Brown&Co Pointer November 2017

Mr D Pointer 21 st November 2017 Page 2 of 5

2.

Planning & Development Potential

You will only sell the property once and so it is important that any planning and development angles are explored to ensure that value is maximised.

As you are aware, to the north of the parcel, Broadland District Council have allocated land around Rackheath Industrial Estate for a new eco town which will provide 3000 new homes with the option of an additional 1000 homes if required by 2026. There is also further development to the south and with the NDR under half a mile away your property is more accessible than ever. You confirmed that you do not foresee any immediate planning potential on the property, but you want to reserve your position to capture any uplift in value should a change of use be granted in the next 50 years. To protect your position, an overage provision would be most appropriate. This would be triggered in the event that future owners went on to achieve change of use from the existing agricultural use to a residential use. This would include permission for an agriculturally tied dwelling. You would look to capture between 25%-30% of the uplift. The detail of the overage would need to be agreed with you all prior to marketing and would be stated in the particulars.

3. Objectives, Strategy & Timing

You explained that at present grant of probate was still outstanding in respect of part of the ownership and that you would not be looking to market the property until this was finalised. As there is no time pressure, if you do decide to go ahead with the sale, we would recommend waiting until the early spring by which time the property will look its best and allowing for a good period of marketing ahead of a completion post-harvest enabling the buyer to take on the land with vacant possession.

As we discussed, there would be various information to draw together as part of the preparation for sale. The following would be useful if you were able to begin to collate them / send them through:-

- A copy of the Basic Payment Scheme application for the last 3 years - A copy of the most Basic Payment Scheme entitlement statement - A copy of the Rural Land Register plan/s (ideally printed out from the on-line system) - The cropping rotation for the last 5 years. - A plan showing any services across the land including the gas main

4.

Method of Sale

I recommend the flexibility of a sale by private treaty. This allows us to manage the length of the marketing campaign to suit the level of interest and to negotiate between parties. If a competitive situation can be engendered we can bring a sale to a conclusion by inviting best and final offers by a closing date. Viewings would be conducted unaccompanied although we would request that interested parties contact the office before viewing so we know who is likely to be on site and that they carry a copy of the particulars in hand.

5.

Marketing and Publicity

A well-planned marketing campaign is essential if we are to achieve the best possible result for you. I set out below an outline of the process and the costs involved.