Promotion agreements offer a way for landowners to unlock the development potential of their land without immediately selling it.
Under these agreements, landowners partner with a developer or promoter to secure planning permission for their land. In return, the landowner agrees to share a percentage of the profit from any eventual sale or development once planning permission is granted.
The primary benefit for landowners is that they can retain ownership of their land while benefiting from its potential value as a development site. This can be particularly attractive for farmers or property owners who want to preserve their land for future generations but also seek a financial return. Promotion agreements typically involve little to no upfront cost for landowners, as the developer takes on the financial risk of obtaining planning consent and covering the associated costs.
These agreements can also be flexible, with terms tailored to the landowner's specific needs. Moreover, they allow landowners to have some involvement in the decision-making process, ensuring that development aligns with their interests. Additionally, promotion agreements can provide a reliable, long-term way to increase the value of the land, without the pressures of selling it outright, enabling landowners to capitalise on potential future growth while maintaining some control.
Get in touch
For more information, contact Paul Harris at paul.harris@mfgsolicitors.com or call us on 01905 610410.
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