Developer uses £250m buyout proceeds to set up freehold farmland-focused venture

A Cheshire developer has built up a portfolio of land opportunities after selling his previous business to national housebuilder, Barratt Developments, in January 2021.

The housing group paid £250m for Congleton-based Gladman Developments, founded by David Gladman 10 years previously.

Since then, Gladman launched his new company, Nightingale Land, in October 2023, and has acquired a portfolio of six sites, with two further offers accepted. 

David and his Development Director John Chorlton, specialise in the acquisition of freehold farmland with residential potential. 

The model focuses on the speed of transaction for landowners, offering multiple times the agricultural value of land, typically between £1m and £2m. 

David Gladman, Chairman of Nightingale Land, said: “We provide an alternative to option and promotion agreements which go through lengthy and bureaucratic planning processes, and can often see planning applications refused.

“Nightingale buying freehold farmland gives the landowners a lifestyle change immediately.

“The risk of ‘if and when’ the land might get planning is then totally our problem, so the landowner can move on from being asset rich but cash poor.” 

The model is proving popular, with Nightingale Land’s portfolio ranging from sites in Cheshire to as far south as Dorset.

Its most recent acquisition in Great Shelford, near Cambridge took only 10 days to complete, following the acceptance of the offer. 

John Chorlton said: “Nightingale Land provides the certainty to landowners that they will receive payment within a matter of weeks.

“We have an in-house expert property lawyer and complete within four weeks on acceptance of our offer.” 

The business is looking to grow its portfolio to 30 sites nationwide and will also acquire sites with existing option and promotion agreements.

David Gladman said: “I think some people expected me to retire after the sale of my last business, but total retirement just isn’t for me.

“I now enjoy more family holidays and plenty of time with my eight lovely grandchildren, but I also still need to be part of a team creating a successful property business.”

He added: “I enjoy the mental stimulation, teamwork, the buzz from success and the drive to achieve. And it provides a great long term home for some of the Barratt sale proceeds.”