Otterpool Park Update: Council have signed two option to purchase land agreements with Sellindge farmers & Price Brothers signed option with Cozumel Estates.
EXCLUSIVE: Updated 17:30 Sat 29th Sept
The Shepwayvox Team can reveal that Folkestone & Hythe District Council (F&HDC) have signed two option to purchase agreements on land belonging to
Michael & Beryl Walker of Somerfield Court Farm, Barrow Hill Sellindge (page 5)
Jo Butcher of Harringe Court Farm, Sellindge. (Page 3)
The Price Brothers, Richard (Jnr) and Christopher have signed an option agreement for their land with the Reuben Brothers BVI vehicle Cozumel Estates. (Page 3)
The map is an approximation of the land secured under option agreements for the Walkers and Jo Butcher and also includes the land already owned by F&HDC. The Map does not include the land owned by the Price Brothers who have signed an option to purchase agreement with Cozumel Estates.
What is an Option Agreement
This is a right which a landowner grants to a developer to ‘opt’ to buy the land from the landowner within a given period of time. In this context the developer generally agrees to apply for planning permission (which they do at their own cost and risk) and the option is in limbo until permission is granted. If the permission is deemed satisfactory, then the developer can ‘exercise its option’ to buy the land, at which point the landowner is contractually bound to sell to the developer, at the price which is agreed, or assessed by a third party if not agreed.
More homes more local pressure and villages lost forever , and they call it progress.
Who’s money buying the land
I can understand Jo Butcher Butcher & The Walkers signing an option agreement with the Council as they could simply use their Compulsory Purchase Order powers. As for Price’s though, falling over to the smell of money possibly? This means from Barrowhill Farm to Newingreen, on the racecourse side, will become housing for the Otterpool Park development