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Land for sale
Long Lane, Newport
£845,000
Long Lane, Newport
£845,000
Our Summary
- An easily accessible block of agricultural land with considerable potential complimented by a substantial farm building and derelict Cold War nuclear bunker
- Lot 2 includes a currently inaccessible and derelict Cold War nuclear bunker, offering potential for repurposing (STPP)
- OVERAGE(i)An overage provision is to be applied by the current vendors at a rate of 35% of the uplift in value above purchase value over a 30-year term triggered by a change of use planning permission, full planning approval, or permitted development
- (ii)A Gravel Royalty Overage provision is to be applied by the current vendors at a rate of 50% over a 50-year term triggered by gravel/mineral extraction following full planning permission or permitted development
- Planning Potential (STPP)
Description
This property is a 38.19-acre agricultural land with a substantial farm building and a derelict Cold War nuclear bunker, situated on the outskirts of Newport, Isle of Wight. The land is divided into two lots, with Lot 1 comprising 119.83 acres of arable land and a modern agricultural building, and Lot 2 consisting of 218.63 acres of arable land and the derelict bunker. The property offers potential for repurposing and has a right of access over the main farm track. The farm building is currently used for agricultural storage and has a single-phase electric supply. The property also has a lease agreement supporting a private telecom mast, providing a rental stream of £4,000 per annum. The property is being sold as a whole or in two separate lots, with a holdover period applied to the barn for storage purposes and an overage provision for development and gravel/mineral extraction.