Selling and Existing Property as an Investment Opportunity

Supermerv

Hi all, I've looked on moneysavingexpert several times for tips and advice on various subjects several times in the past, now I'm after a bit of advice myself and I'm hoping someone will be able to point me in the right direction.

First a bit of background, my parents own a small business, the building comprises the business premesis on the bottom floor with a residential property (where they currently live) on the second and third floors. It has a central location in the town and a large garden with outbuildings. The property itself is very big and they own it outright.

They are now looking to sell the property, due to the type of business it is unlikely that anyone in that line of work will be able to raise the money for the mortgage, even if they could they would be unlikely to be able to make enough from the business to pay it off.

I've suggested that they should look to sell it to a property developer as it would seem to be perfect for conversion into flats, while they could rent out the business for a constant income. My parents don't want to get involved with property development themselves and are looking to sell the porperty outright.

In short I would like to know how is it best to target property developers when selling a property and does anyone know of anywhere in the Gloucestershire area that could help?

Many Thanks

Vincenzo

My advice would be to contact local Chartered Surveyors/Commercial Property Agents and ask them for their opinion of market value and advice on marketing. They will have contacts with developers and investors.

Alternatively you could research developers in the area and approach them directly. I do think you should take advice before doing so. You should achieve a higher price if you obtain planning first.