Project
Following the relocation of the secondary care/hospital services from the outdated Hospital located on Roman Bank/Holbeach Road, Spalding, the existing site became surplus to NHS requirements.
Banks Long & Co were instructed by United Lincolnshire Hospital Trust to advise with regard to the disposal of the entire site for the maximum consideration. The total site, which extended to five acres, enjoyed limited frontage to Holbeach Road (one of the main arterial routes into Spalding town centre from the A16) and secondary frontage to Roman Bank a secondary through route.
Approach
Aware that the site could be suitable for convenience food store development, Banks Long & Co identified the need to create a new major highway access off Holbeach Road in order to generate the best value for the land.
Through careful negotiation, an agreement was reached with a neighbouring landowner to work collaboratively to maximise sale proceeds, combining land interests to attract food store use onto the site.
Banks Long & Co worked closely with the ULHT’s appointed planning consultants to justify the approval of planning permission for convenience retail. The advice given to the Trust by Banks Long & Co, which included linking the disposal of the remainder of the site to a legally binding contract with a registered provider, allowed a comprehensive scheme to be promoted with support from key stakeholders.
Results
Banks Long & Co’s reach into the food store and residential development markets enabled the agreement of parallel transactions with Lidl food store and Longhurst Housing Group. This resulted in a successful receipt of Planning Permission for a new Lidl food store and 36 affordable housing units split over two sites: one fronting Roman Bank and the other Holbeach Road.
The successful development delivered a substantial capital receipt for the neighbouring landowner and allowed the Hospital Trust to maximise sale proceeds through careful land assembly and successfully combining a number of key stakeholders requirements to produce a deliverable scheme set against difficult market conditions.
