The Promotion Agreement

  • Vernon & Co and the landowner enter a bespoke Promotion Agreement in which Vernon & Co commit to progressing the land through the planning process in return for a percentage of the ultimate sale price. The proportion varies from site to site, reflecting the associated risk.
  • In working together throughout the process, both sets of interests are aligned in maximising the end sales receipt and keeping the costs of promotion to a minimum.
  • The often complex nature of strategic land means this isn’t a ‘quick win’ situation and any landowner should be prepared to enter an agreement for a number of years, allowing the site to reach its full potential.
  • Vernon & Co appoints, manages and is prepared to pay for the requisite professional team of specialist consultants to deliver the most appropriate planning consent.
  • Upon receipt of planning Vernon & Co openly markets the land to secure the best offer.
  • Following a competitive bidding process the land is sold and the achieved price is divided between the parties as per the Promotion Agreement. The costs incurred during promotion of the land are deducted from the sales receipt before division of the remainder.
  • Vernon & Co remain focused and proactive throughout the process because we are only rewarded and reimbursed upon the sale.
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