277.43 Acres, Bankwood Farm

Southwell, Nottinghamshire NG25 0RP

For sale by formal tender  £2,340,000 (Sold Subject to Contract)

Sold Subject to Contract

Description

A productive block of well farmed Grade 3 arable land, which has been growing wheat, barley, oilseed rape and grass crops. It is in good heart, having been a dairy holding for many years.

**Please note that the sales particulars were amended on 3rd October 2017 to reflect amended access arrangements. Previous versions of sales particulars should be replaced with the updated version**

Location and Access

The land is located 3½ miles south west of Southwell astride a private road (between Oxton and Thurgarton) off the B6386 Southwell to Oxton Road. The land is in three distinct but contiguous blocks. The private road between the B6386 Oxton Road and Thurgarton village has been used to access the farm land for many years. However no right right of way from the land to Thurgaton village will be granted.

Situation and Amenities

The land lies in an attractive area of open countryside within the parish of Thurgarton, between the Halloughton Dumble and the Thurgarton Beck at between 50 and 100 metres above sea level.

Southwell is a historic and prestigious market town centred around Southwell Minster. It offers a good range of facilities and amenities including shops, cafes, restaurants, public houses, doctors surgery, racecourse, 2 golf courses and a leisure centre. Catchment schools: Bleasby Church of England Primary School and Minster Secondary School are both assessed by Ofsted as Outstanding. From nearby Newark, there is a main line rail service to London Kings Cross (1 hour 20 minutes).

Method of Sale

The farm is offered for sale by formal tender as a whole, or in 3 lots, or any combination of the lots.

Lot 1 153.21 acres North of Bankwood private road - Guide Price £1,300,000 (£8,485/acre)
Lot 2 37.52 acres South of Bankwood private road - Guide Price £315,000 (£8,395/acre)
Lot 3 86.70 acres East Bankwood Farm Yard, to the north and south of the private road - Guide Price £725,000 (£8,362/acre)

TENDER DATE: 10TH NOVEMBER 2017 BEFORE 12 NOON

The land is to be sold by contractually binding formal tender on the following terms:

1. All tenders must reach the office of JHWalter, 1 Mint Lane, Lincoln, LN1 1UD no later than 12 noon on Friday 10th
November 2017. No late tenders will be considered.
2. Tenders should be submitted in writing on the prescribed form, complete with the signed tender form and contract.
Access to the data room and the tender pack is available from JHWalter on request following completion of an identity
check to satisfy the Money Laundering, Terrorist Financing and Transfer of Funds Regulations.
3. The tender documents must be placed within a sealed envelope. The envelope must be marked externally both with the name, address and contact telephone number of the bidder and the heading Land at Bankwood Farm.
4. Tenders must be for a precise sum of pounds sterling. It is advised that offers should be for an odd figure to avoid the
possibility of identical bids.
5. No tender will be considered, which is calculated only by reference to another offer.
6. The seller does not undertake to accept the higher or indeed any tender.
7. Full name and address of both the prospective buyer and their solicitor should be provided with any tender.
8. All tenders must include evidence of finance for the purchase.
9. Tenders are to include a solicitors deposit cheque of 10% payable to the sellers solicitor Nelsons Law. The successful
buyer should be notified via a signed contract by the seller, no later than 5pm on 17th November 2017. On acceptance,
the contract will be deemed to be exchanged. Completion will take place on 31 January 2018. Please note that if early
entry is required, prior to completion, this is subject to the payment of an additional 10% deposit.

10. A CD or access to the data room containing copies of supporting legal documentation referred to as the Tender
Pack is available from the Selling Agent, preferably on request by the Solicitor/Agent acting for the prospective buyer. This
includes; Tender Form, Conditions of Tender, Contract of Sale, Search Results, Relevant Title Documents,.
11. The selling agent is required to carry out an identification check on prospective buyers prior to issuing the Tender
Pack in order to comply with the Money Laundering, Terrorist Financing and Transfer of Funds Regulations.
12. It is possible to bid for the whole of the property, individual lots or any combination of lots. The buyer may submit
multiple bids in the alternative and can state which is their preferred lot and the order in which their bids should be
considered.

