1. finance

For sale by informal tender
Residential Development Site
LAND TO THE SOUTH OF CONSTANTINE DRIVE,
CARDEA, STANGROUND,
PETERBOROUGH PE2 8GB
Offers to be received by
12 noon on Friday 1st May 2015
Land South of Constantine Drive, Cardea, Stanground, Peterborough
CONTENTS
1.0
INTRODUCTION
2.0
LOCATION
3.0
DESCRIPTION
4.0
ACCESS
5.0
SERVICES
6.0
PLANNING
7.0
TECHNICAL
8.0
TENURE / VACANT POSSESSION
9.0
OVERAGE
10.0
VIEWINGS / MEETING WITH SAVILLS
11.0
BIDS
12.0
INTERVIEWS
13.0
VAT
14.0
IMPORTANT NOTICE
15.0
FURTHER INFORMATION
APPENDIX 1 - Information Pack Index
Page 1
March 2015
Land South of Constantine Drive, Cardea, Stanground, Peterborough
1.0
March 2015
INTRODUCTION
On behalf of our client, Henry Davidson Developments Ltd (“Henry Davidson”), Savills
(UK) Ltd (“Savills”) is pleased to offer for sale land to the south of Constantine Drive,
Cardea, Stanground, Peterborough a sought after consented residential development
opportunity.
The site extends to approximately 0.39 ha (0.97 acres) and has been granted planning
permission for up to 14 dwellings (planning ref: 14/02166/OUT).
Savills invite prospective purchasers to bid on a freehold basis for the site.
Our client will place the obligations relating to the S106, infrastructure and servicing of
the site upon the purchaser.
The method of disposal is by informal tender and the deadline for bids to be submitted
st
th
is noon on Friday 1 May 2015. Interviews will be held on either Tuesday 12 May
th
2015 or Wednesday 13
Thursday 7
th
May 2015.
Prospective purchasers will be notified by
May 2015 should they be required to attend.
Savills requests that
prospective purchasers keep these two dates free.
Preference will be given to unconditional bids and to parties who can very clearly
demonstrate they have undertaken full analysis of the site and understood all of the
obligations to be placed upon them.
The full Information Pack can be found at the Data Room (www.savills.co.uk/cardealand) and an index is provided at Appendix 1.
2.0
LOCATION
The Property is located in Peterborough, a cathedral city located 134 km (83 miles)
north of London, 60km (37 miles) north west of Cambridge and 117 km (72 miles) east
of Birmingham. It is just east of the A1(M), which is one of the principal north-south link
roads in England. The A47 also serves Peterborough which links west to the M1. The
A14 is a short distance to the south, via the A1(M), and leads to the M11 and East
Anglia.
Peterborough is located on the East Coast mainline linking London Kings Cross and
Edinburgh, with a fastest journey time to Kings Cross of 51 minutes. Other destinations
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Land South of Constantine Drive, Cardea, Stanground, Peterborough
March 2015
to the north include Doncaster (50 minutes), York (1 hour 7 minutes), Leeds (1 hour 20
minutes) and Edinburgh (3 hours 30 minutes). Luton Airport is 48 miles to the south
west and Stansted Airport is 50 miles to the south east with a direct train service.
Peterborough’s excellent transport links and large supply of labour has attracted over
5,000 businesses including a number of high profile occupiers such as Travelex,
Thomas Cook, British Sugar, BGL Group, Cummins, Northgate HR and RSA.
The site is situated in Stanground on the south eastern side of Peterborough,
accessible from the new A605 bypass to the south, just north of the new Morrisons
Supermarket and Local Centre and south of St Michael’s Church School.
3.0
DESCRIPTION
The Property consists of a development site broadly rectangular in shape and
measuring approximately 0.39 hectares (0.97 acres) in the centre of the new residential
development of Cardea in Stanground. The land to the east, is currently grassland to
be developed.
4.0
ACCESS
Access to the site will be from the existing Constantine Drive.
5.0
SERVICES
It is understood all services are available from the road, Constantine Drive, to the north.
6.0
PLANNING
POLICY
The site comes under the planning jurisdiction of Peterborough City Council. Planning
control policies are set out within the Peterborough Development Plan Documents
which replaced the Local Plan on 17 December 2014.
Page 3
Land South of Constantine Drive, Cardea, Stanground, Peterborough
March 2015
DEVELOPMENT CONTROL
The following planning history is relevant to this sale:
Ref.
Description
Decision
14/02166/OUT
Outline application – erection of 14 dwellings.
Granted.
A copy of all the planning application – and associated documents – can be found in the
Information Pack or on the Peterborough City Council Website under the above
planning reference.
SECTION 106 AGREEMENT (S.106)
The landowner requires the purchaser to be responsible for the financial obligations set
out in the S106 Agreement as follows :
Financial
A contribution is required to be made towards the Planning Obligations Implementation
Scheme (POIS). This contribution will depend on the mix of housing and is set out as
follows :
Flats

