# PROPERTY DEVELOPMENT AGREEMENT
Date: 20 May 2029
Parties: Ashdown Estates Ltd and Fenland Buildco Ltd
## 1. Parties and purpose
Ashdown Estates Ltd owns the freehold at 2 Orchard Works, Peterborough PE1 5NB and appoints Fenland Buildco Ltd as developer for conversion into 14 flats and two ground-floor workshops. The developer acts as an independent contractor and obtains no interest in the land.
## 2. Money and rights
Fenland will prepare the planning application, appoint competent consultants, obtain building-control approvals and carry out the works to the approved drawings. Ashdown must provide title information and decide promptly on material design choices; neither party promises that planning permission will be granted.
## 3. Duties and operation
The target practical completion date is 31 October 2030. The target development cost is £3.5 million, funded by Fenland unless a written variation says otherwise. Ashdown pays £250,000 on certified practical completion and a 20% share of net sale receipts after agreed costs.
## 4. Consent and management
Fenland must maintain public liability, contract-works and professional-indemnity insurance, comply with CDM Regulations, health and safety law, planning conditions and environmental requirements. Monthly reports include spend, programme, incidents, variations and consultant certificates.
## 5. Ending and remedies
Fenland warrants reasonable skill and care, good title to materials and correction of defects notified during the 12-month defects period. Ashdown may inspect but does not take over site safety. A 10% performance bond supports completion obligations; enforcement and Companies House registration must be documented separately.
## 6. Legal reservations
Either party may terminate for insolvency or an uncured material breach after 20 Business Days. Ashdown may step in after a serious default to protect the site, appoint a replacement contractor and account for reasonable costs. Disputes go to senior negotiation, then statutory adjudication where applicable.
## 7. Signatures
England and Wales law applies. This agreement is not a construction warranty to future purchasers, a planning consent, or a mortgage. Land Registry, tax, planning and construction advice should be obtained before signing; authorised directors sign on 20 May 2029.