Plot for sale

Invitation for option/promotion agreement for developers and land promoters for a prime development site of approximately 33.58 acres (13.59ha) adjacent to Penryn University campus. With the current expansion of the university and surrounding town, this already designated site is looking for a partner to work in a collaborative manner to best maximise the potential.

LOCATION

Once voted as one of the very best places to live in the south west by The Times newspaper, Falmouth is located on Cornwall’s stunning coastline and mixes its long cherished maritime history with cutting edge technologies explored at its university – a specialist for the creative industries.

Falmouth is located on the entrance of the Fal Estuary, the world’s 3rd largest deep-water harbour, providing important deep-water moorings and facilities to the marine industry. From the Harbour there are regular ferries also serving the popular and exclusive St Mawes, Trelissick and the pretty village of Flushing.

The town is famous for its creative buzz with many art galleries displaying contemporary works and venues showcasing independent films and live bands. Falmouth is surrounded by several fantastic family friendly beaches and is known for its year-round events calendar drawing large tourist crowds every year. The town centre is well served with regional and national business enterprises and is located approximately 10 miles south of Truro being the capital city of Cornwall.

The site is located in the area of Penryn and sits just walking distance north of the Falmouth University at the Penryn Campus.

THE DEVELOPMENT SITE

The Site itself extends to approximately 13.59 hectares in total and is divided by “Packsaddle” a road currently providing access to the site with the southern section measuring approximately 6.51 acres and the northern section 25.54 acres. Importantly there is a further 1.53 aces which sits directly opposite the university and could be utilised as access for the much discussed “bridge connection” linking this land and the campus.

The site comprises a mixture of woodland, stables and fenced paddocks to the south, the dividing Packsaddle road (council owned and maintained) a farmstead including 4 bedroom farmhouse, 7 bedroom part constructed dwelling (with AOC), range of associated stone constructed traditional outbuildings, modern steel clad storage barns, concrete hardstanding and land to the north.

The majority of the site has been allocated as future potential development under Policy “FP-M4 Treliever Direction of Growth (Mixed Use”) from the Cornwall site allocations development plan document adopted in November 2019 (cornwall-site-allocations-development-plan-document.pdf).

LAND PLAN & DRAWINGS

The land plan is based on ordnance survey extracts, and the areas are not guaranteed and purchasers must satisfy themselves as to their accuracy.

BOUNDARIES

Any purchaser shall be deemed to have full knowledge of all boundaries and neither vendor nor the vendor's agents will be responsible for defining the boundaries or the ownership thereof. Should any dispute arise as the boundaries or any points on the particulars or plans or the interpretation of them, the question shall be referred to the vendor’s agent whose decision acting as experts shall be final.

AGENTS NOTE:

In the immediate area to the north of this potential site, outline planning permission has been granted for a new “Student Village” and the detailed planning application can be seen on the Cornwall Council planning website under application number PA21/04825. On the proposed layout, potential future access is noted into this site for future development.

FALMOUTH UNIVERSITY

• Currently contributes £100m in GVA to Cornwall's economy. That's equivalent to around £1 in every £109 of GVA produced in Cornwall

• Supports 2030 full time equivalent (FTE) jobs in the Cornish economy

• Has grown its income to £81m in 2018/19. That's quadrupled since 2004/5

• Produces 1% of all UK self-employed graduates

• Is estimated to make an economic contribution to Cornwall of £200 million in GVA and 4,260 jobs by 2030

FALMOUTH AND PENRYN VISION

“The twin towns of Falmouth and Penryn will be distinctive in character and yet united in playing a key role in Cornwall with vibrant, socially-diverse, positive and welcoming communities, supported by leisure facilities and services; employment based primarily on the marine, learning and tourism industries; set in attractive, well maintained, sustainable and accessible historic, natural and urban environments.”

TARGETS

The Cornwall LP:SP document has set the following targets for Falmouth and Penryn:

• To develop 2800 dwellings between 2010 and 2030 within the two towns (excluding 600 additional student dwellings).

• The provision of bed spaces within purpose-built student accommodation commensurate with the scale of expansion of the university in Falmouth with Penryn.

• To deliver 25,750sqm of B1a office space and 21,667sqm of industrial space within the community network area.

PROMOTION/OPTION TERMS ENVISAGED

1. A realistic option fee which will be non-refundable but can be deductible from the eventual sale price having successfully obtained planning consent and a sale.

2. A promotion/option agreement with a period of five years with a right to extend if an application is being considered or appealed with a longstop date of six years.

3. Submission of a planning application within the initial three year period.

4. A minimum net sale value.

5. Payment of the purchase price in tranches will be considered.