Studio Flat
£2,000

1 Bedroom Flat
£3,000

2 Bedroom Flat
£4,000

3+ Bedroom Flat
£5,000

1 Bedroom House
£3,000

2 Bedroom House
£4,000

3 Bedroom House
£6,000

4 Bedroom House
£8,000

5 Bedroom House
£9,000
Houses
Assuming a hypothetical mix of 12 x 3 bedroom houses and 2 x 4 bedroom houses, this
would equate to a contribution of £88,000. However, should the figure be reduced the
allowance or savings will be passed to the landowner.
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Land South of Constantine Drive, Cardea, Stanground, Peterborough
March 2015
AFFORDABLE HOUSING
No affordable housing is required to be provided.
7.0
TECHNICAL
Ground Investigation
An initial Combined Phase I Desk Study and Phase II Exploratory Investigation was
carried out by BSP Consulting in January 2009 in regards to the land just south of the
site.
A Summary Report for the subject site known as ‘Additional Land’ was
subsequently conducted by BSP Consulting in November 2010 which concluded the
following:

The site comprises an undeveloped generally level parcel of former agricultural
land. Localised areas of standing water are present on the site.

Made Ground in part of site to a depth of 0.40m begl comprising sandy clay.

Topsoil was encountered across the majority of the site to depths ranging
between 0.30m and 0.70m begl.

Natural Strata comprising slightly silty sandy gravelly clay to depths between
0.80m to 1.50m begl.

Foundations may be strip, trench fill or pads. The results of the in situ strength
testing has revealed that a nett allowable ground pressure of 150kN/m2 may be
assumed in the Natural Strata at proposed founding depth.

Ground bearing floor slabs are considered to be suitable following stripping of
the Topsoil and subject to appropriate proof rolling of the formation.

No specific mitigation measures in relation to radon are considered to be
necessary at the site.

On the basis of the ground gas monitoring undertaken no special ground gas
precautions are considered necessary.

Foundation designs may need to be deepened in general accordance with
BRE/NHBC guidance assuming soils of a medium volume change potential,
where building near existing, proposed or recently removed trees.

Based on previous findings it is possible that excavations (particularly deeper
excavations) may require some minor localised dewatering. In addition,
standing water may occur in excavations during adverse weather conditions,
which may result in the need for some minor sump pumping.

Foundation and sewer excavations can be anticipated to be stable, but may
require some sidewall support locally for health and safety reasons.
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Land South of Constantine Drive, Cardea, Stanground, Peterborough

March 2015
A CBR value not exceeding 2% should be assumed for design purposes,
subject to confirmation by in-situ testing.

The soils at the site may be regarded ad being uncontaminated with no specific
remediation measures for human health.
Topographical Survey
A Topographical Survey dating 2010 is available at the Data Room.
Additional Surveys
A number of other reports were conducted as part of the wider area development and
as such some revised site specific surveys such as Flood Risk Assessment, Transport
Survey Archaeology or Tree Surveys were not required.
Full copies of the reports described above along with additional reports and comments
from planners and consultants are available in the Information Pack at the Data Room
(www.savills.co.uk/cardea-land) or on the Peterborough City Council website under
planning reference 14/02166/OUT.
8.0
TENURE
The freehold of the land will be sold with vacant possession.
9.0
OVERAGE
Our client invites overage proposals on the following basis:
Coverage / Planning Overage
In the event the Purchaser achieves an amended planning permission in excess of the
consented total of 14 dwellings.
Sales Overage
In the event the Purchaser achieves a higher Gross Development Value (GDV) than
stipulated as part of the offer.
Page 6
Land South of Constantine Drive, Cardea, Stanground, Peterborough
10.0
March 2015
VIEWINGS / MEETING WITH SAVILLS
Viewings of the site from the public highway during daylight hours with this executive
summary in hand. Alternatively, arrangements can be made through Savills.
We stress that care should be taken on site and neither Savills nor our client accept
responsibility for injury or accident at the site.
11.0
BIDS
Written offers are to be sent by post or emailed to Savills (Unex House, 132-134 Hills
Road, Cambridge, CB2 8PA/ [email protected]) for the attention of Ben Rudd by 12
noon on Friday 1 May 2015, clearly marked “Cardea”.
Our client will not be bound to accept the highest or any offer and may withdraw the
property from the market at any time.
Bid Criteria
Savills invite prospective purchasers to bid on a freehold basis for 14 dwellings.
Bid Submission
The following is to be submitted as part of any bid:

