Residential Development for saleLand At Rear Of Kilburn, Fraddon, St. Columb, Cornwall, TR9
Removed 0.47 ha. | £195,000
- 1.2 acres (0.47 hectares)
PP granted for 24 residential dwellings, 15 of which are affordable, under planning application reference PA05/01831 and appeal reference APP/D0840/A/10/2131749.
Subject to an overage clause
Fraddon is located in mid-Cornwall, close to the A30, and is approximately 7 miles distant from Newquay airport which offers domestic and international flights. Truro is approximately 13 miles distant, and needs no introduction as the administrative capital for Cornwall, being the county's principal shopping, civic and business centre.
Area: 0.47 Ha (1.16 acres)
PP granted for 24 residential dwellings, 11 of which are affordable, under planning application reference PA05/01831 and appeal reference APP/D0840/A/10/2131749.
The original application PA05/01831 includes a condition requiring the development to begin before expiration of two years from the date approval of the last reserved matters. Foundations for part of this phase have been completed on site which we assume would satisfy the planners as to the development having commenced.
For further information please refer to Cornwall Council's online planning register.
The original Section 106 Agreement has been re-negotiated with a new one in place dated the 19 June 2015. This document alters the previous higher level of affordable housing required as part of the Scheme to eleven with four rented and seven intermediate.
The Section 106 Agreement also requires an education contribution at £24,624 and open space contribution of £27,612 prior to occupation of the fifth property. The rented and intermediate properties are to be sold at the agreed restricted sale prices equating to: -
One bed £69,050
Two bed £97,500
Three bed £107,000
The intermediates at the date of sale will have the percentage of open market value calculated which will then be enforced in future sales.
The land is subject to an Overage Agreement for a period of fifteen years from 08 April 2005. This creates a requirement for the previous Vendor, which we assume will be transferred to the future developers, to pay £10,000 for each affordable dwelling and £15,000 for each open market house. These payments are due upon completion of the sale of each individual property. It should be noted that this overage agreement expires in April 2020 and at that point we understand no overage will be due and therefore the development site will be significantly more profitable where properties are sold after this date has passed.
Rent / Price
£195,000 for the freehold
Available by way of a freehold disposal.
It is understood that mains electricity water and drainage are in the vicinity of the site, however these services have not been tested by the agents. Interested parties should make their own enquiries.
Each party to be responsible for their own legal fees in relation to this transaction.
All figures quoted are exclusive of VAT if applicable.
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