DfI expressed an interest in acquiring our clients land to facilitate the development of the York Street Interchange, a £150mn strategic road improvement scheme. In the event that agreement could not be reached between the parties, DfI intended to vest.
We were instructed on behalf of the freehold owner to negotiate compensation payable in respect of the proposed land take.
The lands extend to 0.3 acre and were predominantly used as a surface level car park. The lands didn’t have planning permission for redevelopment however given the proximity to the Ulster University (which was in the process of being significantly extended), demand for land from student housing operators was exceptionally high.
We have valued in excess of £50mn of land in Belfast City Centre over the course of the past 24 months. In particular, we have undertaken significant due diligence on behalf of both UK and Irish based lending institutions, funding the acquisition of lands with planning permission for student accommodation. We therefore have an extensive database of recent transactional evidence upon which we were able to rely in negotiating a settlement for our client.
Following protracted negotiations, we agreed a significant undisclosed sum with DfI. The transaction completed in February 2019 by agreement and without the need for vesting.
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