"Overage Rights Only" Former Sight Office, Powdermill Lane, Tunbridge Wells, Kent. TN4 9EN.

Description:
PLEASE NOTE "Overage Rights ONLY"
The property and land, is not part of the sale, but comprises of 1.85 acre parcel of land with outbuildings and future potential subject to planning. Sits near existing residential dwellings.
The purchaser of this lot will receive 35% of the increase in land value as and when
planning permission is granted for development.
Whilst it is understood an application has not yet been submitted, these details show an indicative scheme that the land owner may wish to consider.
The overage rights exist for a period of 35 years from 14 June 2024.
The current land owner does not have to submit a planning application.
This can be submitted by any third party to gain the overage trigger.

Annual Fee income:
The buyer of this lot, will receive 35% increase in land value as and when planning is granted and per the overage clause.

Tenure:
Full details of the overage registered with the Land Registry are available from the auctioneers
and within the legal pack to download from the auctioneers web site.

Overage clause trigger events

The granting of planning permission for development or change of use;
The implementation of planning permission;
Disposal of the property with the benefit of planning permission;
The earlier implementation of planning permission or disposal of the property with the benefit of that planning permission;
Disposal of the property at a higher price within a fixed time period; or
Disposal of the completed development.

AUCTION DATE:

Connect Realtime® Bidding commences at 12pm with closing bids at 1pm, Tuesday 16th July.

The Lot is for sale via Traditional Auction. This is a timed auction, which requires both parties to complete the transaction within the completion date as per the auction legal pack. The buyer, is required to register, with Connect UK Land Auctions, in order to participate and will be required to go through, identification verification process. The auction Legal Pack, is available by request. You are required to complete your own due diligence prior to bidding. The Lot is subject to an undisclosed Reserve Price. The Reserve Price and Starting Bid being subject to change.

UNCONDITIONAL LOT:

Auction Fees apply, upon the fall of the gavel, as per the auction legal pack. The highest bidder, will also pay a deposit of 5% (minimum £5,000) of the hammer price and contracts are exchanged. The purchaser is legally bound to buy and the vendor is legally bound to sell the Property/Lot. The auction conditions require a full legal completion 28 or 42 days following the day of auction (unless otherwise stated in the legal pack).

*Connect UK Land Auctions does not warrant or accept any responsibility for the accuracy or completeness of the property descriptions or related information provided here and they do not constitute property particulars. All displayed property boundaries use data provided by Land Registry and is assumed to be correct and updated regularly. However for the avoidance of doubt all displayed property boundaries are indicative and for marketing purposes only.