We understand that Abbey Bottom Farm comprises a detached 4 bedroom home with ancillary outbuildings and approx. 4. 3 acres (STS) of agricultural land that stretch back and border the A120.
Currently, there are nearby residential development schemes under construction in the vicinity, comprising 9 new homes nearby in Harwich Rd, 11 new homes at White Hart Close, and a further multi unit scheme in Bradfield Road.
As a result, Wix is currently subject to extensive residential development activity, and clearly, this land holding could, subject to planning consent, provide an exciting project, at a future point for developers aiming to meet, we believe a strong demand for prime sites in village locations, with good access to Colchester, Harwich, Ipswich, Manningtree station, the A12 and A120.
However, we stress, this is purely an informal opinion at this stage, as no approach or investigations have been carried out with Tendring DC and prospective interested parties are recommended to satisfy themselves of any future potential for the land and the associated risks and costs involved.
RECENTPLANNINGHISTORY We understand that Abbey Bottom Farmhouse is subject to an Agricultural Tenancy, an application to lift this tie being subsequently withdrawn - Tendring DC Planning Portal Ref 20/01306/FUL.
The land parcel adjacent to the house has been subject to a planning application for a 3 bedroom detached house, the consent obtained at appeal for which has subsequently lapsed - Tendring DC Planning Portal Ref 15/01352/FUL. We understand that a fresh application has been recently lodged, but is currently awaiting validation from Tendring DC.
DEVELOPERDEMAND In terms of likely demand, SME builders are the key to delivering higher rates of housing stock to meet the demand, especially on smaller sites in village locations throughout our area.
Our client has asked us to invite a select number of potential Development companies experienced in delivering Projects of this size, with funding and resources in place to take on this project and complete construction within a reasonable timescale.
SUBJECTTOPLANNINGAGREEMENT We fully expect a very strong demand from specialist developers in this field and we would invite expressions of interest and offers from potential candidates willing to enter into a 'Subject to Planning' agreement to take the project forward.
We will require potential developers to put forward their vision and proposals for the site in order that we can agree a land value subject to the outcome of a successful planning application. The value will be determined through the obtaining of a satisfactory planning consent which delivers a commercially successful scheme.
The agreement would potentially be structured as follows:
Terms and sale price would be agreed, subject to contract and subject to satisfactory planning consent being obtained.
GROSSDEVELOPMENTVALUE(GDV) Based on the selected developer's proposals for the scheme, we would calculate on the basis of a successful consent the likely re-sale values of the properties and a potential GDV depending on final design and density of the completed units.
RESIDUALLANDVALUE Our client appreciates that a Residual Land Value will take account of the likely costs associated with the scheme taking into account development funding, CIL /S106 obligations where applicable, and a reasonable return for risk and profit that a developer would require, in order to arrive at a Residual Land Value.
1. The selected developer will proceed to exchange contracts to acquire the agreed parcel of land conditional on obtaining satisfactory planning consent at their own expense, resource and efforts to redevelop the grounds.
2. The aim is to exchange conditional contracts and for the Purchasers to have successfully carried out Pre Application enquiries, applied and obtained Planning Permission within approximately 26 - 27 weeks. This timescale is to allow sufficient time to exchange conditional contracts, approx. 8 weeks, prepare a planning application for submission, approx. 6 weeks and a statutory period of up to 13 weeks for Tendring DC to determine the application.
3. In the event of any circumstances beyond the control of the purchaser whereby a planning / appeal application remains undetermined, the required longstop date would be extended to provide an additional period for the Purchaser to carry out an Appeal against non-determination or refusal of planning permission, with a total term of no more than 2 years in which to achieve an acceptable outcome.
4. A deposit, sum to be agreed will be paid upon exchange of conditional contracts, to be returned in the event that planning consent is not obtained and the contract is therefore annulled.
5. Legal Completion to take place within 14 days of the grant of planning permission.
VIEWINGS Strictly by arrangement with the Vendor's Sole Agents, Grier + Partners on 01206 299222
FURTHERINFORMATION On request - Please contact John Radford for more information
LANDANDNEWHOMES We specialise in the identification, appraisal, acquisition, sales and marketing of residential and mixed use development sites of all sizes from unique single plots to multi unit new build schemes.
LAND We offer a personal and professional service to landowners who wish to realise the full potential of their land assets, whether garden plots surplus to requirements or larger land parcels suitable for development, expertly guiding owners through each step of the process from planning to sale in order to achieve the best financial outcome.
NEWHOMES Our builder and developer clients specialise in all sectors of the market, creating some of the finest new homes schemes in the area ranging from bespoke individual new homes designed in keeping with their location through to creating desirable communities of character that combine modern living with quality and attention to detail.
Grier & Partners endeavour to maintain accurate depictions of properties in Virtual Tours, Floor Plans and descriptions, however, these are intended only as a guide and purchasers must satisfy themselves by personal inspection.
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