Development projects at risk by safeguard failures
Multi-million pound residential development projects are being jeopardised by a failure to ensure adequate safeguards are in place to prevent delay or disruption.
Ann Ebberson, real estate partner at Rosling King, said at a seminar in London today that they are “seeing repeated examples of development projects of varying scale being put at risk by issues over rights of way and restrictive covenants”.
“Looking at land and plans sounds simple enough but the reality is often that they do not match and the implications can be far-reaching.
“It can mean that access to a site from a public highway is not possible. Furthermore, restrictive covenants which are often a hangover from previous generations can be impediments to development.”
The residential development seminar was hosted by solicitors Rosling King and Cushman & Wakefield.
Jonathan Hyndman, real estate development finance partner at Rosling King, added: “Projects are delayed for a variety of reasons but the easiest answer as to how delays can be minimised is effective monitoring of works as they progress – by developers, project managers, investors and funders.
“If that does not happen then the inclusion of enforceable liquidated damages provisions can provide a quick and easy route to compensation, rather than a general damages claim.”