THE POWERHOUSE, FORMBY, HOGGS HILL IANE, FORMBY
DRAFT HEADS OF TERMS
SUBJESf TO CONTRACT
1. Ovenden lnvestments Ltd/Mr N J Kenny-TBC
2. Vendo/s Agent Mr N J Kenny
3. The Purchaser The Miller Group Ltd
Miller House
18 South Groathill Avenue
Edinburgh
EH4 2LW
clo Miller Homes {North West) Ltd
Spencer House
93/95B Dewhurst Road
Birchwood
Warrington
WA3 7PG
4. Vendor's Solicitor Lawson Coppock and Hart
18 Tibb Lane
Cross Street
Manchester
M2 4JA
5. Purchaser's Solicitor Addleshaw Booth & Co
100 Barbirollo Square
Manchester
M3 2AB
Contact:MrMGaffney
6. The Land
The Powerhouse and associated land, extending to 17.00 acres gross or
thereabouts.
7. The Ootion Period
A period of 36 months which is extendable for any of the following reasons:
a) Should a ptanning application have received a deemed approvalfrom the
Local Planning Authority and a Section 106 Agreement be outstanding.
b) Should a decision be outstanding from the Secretary of State for the
Environment in respect of a planning appeal.
c) Shculd proceeding-o have been taken in the High Court of Justice in
respecf of the decision of the L.P.A. or the Secretary of State for the
Environment and the decision of the Court not issued.
d) Should the contract be unconditionaland vacant possession be awaited.
8. The Ootion Consideration
Miller Homes will pay a sum of Ê10,000. ln addition Miller homes will employ Mr
N Kenny on a corrsultant basis for a period of 2 years at Ê5,000 per annum fixed
fee.
9. The Purchase Price
The Greenfield purchase price is Ê1,025,000 per net developable acre less all
planning costs, abnormal costs associated with the development of the site
including the purchase of any third party land required to satisfy access
requirements.
10. Vacant Possession
The Grantor undertakes to give vacant possession upon completion of the sale
and purchase of the Option land.
11. Grantees Covenants
To instruct the Planning Consultant within 1 week of an exchange of contracts in
order to pursue a satisfactory planning consent which maximizes the developable
area of the site.
Following the Planning Consultant's recommendations to either/or both
a) To submit a planning application within I weeks of exchange of contracts,
consistent with achieving a satisfactory planning consent for the
residential development of the site.
b) Object to the development brief / consultation draft local plan within B
weeks of an exchange of contract.
c) To keep the Vendors and their Agents fully informed of the progress being
made.
d) With 2 weeks of receipt of satisfactory planning consents, to have
instigated the appropriate technical investigations in order to agree any
abnormal costing.
e) To appeal any refusal of planning permission if it is csnsidered
reasonable to do so by the planning consultants.
12. Granlors Covenants
a) Not to dolor permit to be done anything that may be prejudicial to the
future development of the land.
b) Not to object to any planning application submitted by the Grantee.
c) Co-operate as landowner in the preparation of entering into any planning
or other agreement necessary for the successful development of the
subject site.
13. LegalCompletion
Legal completion will take place 3 months following both receipt of the
satisfactory planning consent and agreement of all abnormal costings.
14. Planninq Fee Costs.
All costs associated with planning advice and the pursuit of a satisfactory
planning consent via either a planning application are payable by Miller Homes
and deductible from the final purchase price.
15. Ground lrrvestiqation Costs
All costs associated with the ground investigation and associated technical report
are payable by Miller Homes.
NAW/Id
16 May 2003
DRAFT HEADS OF TERMS
SUBJESf TO CONTRACT
1. Ovenden lnvestments Ltd/Mr N J Kenny-TBC
2. Vendo/s Agent Mr N J Kenny
3. The Purchaser The Miller Group Ltd
Miller House
18 South Groathill Avenue
Edinburgh
EH4 2LW
clo Miller Homes {North West) Ltd
Spencer House
93/95B Dewhurst Road
Birchwood
Warrington
WA3 7PG
4. Vendor's Solicitor Lawson Coppock and Hart
18 Tibb Lane
Cross Street
Manchester
M2 4JA
5. Purchaser's Solicitor Addleshaw Booth & Co
100 Barbirollo Square
Manchester
M3 2AB
Contact:MrMGaffney
6. The Land
The Powerhouse and associated land, extending to 17.00 acres gross or
thereabouts.
7. The Ootion Period
A period of 36 months which is extendable for any of the following reasons:
a) Should a ptanning application have received a deemed approvalfrom the
Local Planning Authority and a Section 106 Agreement be outstanding.
b) Should a decision be outstanding from the Secretary of State for the
Environment in respect of a planning appeal.
c) Shculd proceeding-o have been taken in the High Court of Justice in
respecf of the decision of the L.P.A. or the Secretary of State for the
Environment and the decision of the Court not issued.
d) Should the contract be unconditionaland vacant possession be awaited.
8. The Ootion Consideration
Miller Homes will pay a sum of Ê10,000. ln addition Miller homes will employ Mr
N Kenny on a corrsultant basis for a period of 2 years at Ê5,000 per annum fixed
fee.
9. The Purchase Price
The Greenfield purchase price is Ê1,025,000 per net developable acre less all
planning costs, abnormal costs associated with the development of the site
including the purchase of any third party land required to satisfy access
requirements.
10. Vacant Possession
The Grantor undertakes to give vacant possession upon completion of the sale
and purchase of the Option land.
11. Grantees Covenants
To instruct the Planning Consultant within 1 week of an exchange of contracts in
order to pursue a satisfactory planning consent which maximizes the developable
area of the site.
Following the Planning Consultant's recommendations to either/or both
a) To submit a planning application within I weeks of exchange of contracts,
consistent with achieving a satisfactory planning consent for the
residential development of the site.
b) Object to the development brief / consultation draft local plan within B
weeks of an exchange of contract.
c) To keep the Vendors and their Agents fully informed of the progress being
made.
d) With 2 weeks of receipt of satisfactory planning consents, to have
instigated the appropriate technical investigations in order to agree any
abnormal costing.
e) To appeal any refusal of planning permission if it is csnsidered
reasonable to do so by the planning consultants.
12. Granlors Covenants
a) Not to dolor permit to be done anything that may be prejudicial to the
future development of the land.
b) Not to object to any planning application submitted by the Grantee.
c) Co-operate as landowner in the preparation of entering into any planning
or other agreement necessary for the successful development of the
subject site.
13. LegalCompletion
Legal completion will take place 3 months following both receipt of the
satisfactory planning consent and agreement of all abnormal costings.
14. Planninq Fee Costs.
All costs associated with planning advice and the pursuit of a satisfactory
planning consent via either a planning application are payable by Miller Homes
and deductible from the final purchase price.
15. Ground lrrvestiqation Costs
All costs associated with the ground investigation and associated technical report
are payable by Miller Homes.
NAW/Id
16 May 2003
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