New Homes Development – Harrogate
Keyland Development Ltd
Yorkshire Water Services & Harewood Estate
Cornwall Road, Harrogate
In 2007, Keyland brokered a land agreement to combine the interests of Yorkshire Water and the Harewood Estate in respect of a 10-acre site previously used for open storage reservoirs. Under the terms of our ongoing relationship with Yorkshire Water, the utility company requires Keyland to put in place all the necessary development agreements to deliver a land sale as part of a wrapped solution zero financial cost/risk to the utility.
Keyland carried out financial modelling and cost planning to identify the most commercially attractive form of development and then we worked with Yorkshire Water and the Harewood Estate’s representatives to help both clients to identify, maximise and realise benefits from the disposal of this surplus land. It allowed all three parties (the Harewood Estate, Yorkshire Water and Keyland) to benefit from the uplift in values that followed from Keyland gaining planning permission for residential development on the site.
Keyland ran the project team and met all of the consultancy costs, which meant we took the financial risk during the project development phases (up to achieving planning consent) with payment for services being realised and paid through the proceeds of the proposed land sale.
Keyland then brokered a deal to deliver a land sale to an upmarket housebuilder who was not well established in North Yorkshire, but was very keen to purchase a flagship scheme in Harrogate. Once the sale completed, Keyland received payment for the Company’s services from the sale proceeds. Following the recovery of Keyland’s costs, the Company and the two client landowners shared the proceeds in accordance with the land agreement.
2007 – 2014
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