How a promotion agreement works
The partnership between Peter Marriott and the landowner is created by way of a “Promotion Agreement”.
How it works
The Promotion Agreement is the contract that is entered into between the landowner and Marriott Land at the beginning of the land promotion process....
1
Peter will agree with the landowner and/or their representatives on the planning strategy from the outset.
2
Marriott Land will fund all legal and planning related fees at no risk or cost to the landowner.
3
The process is 100% managed by Peter Marriott and his team from start to finish. Peter will give frequent feedback to the landowner who can have as much or as little involvement as they choose.
4
Once Planning Permission has been obtained for the site, bids from housebuilders are invited. Once the preferred bidder is selected, the onward sale will be managed to the housebuilder.
5
Marriott Land will share a modest percentage of the land price (the Promotors Share) once the land is sold. The Promotors Share will be agreed and fixed at the beginning of the process in the Promotion Agreement. As such, Peter is incentivised to maximise the value of the land for his and the landowner's mutual benefit.
