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My non-property training business owns an old house which serves as our offices, just off the ring road of Stourbridge in the West Midlands. We have obtained planning permission to demolish the house and build 8 apartments, four two bedroom and four one bedroom. The site also has good parking and is 300 yards from Ryemarket shopping centre and branches of Waitrose, Boots and WH Smith. The bus station and railway station are a five minute walk away with direct links to Birmingham Wolverhampton and Worcester.
Worcester Street is an upmarket location and very popular. We already have people interested in buying the apartments. My business partner and I don't want to do the development ourselves or JV. We will be too busy selling the training business once the plot is sold. A GDV of around £1.4 million for the 8 apartments should be achievable. We are looking for £450,000 for the plot.
It would be appreciated that you only contact me if you are serious about the opportunity, and have the funds, or access to the funds, to make it happen.
I will be pleased to answer any questions on the forum or via private email. I can send you plans and PP details etc.
You might want to consider selling via auction. We recently sold a site in Lewisham (South East London) for £460k which was significantly higher than any of the pre-auction estimates or offers that we'd had. We had no previous experience; I did a lot of research etc and decided it's a good way of selling development sites like this. Our site was formerly light commercial and we got change of use permission to convert the workshops to residential - smaller than yours although in London hence the value being similar.
Once registered for auction you can still invite pre-auction offers via the auction house, and potential buyers would know the standard auction house contract applies (with any amendments from your solicitor) - which means if you accept their offer they're committed to putting down an immediate 10% deposit and then completing very quickly. Anyone who's serious about buying and has funding would be happy to submit their offer via the auction house, if not they're almost certainly a time waster!
The auction house will keep you updated re: interest so you can decide whether to let it run to auction day - we knew there were 2 or 3 very interested parties so we let it run, and on the day 2 of them bid the price up higher.
Also, because the contract etc is decided beforehand legal fees can be lower.
If you'd like I can put you in touch with the person who dealt with our sale at Allsop, she was very helpful and worked hard for us when there a couple of unforeseen issues.
Hi Lee, Do they auction land abroad too ?
Bob, Could you forward details please, we know Stourbridge very well, and although i don't know your site we obtained planning and sold a site that must be very close, the former Page Arms.
Stewardson Developments Ltd.
Burson Land Ltd. & Jennings & Gilchreaste Ltd.
Follow me on twitter - @philstewardson
Hi we already have two sites in Stourbridge, the old library and the Bell pub, Would we look at your site but would require more information?
my email address is email@example.com if you want to get in touch.
Regarding the opening post, we have for the third time, been let down by a wannabe developer. Like the previous two, he talked a good game but turned out to be a dreamer.
We have new premises to move into for the third time. Having twice lost money on installing phone lines, and reservation fees on abandoned moves, we now need to get this plot off our hands and have dropped the price to £395k.
The wannabe developer had proposed to go back to the planning people with a couple of interesting modifications which would increase the GDV.
If anyone is interested let me know.