Overage Rights on A Former Quarry Site of Approximately 10.6 Acres

Location

Lower Vern Quarry comprises some 10.6 acres strategically located some 8 miles from Hereford City and 7 miles from Leominster. The site benefits from its own access to the highway with the remaining 8.5 acres forming part of the initial quarry and potential landfill site.

Description

The property comprises overage rights on a former quarry site of approximately 10.6 Acres.

Tenure

Overage Rights Over The Land (Not Ownership of The Land)

Note

The site area depicted within the plan in the auction particulars is for indicative purposes only. Additionally, any measurements stated may not be exact. Some or all of the plot may comprise adopted highway land and if the site has trees, there may be Tree Preservation Orders in place. Buyers should rely on their own enquiries with regard to precise measurements, any consents or rights over the land and any possible development potential or alternative uses for this site.

The site benefits from its own access to the highway with the remaining 8.5 acres forming part of the initial quarry and potential landfill site. We have been advised that in the 1960s the property was owned by British Rail who extracted some 200,000m of clay for the construction of the railway line. More recently the site has been utilised for gravel extractions and it is understood that there is an estimated 150,000 tonnes of extractable gravel remaining on the site and therefore creating a landfill void opportunity of some 350,000cubic metres.

Prospective buyers are deemed to rely on their own enquiries.

Planning

This lot comprises certain overage rights relative to the former Lower Vern Quarry which may have potential for further extraction (subject to obtaining all necessary consents). The seller has advised that the site is considered suitable for further gravel/mineral extraction followed by a restoration plan, which would involve landfill possibly of a newer material. Such a development would require planning permissions together with environment agency licences etc. and upon granting of these planning permissions the beneficiary of the overage provision shall be entitled to 20% of the increase in land value. This overage provision lasts for 80 years from December 2011 and includes the right for the beneficiary of the overage provision to instigate their own planning permission and therefore benefit from 20% of the increase in land value as a result of planning permission being granted. Please refer to the legal pack for more information.

Administration Charge

Administration Charge is a non-refundable £1,200 inc VAT payable on the fall of the virtual gavel.