We were delighted to be involved in a transaction which secured a permanent home for one of the UK's major pop festivals.
Our real estate lawyers advised on the sale of a tenanted farm adjoining the River Thames in Berkshire which has for many years been the site of the Reading pop festival. Working closely with the seller's agent, Symonds & Sampson of Salisbury, detailed tender packs were created and sent out to prospective purchasers who were invited to bid on one of two bases.
The first incorporated overage provisions entitling the seller to future payments from subsequent development of the land within a long-term time frame while the second was by way of a straight sale. The tender pack reflected both these possibilities and the documentation also allowed our client to sell outside the bidding process within a specified timeframe if this option was preferred.
The transaction included the rental income generated by the pop festival and a successful sale resulted from the formal tender process.