Property law

Following Government initiatives to increase sports participation in the community Peak Sportsplc is seeking to purchase playing fields in the village of Horne Dale. The land is presently co-owned by four charitable companies (as tenants in common). They are willing in principle to sell but need to realise the best market value for each of their trusts for the land. Negotiations have reached deadlock as not all the charities agree on the best price.
In addition there is a restrictive covenant on the land which prevents the building of anything larger than the existing small hall on the site. Peak Sportsplc would like to build a gym and changing rooms as an extension to the existing hall; this will enable the most effective use of the land. The neighbours, who benefit from the covenant, are objecting to large scale building.
The hall is currently used three evenings a week, between 7pm and 9pm, for band practice by the local Marching Brass Band. They have used the hall for all of their hundred year existence. However, Jacques, one of the neighbours to the hut, has objected to this. It is disturbing his daily meditation, which requires absolute silence. It would cost ?30,000 for Jacques to sound proof his home sufficiently.
You are asked to write an opinion, using an economic analysis of the issues, on the best solution to these problems. (This opinion may form the basis of new Government policy on such issues.)