Gaia Ventures Ltd v Abbeygate Helical (Leisure Plaza) Ltd
Abbeygate did not use reasonable endeavours to satisfy the Assembly Condition as soon as reasonably practicable; deliberate delay was designed to avoid triggering the overage payment. If reasonable steps had been taken, the Trigger Date would have fallen before the longstop date, entitling Gaia to the overage payment.
- Parties
- Claimant: Gaia Ventures Limited; Defendant: Abbeygate Helical (Leisure Plaza) Limited
- Jurisdiction
- England and Wales
- Judgment Date
- 31 January 2018
- Procedural Posture
- Civil / Judgment
- Outcome
- Judgment for Claimant
- Legal Topics
- Overage Provisions, Reasonable Endeavours, Site Assembly, Planning Permission, Leasehold Interests
Case Brief
Summary, issues, holding and outcome
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Parties
Gaia Ventures Limited
Claimant
Abbeygate Helical (Leisure Plaza) Limited
Defendant
Procedural Posture
Civil / Judgment
Legal Issues
- 1 Whether Abbeygate used reasonable endeavours to satisfy conditions for overage payment as soon as reasonably practicable
- 2 Whether Abbeygate is liable to pay £1.4 million overage payment or damages in lieu
Ratio Decidendi
Abbeygate did not use reasonable endeavours to satisfy the Assembly Condition as soon as reasonably practicable; deliberate delay was designed to avoid triggering the overage payment. If reasonable steps had been taken, the Trigger Date would have fallen before the longstop date, entitling Gaia to the overage payment.
Court Disposition
Judgment for Claimant
Orders
- Abbeygate to pay Gaia Ventures Limited £1.4 million in damages
- Abbeygate to pay interest at 2% per annum compound with annual rests
Full Case Text
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