How to value plot of land in Urban area and options afterwards

Iperson4

Hi all,
I have managed to find a suitable (in my view) plot of land in London between some houses, the land is owned by the council but is quite dreary and unused. It is large enough for maybe 3 3m wide houses to be built spp
So my question is how would I go about valuing the plot without pp and buying it from the council.?
All the best

daveyjp

Chances are if it is deemed surplus the Council will sell on open market and not to one person who wants to buy it.

You will then be against developers who know the game.

Iperson4

daveyjp wrote: »

Chances are if it is deemed surplus the Council will sell on open market and not to one person who wants to buy it.

You will then be against developers who know the game.

So in your opinion, if I inquire, then it would be put on the open market? Should I not get this plot, how would I go about valuing plots in London without planning?

davidmcn

As above, first step would be to check whether the council even want to market it before you worry about what it's worth.

And...3 metre wide houses? Really?

how would I go about valuing plots in London without planning?

You ask a surveyor.

phill99

You would struggle to get pp for three 3m wide houses. Internally, they would only be around 2.5m wide. Parking would also be an issue.

Iperson4

davidmcn wrote: »

As above, first step would be to check whether the council even want to market it before you worry about what it's worth.

And...3 metre wide houses? Really?

You ask a surveyor.

What's wrong with that? The victorian houses adjacent have a 2.8m frontage so it's in keeping with context? So is there no rule of thumb or anything to value plots without planning as getting a surveyor to value the plot at a very initial stage when working out potential costs when viewing would be a waste of money. If I want to do a formal offer, I would take all the necessary procedures, I'm just trying to figure out if I need to save up more to buy a plot

Iperson4

phill99 wrote: »

You would struggle to get pp for three 3m wide houses. Internally, they would only be around 2.5m wide. Parking would also be an issue.

My view is to (in case everything goes well) just copy the layout of the adjacent victorian properties which are of similar proportions (and adjust things when necessary).
The plot is in inner London and there is plenty of street parking

davidmcn

Iperson4 wrote: »

My view is to (in case everything goes well) just copy the layout of the adjacent victorian properties which are of similar proportions (and adjust things when necessary).
The plot is in inner London and there is plenty of street parking

Wouldn't it be more sensible to look at recent similar planning applications?

Iperson4

davidmcn wrote: »

Wouldn't it be more sensible to look at recent similar planning applications?

I'm currently primarily concerned at valuing plots without pp currently as no one on the forum has mentioned how to do so (I know how to value building plots with pp) , planning would be another hurdle to face further down the line and plans could be adapted according to requirements

Thrugelmir

Iperson4 wrote: »

I'm currently primarily concerned at valuing plots without pp currently as no one on the forum has mentioned how to do so

Speak to a land surveyor. They'll know the market.

davidmcn

Iperson4 wrote: »

I'm currently primarily concerned at valuing plots without pp currently as no one on the forum has mentioned how to do so (I know how to value building plots with pp) , planning would be another hurdle to face further down the line and plans could be adapted according to requirements

Not sure you can really separate the two - obviously a plot which has little potential for development (because its size etc don't come up to the planners' criteria) is going to be valued differently from one where development seems more realistic.