Ridley Wood, Stocksfield, Northumberland. A lovely mature broadleaf wood with gated access just half an hour from Newcastle city centre. 6.59 acres for £38,000 (freehold) [#A1409]
The following summary is provided in good faith by the vendor, but purchasers will need to satisfy themselves in respect of the minerals.
A transfer dated 1997 reserved the mineral right to the British Coal Corporation. An Option Agreement allows Harworth Estates to take a lease for the extraction of coal if they so wish until 2036. A purchaser will need to enter into a Deed of Covenant to protect this Option.
In the event that the minerals are exercised the owner shall receive compensation in the sum of £1/tonne of coal extracted plus an annual equivalent agricultural rent.
Hyons Wood is the subject of historic mining. A plan of the adits and shaft is attached but there may be other unmarked adits, shafts and sink-holes. The Coal Authority has a right of access for inspection and maintenance.
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