For sale
£20,000
Main features
- Freehold
- OVERAGE RIGHTS OVER LAND FOR SALE
- The land itself is owned elsewhere
£20,000
Overage Rights Hemwood Road, Windsor, None, SL4 4YX
An opportunity to purchase the development overage rights over a pre-sold parcel of land at Hemwood Dell, Windsor.
An overage is a term often used in land sales to describe a sum of money in addition to the original sale price which a seller of land may be entitled to receive once the land has been granted planning or development permission.
If you were to compare the price of land without planning permission to land with planning permission, you would expect to see a difference of around 60-70%, so you will often find an “overage agreement” of anything from 25% to 50% and for a varying period of time, say 25 to 100 years.
With an overage of 25%, if the land was valued at £25,000 without permission and is then valued at £125,000 once permission has been granted, there has been an increase in value of £100,000. The new owner of the land would then owe the overage holder 25% of this increase in value (in this case 25% of £100,000 being £25,000).
Purchasing an overage would entitle you to the same terms as the original seller and has the potential to provide a significant return on investment.
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* Generally speaking Guide Prices are provided as an indication of each seller's minimum expectation, i.e. 'The Reserve'. They are not necessarily figures which a property will sell for and may change at any time prior to the auction. Virtually every property will be offered subject to a Reserve (a figure below which the Auctioneer cannot sell the property during the auction) which we expect will be set within the Guide Range or no more than 10% above a single figure Guide.