Turner Morum has substantial experience in achieving enhanced values for development sites under the ownership of distressed companies and developers.
We act for both Banks and Liquidators, working up existing planning permissions and re-negotiating s106 agreements to add value.
Our experience in this area includes the following recent instructions:
Broughton House, Sevenoaks.
Turner Morum provided Expert evidence concerning a large mansion house acquired by a company that then went into receivership. The issues required Turner Morum to estimate the value transferred between parties as a result of the rescission, without premium, of a contract for sale at a price above the then current value of the property. Turner Morum was also required to examine the marketing undertaken by the Receiver and to express an opinion about the sale price he eventually obtained.
The Tannery, Edenbridge, Kent.
Turner Morum gave advice to the Receivers of Wiseoak Homes on a site of approximately 10.3 acres. The property was affected by three ransom strips, several tenancies and two adverse possession claims all of which Turner Morum successfully dealt with. Negotiations with the planning authority resulted in consents for an 18,000 sq ft foodstore, 137 residential units and 2 acres of other employment uses. Turner Morum led negotiations with several major retailers and residential developers.
West Street, Erith.
Turner Morum advised Receivers of Federated Homes concerning a complicated 10 acre derelict riverside industrial site. Tasks included advice upon various planning applications, an adverse possession claim, negotiations with Bexley Council and contents of the S106 Agreement. The site was then marketed and sold to Rialto Homes
Warren Farm, Ewell, Surrey
Expert evidence concerning a 64 acre former playing field site, which was to be developed for residential uses, in connection with litigation between two banks. The subject matter primarily concerning the duty of care between a mortgagee and other, lesser priority, chargeholders. The case lasted 4 weeks in the High Court.
For more information please contact John Turner or Tom Hegan in the first instance.