Geldards advise Balfour Beatty on land sale to Network Rail

Geldards completed the disposal of part of a site known as Three Bridges in Sussex for their client, national engineering giant Balfour Beatty.

The sale of the land to Network Rail will see them re-developing the site as a new Thameslink Rail Depot. The deal completed just before Christmas and within 3 weeks of final heads of terms being agreed.

Graham Banks, Head of Property in Geldards Derby office said: “This was a hugely complicated deal as it involved various ‘rail standard’ leases which all needed to be dovetailed together to preserve an engineering works alongside a complex rail development with jointly used infrastructure.

“This meant any agreement involved maintaining connections to, and access over, track to the main London to Brighton railway line with various inherent Rail Regulatory issues.

“During the months leading up to the agreement, detailed negotiation around compulsory purchase powers and valuations were involved. There were also major environmental considerations as you would expect of a former railway sidings and heavy engineering plant.”

Jim Brookmyre, Head of Commercial at Balfour Beatty Rail (Renewals) said: “It is testament to all involved that the negotiations were completed and agreements drafted prior to Christmas in a process that only began in September 2009. When negotiating a deal of this kind, customer relationships are essential and I am delighted with the tremendous support given to us throughout this process by all our advisers including the team at Geldards.”