0 Kemps Road, South Kempsey NSW 2440

Auction

• Thu 17 December @ 12PM 17/12/2020 12:00 PM 17/12/2020 12:00 PM Australia/Sydney Auction for 0 Kemps Road, South Kempsey NSW 2440 0 Kemps Road, South Kempsey NSW 2440 Stone Real Estate Kempsey false DD/MM/YYYY

Sold

Biobanking & Diversity

The property situated on Kemps Road at South Kempsey (Lot 501 DP 1200647, Lot 53 DP 1162355, Lot 21 DP 1199597, Lot 11 DP 1194544, Lot 1 DP 1227593, Lot 301 DP 1161894, Lot 302 DP 1161894 and Lot 16 DP 722700), is a very large vacant rural holding with an irregular shaped of 506Ha zoned RU2 Rural Landscape and E2 Environmental Conservation under the Kempsey Shire LEP 2013.

The property is subject to a BioBanking Agreement (ID 428) was approved by the Minister for the Environment on 22 January 2019 consisting of 498.80Ha.
The incoming purchaser/landowner must meet the obligations set out in the BioBanking agreement. This entails responsibility for the implementation of an approved management plan and for the management actions set out in Annexure C and D of the Agreement.
The property contains an exclusion zone from the Biobank area to allow for the construction of a dwelling and other uses (STCA) of approximately 7Ha has access from Kemps Road.

To assist in meeting the requirements/obligations of the BioBanking agreement the landowner will receive a yearly management payment as per Annexure E of the Agreement. These payments total $936,842 (excluding GST) and are proportioned over an initial 20-year term. In perpetuity management costs, as per Annexure E, will be paid from the 21st year of the agreement. Meaning the owner will be paid to maintain the property.

An incoming purchaser would need to be mindful of the long-term commitment for compliance associated with this land and this would generally be a detriment to the property.

Property Details

• Type: Other