Property Developers, what’s your next move!
Now that the property market has started moving again, developers are looking for their next project. We asked Lee Gaddes, Managing Director of Gaddes Noble Property Lawyers, how he can help property developers secure their next exciting development.
“It’s been a turbulent few months from a personal and business perspective for most of the country. However, like all businesses we can see the light at the end of the tunnel. Developers and builders are now getting back to normal, albeit the “new normal” and will be looking to secure their next development”
“Development opportunities start with a vision and like all visionaries, developers can adapt to a changing environment. I can see property developers and investors alike, having taken the last few months as an opportunity to take stock and plan their next move”
“With any potential development site, it’s essential to plan ahead and do your due diligence at an early stage. Depending on your potential development, interest may be high, so ensuring you know the background to any potential development, identifying complications early on can prove invaluable. At Gaddes Noble, we are here to guide you through that process, ensuring the title or previous land use, does not throw up any issues later down the line. There could be issue with obtaining permission for a change of use, instance from office to residential, this can often be fundamental to the development, a simple check of the title deeds can highlight whether this could be an issue”
“Another common issue with any redevelopment, can be tenants who may not have occupied the property for a considerable length of time. This is especially common with unoccupied office space with the potential for redevelopment into apartments. Further complications come where the tenants are business which are no longer trading, getting on with process of terminating those tenancies can be time consuming, so identifying this as an issue at an early stage and starting the process as soon as the site is acquired, minimises delay when you come to sell the developed plots”
“Once you have acquired the development site, that’s when the real legal work starts behind the scenes, creating individual leases, setting up management companies and carving out the communal areas is all part of the work we do at Gaddes Noble. We ensure that when the development is complete, we have all the required paperwork ready to go, so that the sale of the individual plots complete as smoothly as possible”
“Although I may not have been involved in the aesthetics and redevelopment of the site, I get a great deal of satisfaction from seeing the development signed off and the sales completing. I have long established relationships with our developer clients, so I must be doing something right. It helps when you really enjoy the challenges development work can bring”
If you are a property developer looking for your next move, get in touch with Lee, let him work with you to finalise your next development.