Proof of funding.

Confirmation of any associated conditions.

Confirmation that all relevant planning, S106, infrastructure and servicing
obligations have been taken into account.

Outline of board approval process, i.e. regional & national (and timescales for
achieving such approvals).

Details of solicitors to be instructed.

Confirmation that a 10% non-refundable deposit will be paid on exchange of
contracts.

Details of the anticipated purchase timetable.

A 1:500 layout showing the proposed mix and number of houses.

Confirmation of overage offered.

Total GIA / GDV proposed.
Page 7
Land South of Constantine Drive, Cardea, Stanground, Peterborough
March 2015
Furthermore, our client requires an undertaking from the preferred purchaser to cover
their legal fees up to a maximum figure of £10,000 plus VAT if; the purchaser withdraws
from the transaction, reduces the price at any point or substantially changes the agreed
terms from receipt of a draft contract up until completion.
12.0
INTERVIEWS
th
Interviews will be held on either Tuesday 12
th
May 2015 or Wednesday 13
May
th
2015. Prospective purchasers will be notified by Thursday 7 May 2015 should they
be required to attend. Savills requests that prospective purchasers keep these two
dates free.
As part of the Heads of Terms process, Savills will set out a detailed timescale for
exchange and completion.
Upon exchanging contracts, completion is to occur 28 days later.
13.0
VAT
The landowner has elected for VAT to be charged on the sale.
14.0
IMPORTANT NOTICE
Savills, their clients and any joint agents give notice that:
1. They are not authorised to make or give any representations or warranties in relation to
the property either here or elsewhere, either on their own behalf or on behalf of their
client or otherwise. They assume no responsibility for any statement that may be made
in these particulars. These particulars do not form part of any offer or contract and must
not be relied upon as statements or representations of fact.
2. Any areas, measurements or distances are approximate. The text, photographs and
plans are for guidance only and are not necessarily comprehensive. It should not be
assumed that the property has all necessary planning, building regulation or other
consents and Savills have not tested any services, equipment or facilities. Purchasers
must satisfy themselves by inspection or otherwise.
Please be aware that all plans are subject to the purchaser’s surveys and due diligence.
Page 8
Land South of Constantine Drive, Cardea, Stanground, Peterborough
15.0
March 2015
FURTHER INFORMATION
The
full
Information
Pack
can
be
accessed
via
the
Data
Room
at
www.savills.co.uk/cardea-land
Please ensure that in the first instance all enquiries are made to one of the individuals
dealing with the sale:
Ben Rudd
Savills (UK) Ltd
01223 347003
Unex House
[email protected]
132 - 134 Hills Road
Cambridge
CB2 8PA
Alex Yeo
01223 347295
[email protected]
Page 9
Land South of Constantine Drive, Cardea, Stanground, Peterborough
APPENDICES
APPENDIX 1 : INFORMATION PACK INDEX
Planning
1. Design and Access Statement
2. Planning Decision Notice
3. Planning Committee Report Location Plan
4. Site Location Plan
5. Indicative Site Layout
6. Indicative Site Layout 2
7. Access Plan – approved road overlay
Technical
8. Ground Investigation Report – Additional Land
9. Ground Investigation Report – Combined Phase I and II.
10. Ground Investigation - Supplementary Report
11. Topographical Survey
12. Acoustic Impact Assessment
13. Archaeology Planning Comments
14. Adopted Drainage and Road Plan
15. Drainage Planning Comments
16. Local Highways Authorities Comments
17. Mid Level Commissioners Comments – Flood Risk
Legal
18. Section 106 Agreement – Engrossed
19. Registered Title – CB359745
20. Title Plan – CB359745
Page 10
March 2015