update: auctioned land in Borehamwood

silvercar

April 2008 this land was sold for 1.25m with PP for 14 flats.

Discussed on page 5 of this thread:

http://forums.moneysavingexpert.com/showthread.html?p=10276577

At the time the discussion was whether the flats could be marketed for £200k.

They have now hit the market at 229k; will watch with interest.

http://www.vebra.com/home/search/vdetails.asp?src=agent&fd=647&bd=1&db=1&cl=1888&pid=15593443

silvercar

silvercar wrote:

Originally Posted by ds1980
sold for 1.25 million

Thanks!

Someone is going to make some money.

Borehamwood. Pub got shut down and builders moved in, cleared the site and got PP for 14 1 &2 bed apartments. The site is small but there are green areas nearby, shoppping centre (up and coming with a new Costs, M&S & Next replacing Focus DIY etc). Judging by the achieved prices of apartments nearby, they could easily go for 200k +.

The downside is that there is are council houses on the nearby roads, but most are bought out and very decent. There is one tower block nearby that has recently been refurb'd.

200 x 14= 2.8m less 1.25m plus say 800k to build max. Could be 750k profit in there.

Update.

The flats were marketed in Feb 2009 for £229k. None were sold, most were rented out.

Now 6 have been sold at prices ranging from 200k to 216k.

So the downside was renting them out for a year, the upside is original prices achieved.