in multiple ownerships where one owner was an educational establishment and three other owners were commercial operators. The overall value of the site was £16m. Whilst the site had been marketed for sale as a whole, the parties were separately represented in the sale. This necessitated the negotiation of multiple sets of transaction documents which needed to ensure that the individual land areas (whilst separately negotiated) could be developed as one site and involved procuring the surrender of various rights of way between the sites and the release of restrictive covenants.
- Acting for a national housebuilder in the acquisition of the residential element of a mixed use development site with a value of approximately £8m. The transaction needed to be arranged to allow the seller to collapse a leasehold structure which was held in off-shore companies (for industrial building allowances) to bring the property ‘on-shore’ so that the residential element could be acquired and developed for housing and the commercial element developed as a food store. The site was burdened by restrictive covenants and easements in favour of the statutory electricity supplier and the release of these had to be procured to facilitate development. As a result of the multiple ownerships the deal was structured so that the unencumbered ownership could be brought under the control of the on shore seller on the completion date to allow a S.106 Agreement to be entered into by the seller and the local planning authority and the planning permission to be released on the same date as the property was acquired.
- Acting for a national housebuilder in a site assembly project of a major development site in Yorkshire with a land value of approximately £20m. The transaction involved the preparation and negotiation of an overarching development agreement below which sat an option agreement and a sale and development agreement (whereby some or all of the property could be acquired by the developer at its nomination under a building licence) with various tiers of overage which applied on net sales receipts dependent upon which development route was followed. The site was held in four separate ownerships and will be developed for some 450 residential units.