Access

The Bankwood private road is shown coloured green and extends as far as the gate into field 8521. Lot 1 will have an additional right of way along the concrete track coloured brown on the plan. Maintenance contributions are set out in the tender pack.

At the sole discretion of the seller, the seller may grant a right of way (shown on plan as a short brown line) from land to the south of Bankwood Farm to provide access over the Dumble into Lot 3 (in the event that access is required to Lot 2) together with the right to carry out all necessary construction and clearance works. The Seller will retain a right to redirect any of the rights of way, granted in this sale, along an alternative route in the future.

The Land

The land is divided into 13 convenient sized arable fields and is capable of growing good yields of combinable crops and grass. There is a small area of amenity woodland.

Land Registration

The land is registered under title NT404161 and NT525302.
The seller is retaining some areas of the property included in these titles.

The Soils

The soil type is shown on the 1:250,000 map Soils of England and Wales as Worcester Association. It is described as slowly permeable non calcareous and calcareous reddish clayey soils over mudstone.

Basic Payment Scheme

Included in the sale are Basic Payment Entitlements relating to the land which will be transferred to the buyer after completion. The Entitlements are included in the price tendered.

The value of the entitlements will be apportioned from the sale price at £140 per Entitlement. The number of Entitlements to be
transferred will be;

Lot 1 61.00 Entitlements
Lot 2 13.49 Entitlements
Lot 3 33.84 Entitlements

Rural Land Register

Copies of the Rural Land Register maps are available in the Tender Pack. The 2017 Basic payment will be retained by the
seller.

Sporting Rights

The sporting rights are included in the sale and are let until 2nd February 2018 to a shooting syndicate, including game crops on certain areas. The rent is reserved to the seller.

Mines and Minerals

The mineral rights are reserved in favour of previous owners. Further information in the Tender Pack.

Tenure

The land is currently farmed in hand and vacant possession will be given on completion.

History

Until 2004 the land was part of a mixed farm with a dairy enterprise, pig breeding and fattening unit and a Pedigree
Limousin beef herd. All the farmyard manure was returned to the holdings arable land.

Dwellings

There are no dwellings included in the sale. However adjoining Lot 2 Bankwood Lodge, a five bedroom detached house is
currently for sale by a third party.

Farm Buildings

There are no farm buildings included in the sale. The seller retains ownership of the range of farm buildings and yard at
Bankwood and plans to maximise the development potential.

Restrictions and Development Clawback

The seller will not be imposing any development clawback on the sale.

The seller is retaining Bankwood farmyard and buildings. In addition there are 3 houses around the farmyard which belong to third parties. The seller is currently promoting the change of use of the farm buildings to non agricultural uses. Accordingly, restrictions and reservations have been placed on the future use of the farmland so as to not prejudice the enjoyment of the existing houses or any future new use of the retained property.

The restrictions will be set out in the lot transfers and divided into the following sections:

All the Fields

The seller has consent under Class Q of the Town and Country Planning (General Permitted Development) (England) Order 2015 to convert part of the Bankwood farm buildings into 3 dwellings. This consent will be invalidated if permitted development rights are used to erect any new agricultural building, or subsequently alter these under Class A(a) or B(a) of the Town and Country Planning (General Permitted Development) (England) Order 2015.Therefore the use of permitted development rights to erect, or alter, agricultural buildings on the land included in this sale under Classes A(a), B(a) or Q will be prohibited for a period of 10 years.

The Permitted Fields

The buyer is at liberty to erect new farm buildings on the permitted fields outside of the area edged orange which are some distance from the existing farmyard provided that they obtain full planning permission.

