If you own an underused brownfield site which you do not know what to do with, why not consider turning your property into an energy generation and storage facility?
The energy crisis is all over the news, and the recent mini-budget and resulting turmoil has done little to assuage the fears of many. Turning away from economic news, chances are the next article you see might be about the ongoing battle with climate change. Fixing our attention on alternative, cleaner energy sources has never been so important.
It may be the perfect time for owners of brownfield sites to consider developing an otherwise under-used plot of land into an energy importation, generation, storage and distribution facility. Such an owner could receive rental income from an energy generating tenant whilst supporting the alleviation of the energy crisis and promoting the latest green methods.
A brownfield site is any land which has been previously developed but which is not currently in use. The definition is therefore wide and it is always worth investigating to see if such a parcel of land can be transformed into something far more useful to you and the wider community.
When it comes to transforming your land, we can assist with key steps such as:
- Negotiating the land agreements, which may include an option agreement, an agreement for lease and the lease itself. The necessary documents will depend largely on the individual circumstances and what you are able to agree with the tenant from a commercial standpoint. Common key factors to look out for include which conditions need to be fulfilled before the lease can be dated. Often the tenant will be required to obtain the necessary planning permission for the development, the necessary grid connection and other equipment and connections depending on the type of site;
- Dealing with any adjustments required to existing occupational arrangements, such as lease variations or surrenders. Sometimes existing occupiers may be moved to alternative premises, or their licences or leases will be terminated. It could be a condition of the option agreement or agreement for lease that you obtain vacant possession of the site before completion can occur;
- Reviewing the grid connection process and anything else specific to the site. It is best to determine if your site is viable at an early stage before progressing matters much further with potential tenants. Checking if the site is viable could include whether the necessary land interests are or could be in place between the substation and the brownfield site, including negotiation of any required new easements, wayleaves and substation leases.
Now is the ideal time to get involved with this fast-growing and fast-changing market.
At mfg we have an experienced team who have completed numerous projects in this niche area, so please do get in touch if you would like to discuss the possibilities in more detail. Contact Phil Hunt by email firstname.lastname@example.org