Helston could be in line for a £1.5 million windfall if a sale of land goes through.
The Packet has learned that the Downsland Trust charity has the potential to make £1.5 million from land at 'Hospital Cross', just off the roundabout at the top of Meneage Road, after a development company showed interest in it.
The land sits between Flambards and Captain’s Lane and currently comes under the control of the Downsland Trust, a charity that owns a number of assets in Helston, pockets of land, and also gives out grants to organisations.
Now a former trustee has told the Packet that a development company has come forward with a possible interest in the area of land off the Cottage Hospital Roundabout.
It has been for sale for a number of years, but has yet to be taken up.
The land borders Captain's Lane
However, the ex trustee said that an 'option agreement' was now in place with a development company.
This is a technical term often used in land sales. It essentially gives a developer the option to purchase the land if planning permission can be obtained on it, without the risk that they will be compelled to buy it if no permission is granted.
The agreement can also benefit landowners, as they can market the land at a higher price without having to use their own funds to obtain a planning agreement.
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It is understood that the development company has paid a non-refundable £10,000 'option fee' and now has until July 23 next year to apply for planning permission and then until 2022 to take up the option.
The former trustee said: "There is the option to buy at £1.5 million. The option is for two years.
"That's an amazing amount of money. You can do an awful lot of good with that."
When contacted, the chairman of the Downsland Trust, Tim Grattan-Kane, said: "I can't comment at the moment."
The Trust is an historic charity set up in the town originally to give benevolence grants to townspeople and organisations.
Trustees are made up of serving town councillors.
It previously went by the names Helston Allotment In Aid of Poor Rates and then The Helston Welfare Trust, before changing again to its current name.
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