The Restricted Fields

To protect the enjoyment of the Bankwood farmyard and buildings, the restricted fields shown within the area edged orange, including reference numbers; Lot 1 6519 and 5502, Lot 2 3579, 2768, 4250 and, Lot 3 5459, 4546 and part of 5431, are sold subject to some restrictions including;

Not to use or permit the property within the area edged orange to be used as follows;
To erect any buildings or structures.
For the storage of goods, caravans, boats, materials, waste or refuse.
In a manner which may be or may become a nuisance.
For caravans or camping.
For pigs, poultry, feed lots or other intensive livestock enterprises.
For the storage of organic manures, by-products of anaerobic digestion and other odorous materials.
For masts, wind turbines, solar farms, anaerobic digestion or fracking.
Markets, motor racing, motor cycle racing, quad biking, clay pigeon shooting or public gatherings.

Hedgerows

The hedge on Lot 1 and Lot 2 fronting the Bankwood private road is excluded from the sale as the seller wishes to protect the approach to Bankwood farmyard. The seller will be responsible for trimming the top and road side of the hedge. The buyer(s) will be responsible for maintaining the field side of the hedge and will undertake not to damage the hedge.

Holdover

The shooting over the land is reserved until 2nd February 2018.

Early Entry

Early entry is available after exchange of contracts with the payment of an additional 10% deposit and the payment of the
ingoing valuation.

Growing Crops and ingoing valuation

In addition to the purchase price, the purchaser will be required to pay to the seller the full amount of the ingoing
valuation due to the outgoer in accordance with the prices and recommendations of the Central Association of Agricultural
Valuers including, where relevant, enhancement. There will be no counterclaim whatsoever of any kind. The details of the ingoing valuation are available in the Tender Pack.

Services

It is understood that a water main runs along the Bankwood private road, and that there is a water meter by the side of the
road from which there is a water supply network to Lot 1. This metered supply will be available to the purchaser of Lot 1 subject to agreement with the utility provider.

Easements Wayleaves and Rights of Way

The property is sold subject to and with the benefit of all easements, wayleaves and rights of way whether public or private and whether or not mentioned in these particulars of sale.

There is a bridleway along the Bankwood private road.

Lot 1 field 5502, Lot 2 fields 1798, 1579 and Lot 3 field 0378 are crossed by a gas main
Lot 1 field 0509, Lot 2 field 4250 and Lot 3 field 5949 are crossed by an underground electricity cable.
Lot 3 is crossed by a private underground water pipe and telephone cable
Lot 3 fields 5949 and 0378 are crossed by a public footpath

Further information is in the Tender Pack.

VAT

It is not thought that the sale will attract VAT. However, in the event that any of the property is subject to VAT, this will be
payable in addition to the purchase price.

Town and Country Planning

The land is within Newark and Sherwood District. Planning policy for the area is set out in the Core Strategy Development
Plan Document and Allocations and Development Management Development Plan Document.
Newark & Sherwood District Council
01636 650000 www.newark-sherwooddc.gov.uk

Fixtures and Fittings

All fixtures and fittings are excluded from the sale unless mentioned in these particulars of sale.

Viewing

If you would like to view the farm, please contact the sellers agent. When viewing, please take all precautions necessary to be safe on a working farm.

Date of photography: 22 September 2017

Directions

From Southwell follow the B6386 road for approximately 2.5 miles. At the sign for Hollybeck Garden Centre and Thurgarton
Quarters Farm and Bankwood Farm turn left and travel along the lane past the garden centre for about 600 metres. Lot 1 lies
on the left hand side of the road. Lot 2 lies a little further along the lane on the right hand side. Pass through Bankwood Farm
yard to Lot 3, which lies on both sides of the road. All lots are marked by sale boards.

Nearest postcode NG25 0RP.

Seller's Solicitors

Nelsons Solicitors Limited.
Pennine House
8 Stanford Street
Nottingham
NG1 7BQ
Paul Hinchliffe
0115 989 5289
Paul.hinchliffe@nelsonslaw.co.uk

Seller's Agent

JHWalter
1 Mint Lane
Lincoln LN1 1UD
Ian Walter
01522 504333 07919 694230
ianwalter@jhwalter.co.uk
Tim Atkinson
01522 504304 07919 694224
timatkinson@jhwalter.co.uk

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* Please Note: If Google Street View appears with no imagery, it is not available for this property

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