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

Iperson4

eddddy wrote: »

TBH, I think you may be falling into the trap of "The less you know about something, the easier it seems."

You kind of imagine that you can spot a plot of land, buy it for peanuts, and make 10s or 100s of thousands in profit.

If it were that easy, anyone and everyone would be doing it, and we'd all be millionaires.


So perhaps a good question to consider whilst doing your planning is "If there is potential to make 'megabucks' from this piece of land, why hasn't somebody else with more knowledge and experience than me done it already."

Perhaps you have a good answer to that question - if so, that's a great starting point.

I'm aware of the difficulties surrounding developing from scratch as opposed to simply refurbishing a property and selling on, that's why I posted on the forum to get advice about this situation since as I have said before I have never gone about buying a plot

Iperson4

Cakeguts wrote: »

The reason why that plot of land appears to be not being used by the council is because it is being used for something that you cannot see.



So either it provides access if needed to something at the back of the plot or there is something that runs underground that cannot have a building on top of it.



If it could have been used for building on the council would have used it.

Is there any way to look into this or would I have to ask them directly. I've lived in the area for years and nothing has really happened with it

lincroft1710

Iperson4 wrote: »

Is there any way to look into this or would I have to ask them directly. I've lived in the area for years and nothing has really happened with it

As you are local, is there no-one in the area you could ask who may have a clue. If the land is an eyesore, you could complain to your local councillor who may be able to find out why the land has not been developed.

There is a possibility that the land may have been acquired as part of a long abandoned large development scheme, and has been forgotten or it could have been bequeathed to the council with a restriction on development

Iperson4

foxy-stoat wrote: »

The council won't sell the plot without planning permission without putting a clause on it so forget about buying it for £10,000 and getting PP then selling on for £500,000.

I was thinking in the range of 100k, but based on the advice of valuations being given on likelihood of pp being granted, it's probably in the region of 300k. I checked the uplift in value clauses councils implement is around 30-50%, so I guess the plot would only be feasible if one wanted to do the actual building

davidmcn

lincroft1710 wrote: »

There is a possibility that the land may have been acquired as part of a long abandoned large development scheme, and has been forgotten or it could have been bequeathed to the council with a restriction on development

Or something like a main sewer underneath with a prohibition against building over it.