SOLID GROUND. Sustainable Land PLC Now Authorised By The FSA. Spring Issue includes news on: - Bracknell - Wokingham - Guildford

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1 SOLID GROUND Spring 2008 Sustainable Land PLC Now Authorised By The FSA a solid investment for the future Issue includes news on: - Bracknell - Wokingham - Guildford The official newsletter from SUSTAINABLE LAND PLC AUTHORISED AND REGULATED BY THE FSA: AUTHORISATION NO

2 Page 2 SOLID SOLID BANKING GROUND FOR THE FUTURE Our Staff & Associates Owen Davies Owen joined as a Director in Jan 2007, principally to manage the authorisation application with the FSA. Subsequent to authorisation, he has become Financial Director. Owen is a qualified Chartered Accountant who has previously worked as a partner in a major City accounting practice and as a director in numerous commercial organisations. Patrick Jack Butler Our land director, through his many contacts, is our principal focus for land acquisition. He has many years of experience in land purchase both in the UK and abroad and is currently negotiating for a development in Cape Verde. Johanna Perring At the end of 2007 we engaged Sturgess Perring Solicitors as our solicitors for all land transactions. Johanna Perring, the Principal, is a specialist in all residential land matters and has past experience with both leading law firms and national developers including George Wimpey and Taylor Woodrow. Laura Saunders Laura has been looking after our client relationships for the past eighteen months and will be responsible for liaising with our Plot owners in the Consortium. JPC Strategic Planning Consultants JPC are specialists in providing strategic planning advice on development that involves green belt, open space and nature conservation issues. Their expertise is particularly relevant to Sustainable Land s specific target market, and is becoming increasingly important in all planning applications for housing development. Phil Chichester takes the lead role on the planning side of the team, drawing on his experience as a Strategic Planner, having led numerous studies at both local and regional level on green field strategic housing developments and open space requirements. Philip Chichester BA (Hons) BTP MRTPI JPC Strategic Planning Director Jim Phillips brings different skills to the team. A qualified ecologist, he has considerable experience of providing advice in developing sustainable solutions for the provision of open space and the protection of habitats as part of housing development. Jim Phillips BSC (Hons) MA JPC Strategic Planning Director JPC operate a hands-on approach and welcome input and feedback from Sustainable Land s clients. They have concentrated on establishing strong links with the local authorities concerned with Sustainable Land s current sites. Feedback on progress will be available in the form of regular newsletters, ensuring communication on the latest developments with Sustainable Land s clients.

3 SOLID SOLID GROUND GROUND Page 3 Page Page 3 3 Page 3 Chief Executive Officer s Statement Sustainable Land PLC is the only company currently offering this realisable investment opportunity, as well as the only one authorised by the FSA. Beware of the many companies that offer green belt land for future development that has never been identified as such by the local or county council. Only buy land that is identified, sustainable and deliverable! Celebration of Authorisation I am delighted to open my statement to you by confirming January 2008 s news that the Financial Services Authority (FSA) have authorised Sustainable Land PLC to promote your land successfully under FSA regulation. Presently, we are unique in being the only company with this status, making it truly worth having trodden the long and winding road through 2007 on the path to regulation. The result has justified our belief in customer protection where we only select land for your investment which is Sustainable, Identified, and most importantly of all, Deliverable so as to eventually realise your investment. Sustainable Land is the only company offering this position. Thank you for your patience over the past months when we have not been able to communicate as we would normally like. We can enjoy the celebration, but not for too long, as we have important work to do in continuing to promote the Guildford, Wokingham and Bracknell sites through to release in order that we can all realise our investments together. Guildford, Wokingham & Bracknell All three sites are now sold out and on target for adoption by the relevant Councils, an essential stage before release! Last year we appointed JPC, our Planning Consultants, to oversee all strategic action in the goal of achieving our sites adoption and release to realise your investment. Please refer to their report (pages 5-6), within which you will find their contact address; they will be happy to respond to any questions regarding our sites promotion process. Consortium Now that we are authorised, and since deliverability is the key to the successful realisation of your investment, we have completed the creation of your Consortium Company. Shortly, you will receive the necessary paperwork which should be completed and returned to us in the prepaid envelope that will be supplied, enabling you to enjoy the benefits of Consortium membership. This will ensure not only your investment return but also your regular updates on the promotional process. Marketing, Distribution & Future Opportunities The advent of FSA authorisation requires us to distribute our land products through suitably qualified Financial Advisers. This will protect your interests when choosing to invest in future opportunities promoted by Sustainable Land. In real terms, there will be little change, as our marketing distribution is already exclusively managed by our partners, Innovative Products Partnership Limited (IPP). They have been responsible for the great majority of investors being brought to us to date, through their network of qualified Financial Advisers, and have been operating in a manner closely aligned to that required in going forward. Please refer to the IPP comment on page 7. Summary Consortium Members will be advised as to their position twice yearly through the publication of Solid Ground. This will be interspaced with a JPC bulletin. We are committed to keeping Consortium Members fully informed throughout the promotion process. Finally, and in summary, it is a privilege to be able to do what we do best in finding and promoting more strategic land for your investment benefit through the Sustainable Land method. Chris Evans Chief Executive Officer

