Private Client

Investment and Development – Private Client, London Road, Bagshot

We recently acted on behalf of a private client in relation to a development site in central Bagshot, Surrey.   Over many years the client had assembled the village centre site next to the A30 London Road. It extends in size to about 4800sq.m. or 1.2 acres. 

The piecemeal nature of assembly meant the site was held on seven different Titles, but overall it offered a level site within an existing settlement and was thought to have good development potential.

Time was taken to consider a variety of uses, including a new supermarket, small retail park or for housing. An added complication was the presence on part of the site of the clients successful retail business.

Ultimately, McCarthy and Stone emerged as the front runner to buy the site, conditional upon planning, for the construction of forty five Class C2 Assisted Living flats for the elderly.

We were involved in detailed negotiation of the Heads of Terms and price, with due care and attention given to matters such as – if you are familiar with development terminology – SANG, CIL and SAMM payment contributions.

Details of price, payment terms, timing, dispute resolution, overage and deposit conditions were all dealt with efficiently. Added complications surrounding the timing of development, site access, boundary matters and the many small but important details that always arise with sites were sorted without difficulty.

With both parties committed by legal agreement, McCarthy and Stone were able to secure planning and complete on the purchase. Our client realised a significant increase in site value as a result.