Date 10.03.2020 For Immediate Release
Etsome Terrace Development Site, Somerton.
The former SCC Highways Depot, at Etsome Terrace, was sold to STC by SCC to facilitate a community building. The Etsome Terrace Development Site and Edgar Hall, were part of a property transaction that lead to an extended external audit enquiry. The two parties in the transaction were STC and Edgar Builders.
The site was eventually sold by Edgar Builders, with the site remaining dormant for several years.
STC owns the freehold for a plot immediately behind the play area and achieved planning permission for two bungalows – the intention being to sell the plots via auction. However, the current owner of the Etsome Terrace Development site had a covenant preventing residential development on STC’s sites.
The current owners of the former highways depot have planning permission for several houses, plus a small supermarket /convenience store. However, STC has a covenant that prevents commercial use of the site.
It has been agreed that the restrictive covenants would be released by each party.
STC has retained ownership of school drop off in the former depot site and responsibility for the road within the estate.
Planning permission for the additional properties was submitted by STC.
STC agreed to sell the land remaining in their ownership for a value of £300K, minus Planning Application fees and associated legal fees to include the release of the covenants.
On 21st January 2020 the following were completed:
- Deed of release with Somerset County Council
- Exchange of contracts with Fanh Properties Limited and Archforth Limited
- Deed of release of covenants with Fanh Properties Limited and Archforth Limited
Completion took place on Friday 28th February 2020.
Dean Ruddle, Chairman of Somerton Town Council, said ‘ This is a very positive outcome for Somerton, in the successful sale of the dormant land AND has generated new property developments for Somerton, both commercial and housing. The new development will generate growth in the local economy and create and support local employment.’
For more information please contact
Somerton Town Council
8 Cary Court
Somerton Business Park
Telephone 01458 272236
email [email protected]