24 May It doesn’t always have to go to legals.
Every option agreement signed in the UK includes a break clause for non-performance and allows the asset owner to exit the agreement and seek a new joint venture partner.
It’s not always a fault on anyone’s side. Sometimes organisations can be too busy, understaffed or lack the required resources. It can be that attempts to move things forward have failed, and the asset owners have chosen to look elsewhere.
We have used EUX in many cases to rescue agreement that have gone off the rails. One such example is the work we undertook in Leeds to help save an option for a 55 acres piece of land, which was designated green belt and countryside.
An option was signed to allow for planning to be approved but the reception was luke warm locally, and Leeds referred to policy and other inherent problems.
The developers Sterling Capitol was prepared to allow the option to lapse, but decided to instruct us to try and rescue the plans.
It was clear that the site was valuable, it also had a further 90 acres close by. But planners were not impressed and other developers were turning politicians and officer’s heads to other sites they were promoting.
Sterling was between a rock and a hard place. By appointing us, the Asset owner settled down agreeing that it was worth a shot, but privately given the uphill policy challenges the chances were slim.
We were instructed and quickly began to work on all the principles we have outlined in EUX – within two years we had the site included in the Leeds framework and work commenced on building value on the site. Five years later the Capitol Park site was valued at circa £75million.
To find out how we do this and more about our EUX approach, message Gary Cartmell our Director of Engagement and outreach at email@example.com