Promotion Agreement – West Northamptonshire Council

Site area: 9 acres
Agreement type: Promotion
Local Authority: West Northamptonshire Council

We were instructed by Trustees to advise them in relation to an existing Promotion Agreement on their land that had expired. The existing promoter wanted to extend the agreement but the terms were not commercial. We marketed the site to a list of 12 promoters asking them to submit terms for a promotion agreement. We had offers from 10 of the 12, the other two parties having conflicting sites. We interviewed all 10 parties and after initial interviews reduced this down to 6 preferred bidders. We asked these to submit best bids and competitive terms were agreed with a significant upfront premium, competitive promoters return and a term of 5 years with the possibility to extend for a further 3 years.

The promoters commenced promotion of the site upon agreement of Heads of Terms and they are looking to seek an allocation. Upon the grant of Planning Permission Howkins & Harrison will be instructed to sell the site on the open market. The agreement was signed in 2023 and we envisage an application being submitted sometime in 2025/2026. In addition, the promoters agreed to promote a smaller area of retained land for the clients that is in the confines of the village on the basis of an immediate application.

For more information, please contact Jeff Paybody | jeff.paybody@howkinsandharrison.co.uk