David Brown, Company Secretary writes:
'Dear Sirs,
Green Farm Estates Ltd own land in total comprising some 20 acres in Badshot Lea near Farnham Surrey. The land was originally in the ownership of about 100 individual plot holders. The land was divided into plots with the Company owning the access land.
Jim London of London Clancy was appointed to achieve the aim of finding a partner to pay the costs of promoting the land with the planning authorities, and eventual development. Jim London first had to gain the trust, and balance the needs, of a disparate group of plot holders, the board of directors and eventually a Board of Trustees.
Over a period of years, Jim London of London Clancy helped us deal with the considerable detail of packaging the site into one saleable entity. The intial scheme involved a Trust Deed, which involved the plot holders agreeing to sign the Deed, so that developers could negotiate with our side able to speak with 'one voice'.
The site was marketed, through London Clancy and an interested party was found in the form of a national plc. house builder. The house builder had a very ambitious scheme and when it could not be brought to fruition the house builder pulled out. For internal practical reasons we then wound up the Trust and replaced it with a 'shares for plots' scheme.
There was then the need to find another developer, the detail of an option to negotiate and agree. The option involved negotiating all aspects including length of time, initial option monies payable, scheduling the costs to be deducted in arriving at an Open Market Value figure payable to the landowner and the percentage payable, planning permission submissions, and rights to go to appeal - and the method of valuation in the event of and disputes etc.. This was successfully concluded by Jim London, together with our legal team, with a view to ensuring a good price would be payable to the Company and the plot holders when development took place.
The developer is paying for continued monitoring by Jim London (on our behalf) to ensure the developer is using his best efforts to meet the agreeed objectives. The Option Agreement remains in place and we are pleased with ongoing progress.
For and on behalf of Green Farm Estates Ltd.
David Brown
Company Secretary'
More information can be obtained from Jim London - jimlondon@londonclancy.co.uk
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