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Our Summary
- The overage payment is due on a relevant disposal or the implementation of planning permission for development (excluding agricultural or education uses)
- The overage payment is equal to 35% of the Enhanced Value of the land subject to the relevant planning permission
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Description
A block of 34.5 acres of arable land is situated on the urban fringes of Ramsgate and Broadstairs, Isle of Thanet. The land is classified as Grade I and II, suitable for growing a range of crops, and has historically been used for growing potatoes. The land is level and the boundaries are mostly defined, with access from Newlands Lane via a private right of way.
The land will remain level with the boundaries until 23 June 2030, at which point the current Farm Business Tenancy Agreement will end. The land is freehold except for an existing overage agreement that will expire in 60 years.