Commercial Land- Sale/Development Potential
Discussion
I'm after a bit of advice. I co-own a small piece of land, just over three acres, that is on the edge of a slowly spreading commercial property area.
It doesn't produce anything, but equally doesn't cost anything to keep. We've been sitting on it for a number of years with a view to it being worth something in the future (although we sold an acre next to this plot for a substantial sum around 10 years ago).
Given the economic difficulties of the last few years, there seemed little prospect of getting rid, so haven't done anything with it.
Now things are looking up, we'd like to see if we can establish a value and see if there's anything we can do with it.
Around ten years ago I got the council to include this land in their local plan as part of their "Enterprise Zone"- it had previously been classified as countryside, being unsuitable for agriculture. It is bordered by a car dealership, a factory and agricultural land at the rear. However, this was around the time that Prescott did something odd to the Local Planning system (memory fails me here), though I guess that a precedent has been set.
So, what's the best way forward? Is there anything we can sensibly do with regard to planning permission that could increase (or help establish) its value? Would a surveyor be the best way forward? Any recommendations for Land Agents or similar?
Any advice gratefully received.
It doesn't produce anything, but equally doesn't cost anything to keep. We've been sitting on it for a number of years with a view to it being worth something in the future (although we sold an acre next to this plot for a substantial sum around 10 years ago).
Given the economic difficulties of the last few years, there seemed little prospect of getting rid, so haven't done anything with it.
Now things are looking up, we'd like to see if we can establish a value and see if there's anything we can do with it.
Around ten years ago I got the council to include this land in their local plan as part of their "Enterprise Zone"- it had previously been classified as countryside, being unsuitable for agriculture. It is bordered by a car dealership, a factory and agricultural land at the rear. However, this was around the time that Prescott did something odd to the Local Planning system (memory fails me here), though I guess that a precedent has been set.
So, what's the best way forward? Is there anything we can sensibly do with regard to planning permission that could increase (or help establish) its value? Would a surveyor be the best way forward? Any recommendations for Land Agents or similar?
Any advice gratefully received.
Hi
Your best step would be to consult a local chartered surveyor - there are a few options open to you;
Sell/market the land as a development opp (subject to PP)
Gain PP - After consultation with Surveyors to establish demand in the area and what is selling/letting well - also with planners to establish what scale and use class you are likely to achieve.
Sell/promote an option agreement to a developer - Can be structured in a number of different ways e.g. profit share and for a set number of years - again best to consult a surveyor and solicitor.
Where is the land located? Have you contacted adjacent occupiers who may wish to purchase expansion land (your best chance of getting a decent payout)
Your best step would be to consult a local chartered surveyor - there are a few options open to you;
Sell/market the land as a development opp (subject to PP)
Gain PP - After consultation with Surveyors to establish demand in the area and what is selling/letting well - also with planners to establish what scale and use class you are likely to achieve.
Sell/promote an option agreement to a developer - Can be structured in a number of different ways e.g. profit share and for a set number of years - again best to consult a surveyor and solicitor.
Where is the land located? Have you contacted adjacent occupiers who may wish to purchase expansion land (your best chance of getting a decent payout)
Luftgekuhlt said:
We've had an enquiry from one of the neighbours, which prompted this. However, we've had a bit of an "uneven" relationship with him in the past, so I'm wary.
Thanks for your other suggestions, though. Much food for thought.
Does that really matter? Surely business is business, as long as he comes up with the money a deal's a deal?Thanks for your other suggestions, though. Much food for thought.
It would be worth checking if the land is currently allocated for employment. Allocations are removed from time to time. Get an agent on board, he'll want a percentage but will advise on how best to maximise value, whether to invest in obtaining planning permission, to enter in to an option, a promotion agreement or to sell outright.
It would be worth checking if the land is currently allocated for employment. Allocations are removed from time to time. Get an agent on board, he'll want a percentage but will advise on how best to maximise value, whether to invest in obtaining planning permission, to enter in to an option, a promotion agreement or to sell outright.
Noel said:
It would be worth checking if the land is currently allocated for employment. Allocations are removed from time to time. Get an agent on board, he'll want a percentage but will advise on how best to maximise value, whether to invest in obtaining planning permission, to enter in to an option, a promotion agreement or to sell outright.
Yes, we're checking with the council as to current status. Thanks again.Gassing Station | Business | Top of Page | What's New | My Stuff