4 Page 4 Page 4 SOLID SOLID BANKING GROUND FOR THE FUTURE National Planning Update Gordon Brown has promised a 20% increase in the country's house-building programme, claiming that 3 million homes will be built by The Prime Minister increased government plans to build 200,000 homes a year by an extra 40,000 a year by 2016, and also appeared to back-pedal on his plan, unveiled in 2004, to impose a development tax on landowners who secure planning permission. Housing stock is currently growing at a rate of 185,000 per year; however the demand for the number of households is projected to grow at 223,000 a year (The Guardian, July ). Unveiling the government s housing green paper, Housing Minister Yvette Cooper said that "without further action housing will become one of the greatest sources of social inequality in the next 20 years". Cooper outlined the government s three pronged strategy for combating the housing crisis; it will rapidly increase house building to meet demand, new homes will be better designed and able to meet changing social and environmental demands and deliver new homes for the poorest in society. The new homes are proposed to be delivered through: Regional Spatial Strategies (1.6 million 1.8 million) New Growth Points (100, ,000) Eco-Towns (25, ,000) What The Papers Say The adjacent headlines are recent extracts from the Daily Mail and the Times newspapers. Both articles relate to the increasingly popular view that Green Belt land should be used for development. The Times points to Natural England's view, charged by ministers to oversee England s conservation, that the 50 year old green zone around greater London should be broken up. Although they do still hold the view that the best parts of the Green Belt should be safeguarded, they also believe that the less environmentally important sites that surround major settlements should be used to cope with the demand for housing. The Mail points to the Green Belt as the only solution to finding the space for the 3 million new homes and flats planned for the next 12 years by the Prime Minister. With the vast majority of brownfield sites in major extension areas either already built upon or with applications pending, without the use of green belt land there are simply not enough sustainable locations to cope with the increasing housing market. Central Government have suggested that a further 350,000 new homes a year could be required on top of targets set by the regional spatial plans in The increasing demand for and shortage of land on which to develop makes the sites Sustainable Land acquire firm targets for future development. New Opportunities Sustainable Land PLC are always seeking strategic sites for residential housing. The key to all of Sustainable Land s sites is their viability - the question of planning is always when, not if. There are several new projects in the pipeline which will be available to Sustainable Land s clients in the near future. At present, Sustainable Land are in the process of securing sites in the South West, Hampshire and Greater London.

