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Land Owner Rejected £275 Million Offer For His Land

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If you believe this you must be a bit thick, quite frankly

http://www.dailymail.co.uk/news/article-3075980/Farmer-turns-275MILLION-sell-land-housing-Father-two-says-doing-massive-disfavour-community-took-money-ran.html

Apparently the NIMBYs are very upset that someone even WANTS to build a house near them.

This is the company's website http://www.mayfieldtowns.co.uk/

They want to build a new town of 10,000 homes this land according to the report would provide 1/7 of the land, so about 1400 homes, average plot cost is somewhere around £50k: http://www.barrattdevelopments.co.uk/barratt/reports/ar2012/business-review/land-and-planning.htmland that's with planning permission.

My guess is he was offered rather closer to £2.75 million than £275 m, but with some sort of uplift clause if they get planning permission, which basically all the local NIMBYs are against (MP, council, etc.) http://www.nickherbert.com/news.php/571/mps-blast-mayfield-new-town-at-planning-examinationso it probably wouldn't happen so he would be without his land and not getting anything like £275m.

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Land owners certainly do well out of getting PP, but once the local authority has taken their cut (which is usually fairly massive - someones got to pay their pensions, y'know) its not as huge as one might think...£275mn certainly seems high.

Landowner here wanted to sell a few acres for iirc 36 social semis (with fairly decent sized gardens front and rear, parking too) for a little over £200k. LA gave into NIMBYs, of course.

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He should have taken it and blown it all on a small London apartment.

Seriously though, whatever he was offered, some people are content with their lot and no amount of additional money will bring them any further happiness.

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i dont think i would trust a bank with 275million in my account.

This is it really. The land is a store of value in years to come which is going to be worth more the land or the money in the bank?

Without land value tax there is no reason at all to sell. With land value tax people would sell off non productive land to people that would make use of it.

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275m is not a lot of money nowadays.

It is 100 times the farm's current value. But it seems, he wants more.

Edited by rollover

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The other thing is. If the owner is old the land can be passed on without paying inheritance tax the cash cant.

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Yes £1m/acre is about right but here there is no P.P. and little prospect of getting it, plus the plot is that large that it won't all be building land - you can buy a single acre and put 20 houses on it or whatever, but you can't necessarily build 550 x more houses on 550 acres

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