Churchstreet
Registered User
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- 16
Hi
Im considering selling a vacant commercial property, it was a small grocery shop in its day and on a maintstreet. There is 17 acres of land at the rear zoned for development. Whether the land will ever be developed is uncertain. In a previous development plan, my property was earmarked to allow access to this land zoned for development. On discussion with the council at the time, no CPO would be involved and the development would be developer lead. Its uncertain whether the land will ever be developed. I would be happy sell my property to someone that either wanted to set up their own business or convert it into residential use. However my fear is that I would sell it to someone on this pretence and then flip it to a developer at a massive mark up in order to open up the 17 acres to development. It would be a scorn to say the least.
My question is : Is there any claw back one could realisticlly put into a vendor document even a Time limited one (say 20 years), that would entitle my family or myself a clawback (%) on any development if my former property was to be use as an acess to the zoned land?
Im considering selling a vacant commercial property, it was a small grocery shop in its day and on a maintstreet. There is 17 acres of land at the rear zoned for development. Whether the land will ever be developed is uncertain. In a previous development plan, my property was earmarked to allow access to this land zoned for development. On discussion with the council at the time, no CPO would be involved and the development would be developer lead. Its uncertain whether the land will ever be developed. I would be happy sell my property to someone that either wanted to set up their own business or convert it into residential use. However my fear is that I would sell it to someone on this pretence and then flip it to a developer at a massive mark up in order to open up the 17 acres to development. It would be a scorn to say the least.
My question is : Is there any claw back one could realisticlly put into a vendor document even a Time limited one (say 20 years), that would entitle my family or myself a clawback (%) on any development if my former property was to be use as an acess to the zoned land?