5 SOLID SOLID GROUND GROUND Page 5 Page 5 Page 5 JPC - Our Planning Consultants' Comments Guildford - Tangley Lane Guildford Borough Council have recently published their initial issues and options consultation. Site 154 of the issues and options paper identifies land at the corner of Worplestone Road and Tangley Lane, North West of Tangley Place. The site has a suggested allocation for residential use. The submission, by JPC, is the initial phase of prompting the site for a change of use within the local plan from green belt to housing use. There are several other major site allocations adjacent to the Tangley Lane site which have been forwarded by Bryant Homes and Persimmon Homes. The proposed allocations for residential development in and around the Tangley Lane site form a natural rounding off of the development boundary, which is commonplace within the planning system. Extending the development boundary would be an attractive proposition for the local authority as the transport network is already established in the area. This has been highlighted by the inclusion within the allocations document of a proposed park and ride site directly above the Tangley Lane site. One of the key aims within Guildford's local development framework is to deliver at least two park and ride schemes. There are limited areas in which such a scheme could be accommodated due to lack of infrastructure and an appropriate road network. The site above and opposite Tangley Lane has the potential to deliver a park and ride scheme, which ultimately would open up the area for an urban extension. A number of residential applications within close proximity of Tangley have recently been granted, which may suggest the local authority is already viewing the area as a long-term extension area. JPC have carried out a review of all the submissions within the allocations document, and consider the majority of submitted large-scale sites unsustainable. The promotion of the site will continue over the two years, with a second round of consultation concerning the issues and options paper outlined from August this year. JPC will be submitting supporting documents promoting the site for inclusion within the preferred options which are due to be identified in January Tangley Lane, Guildford Potential Growth Area If you have any queries please Phil Chichester at JPC: phil@jpc-consultants.co.uk Great News Darling cuts Capital Gains to 18% from April 2008

6 Page 6 Page 6 Wokingham SOLID SOLID BANKING GROUND FOR THE FUTURE The Bracknell site was identified as a development area in the core strategy development plan document submission (2006). This has been reaffirmed by the adoption of the core strategy. Work started on the Development Management Housing and Commercial Policies and Sites DPD in May 2007; it contains policies relating to: Housing Employment Shopping Bracknell Town Centre It will also identify detailed sites to help in the delivery of these policies, including: The Site Allocations Development Plan Document (DPD) in the Wokingham Local Development Framework identifies sites for development between 2006 and 2026 in the district in line with the core strategy. The initial phase of site submission for the site allocations development document was carried out in 2006; the Wokingham site (ref 1Wk131) was included in the site allocations issues and options document and can be viewed online with other suggested development sites. Wokingham Borough Council were due to move onto the second round of consultation and preferred options in 2007, but were advised by central government to defer the submission of the core strategy until new guidance on core strategies had been published. The Council had agreed a timetable for the production of the Site Allocations DPD and revisions to the timetable were agreed by the Executive on 25 January 2007, subsequent to the deferral of the submission Core Strategy by the Executive on 27 July After further delays, Wokingham have now been advised to resubmit the core strategy proposal in April Should the proposed core strategy be approved, revised plans will be published. It is unlikely that the revised programme will be in place before Although progress on the site allocations DPD is very slow, significant development has occurred within the vicinity of the Wokingham site. 150 new homes have recently been granted planning permission by the local authority at Plough Lane (marked in red, bottom right, above). The site (1W1K07b) is included within the initial issues and options allocation document and shares the same planning policies as Sustainable Land s site. Along with the Wokingham site, it forms a network of potential housing sites which would form a natural urban extension area. Bracknell Development Areas (Hatched) The preferred type and level of development on each site When development will take place How development will be carried out Issues and Options Consultation The Development Management Housing and Commercial Policies and Sites DPD Issues & Options document will be published for consultation from 15 February 2008 until 28 March The document will be set out in the form of a discussion of specific issues, followed by one or more suggested approaches for dealing with that issue. There will be a questionnaire accompanying the document, seeking views on the different approaches identified. There will be opportunities for people to suggest alternative approaches. A separate document will also be prepared, setting out background information relevant to each issue. As part of the consultation, a series of meet the planner sessions has been organised across the Borough. These are informal sessions where any member of the public can meet planning officers to discuss issues relating to housing and employment, such as where future housing and employment development could be located in Bracknell Forest. JPC will attend the events and promote the Bracknell site. In addition, further supporting documents will be submitted during the consultation period strengthening the case for the development already identified on the Bracknell site. JPC are preparing supporting statements and design guides ahead of the second phase of the site allocations consultation, whilst continuing to have dialogue with the local authority. Bracknell The Core Strategy was finally adopted by the Council on 7 Feb This is the culmination of a four-year process to adoption that culminated in the Core Strategy being declared sound by an independent Planning Inspector at the end of The Core Strategy was subject to extensive consultation with the local community and other stakeholders. It is an integral part of the delivery of the Council s long-term vision and priorities for the Borough, seeking to balance the need for development with the need to both maintain and enhance the Borough s important environmental assets, and promoting an improved quality of life for residents.

