Detached house for sale in London Road, Earley, Reading RG1

Acting on instructions from the Oxford Diocesan Board of Finance is this 2500 square foot former Vicarage, set back from the road opposite Eldon Square in a prime position for easy access to both the town centre, Reading University & Royal Berks Hospital. A sizable property with great flexibility to upgrade and update throughout, the rear garden is a particular feature and extends to over 170 ft.

Garden

A partially walled rear garden extends to approximately 170 feet and incorporates a paved patio area that leads to a lawned garden, there is a brick built outbuilding used for storage.

Parking

The property has a sizable driveway providing off-road parking for a number of vehicles with two attached garages, the left hand of which has a restricted width and would be used for access / storage. To the other side of the property there is a covered walkway with access to the rear garden.

Restrictive Covenants

The vendors are The Oxford Diocesan Board of Finance. Please note that the sale will be subject to the vendor’s usual covenants and obligations. The purchaser will be required to obtain the consent of the post office and district council to rename the property and may not use rectory or vicarage within the new property name. Furthermore, the sale will be subject to covenants preventing religious and political use or nuisance, disturbing divine worship. The plot may not be used for anything other than as a single private dwelling house with a general prohibition on further development. That said the vendors understand that a purchaser will want to refurbish and extend the existing dwelling or consider its replacement with a new single dwelling house and will allow maximum flexibility in this regard.

Overage Provisions

The vendors recognise that the property has development potential. Save for any development in line with the restrictive covenants outlined above and the exceptions noted below, the vendors consent will be needed for any change of use or redevelopment of part or all of the site.
The overage provisions permit the buyer to build the following: Summerhouse, greenhouse, garage, granny annex, stable, garden shed or other similar outbuilding, the creation of a tennis court or swimming pool facilities used in connection with the dwelling-house.
Any uplift in value for each and every planning/development event will be shared 50-50 between the buyer and the Board of Finance, less the costs of securing the uplift.
Any disposal of title will be subject to the new purchaser entering into a new deed in the same form, directly with the Board of Finance.
The Overage agreement provisions will span 80 years
Overage is triggered if the land is sold to a third party with planning consent granted but not implemented; or on the commencement of works to implement the permission.
- Overage does not relate to increase in value in the existing property, nor improvements and extensions to the existing building.
- Neither would overage relate to a project that demolished the existing house and redeveloped the site with a single larger higher value residential dwelling.
- Overage only applies where planning permission is secured for more than one dwelling [or for example a care home/commercial scheme].
- Overage only applies to the “increase” in value above the existing use value [current at the time of permission being granted/implemented]