Residential property development - outmanoeuvring competitors to secure the site for our client

A long-standing property developer client got wind of a potential development site in South West London, comprising a block of flats about to be optioned up from the various flat owners by another developer.

Our client was in competition with another developer and so put in a higher bid per flat, but it was rejected at first. He was even prepared to contract to buy all the flats unconditionally, albeit for a lower price.

After these approaches failed, we suggested that our client offer to buy one of the flats for the full price, unconditionally. He was in contact with one of the owners and we were able to agree this quickly and we worked round the clock to ensure that our client could exchange contracts within 24 hours.

As a consequence, the other developer had to withdraw and the other flat owners subsequently agreed to option up their flats to our client, since they had no choice. Our client subsequently received planning permission for a residential development and exercised the options. It has turned out to be a great deal for the client and the client is very grateful for our idea of buying one of the flats and securing it a position in the site.

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