7 SOLID SOLID GROUND GROUND Consortium Formation Page 7 Page 7 Following our authorisation by the FSA, we are now able to form the Consortium, which will govern the monitoring and promoting of the land on your behalf as set out in your contract for purchase. During our months of discussion with the FSA we have become increasingly sensitive to the need to treat our customers fairly. We were not able to communicate with you during this time, but nevertheless we continued to promote the sites. We will be writing to you in the next week or so with full details of the Consortium for Guildford and for Wokingham. We have set up a Consortium company for each site and both are limited by guarantee. This means that each plot owner guarantees to pay 1 in the event of being called upon on the liquidation of the company. This is not likely ever to be asked for. Under the rules of the company, Sustainable Land have nominated three directors to represent them on the board of the Consortium. Chris Evans will be the Chairman, with Owen Davies, our Financial Director, and Geoff Iveson, CEO of our Distributors, IPP, taking the other posts. Both Geoff and Owen are themselves plot owners. At the first AGM of the Consortium, to be held in December, the plot owners will have the opportunity of electing a further two directors from their number; we hope that there will be a good number of plot owners prepared to stand for election. As you know, Sustainable Land will be responsible for carrying out the administration and promotional work on the Consortiums behalf under contract from them. Each plot owner will pay 100 per annum to Sustainable Land, as set out in the contract; we will supply you with a standing order form for this purpose. Our Distribution - Innovative Products Partnership Limited (IPP) Our congratulations go to Sustainable Land PLC (SL) on their FSA authorisation and regulation of the sale of their products. We at IPP welcome the extra client protection and particularly the unique status given to SL as the first land banking company to reach such heady heights. IPP is of course pleased to continue its close working relationship, now as the exclusive distribution, with SL, which started in November 2004, quickly moving to the predominant supply of business through our network of qualified advisers. Chris Evans and I have forged a close working relationship over the last few years, often appearing in concert at our advisers offices and client meetings for the benefit of a joint marketing support to the benefit of IPP s agents and most certainly their clients. Those agents that have had such meetings will realise those benefits, especially with the enthusiasm and knowledge demonstrated by Chris who is quite rightly ultimately passionate about his product. Chris and I will be making ourselves available again to give updates on personal and group levels. There s a lot to inform you about and we are eager to do it soon! Geoff Iveson Cert PFS Chief Executive Officer Furthermore, IPP is keen to recruit more qualifying Financial Advisers as Agents. Presently, these are mainly IFAs but may also be network aligned IFAs or Multi-Tie Financial Advisers who can be rewarded for introduction using IPP s in-house facility for compliant procedure in satisfying your clients. For more information please call Terri Rogers on or her on tr@ipponline.co.uk.

8 SOLID GROUND LAND BANKING FOR THE FUTURE Phone: Fax: info@sustainablelandplc.co.uk