I’m in the fortunate position of having my house and gardens (in 1.4 acres) being removed from the green belt and put within the settlement boundary on the outskirts of Bristol

A land agent has been approached and he’s suggested taking the house down and selling the land to a developer – he thinks that £125K would be the price they would pay per plot for 8 to 10 plots. Obviously I can do the sums re:existing value of my current property etc but I’m now thinking that it would be more profitable for me to maximise the size of this unexpected windfall by keeping the house, reducing it”s plot size to .4 of an acre and selling the remaining 1 acre as 4/5 individual plots for self builders.

Does anyone have experience of doing something similar to this and what sort of money would I get for each plot?

Any help/suggestions would be appreciated.

Comments
  • Jeremy Murfitt

    A few hours spent on the internet would enable you to get a good feel of plot values. I am currently working on a scheme in Leicestershire (6 or 7 plots) and have established a plot for typical 4 bed detached house of circa 2,000sqft would fetch from £180k to £250k. Variance will be down to location and the plot itself. One thing to take into account would be the layout. If all the plots had there own access and road frontage managing a number of sales would be easier than if you have shared drives. If the later you need to think about who puts in and pays for the shared access. Either way subject of course to securing planning permission you have the opportunity to create some significant value and potentially give a few more people the chance to undertake a self build. I would be quite tempted to sell a couple of plots to fund my own self build. Live in your existing house until done then move. Lots of options and good luck.

    Jeremy

  • Mike Royall

    Jeremy, thanks for your thoughts. Yes, I’ve got quite a bit of road frontage, probably enough for three more drives in addition to my own existing drive. However because my plot goes back from the road by about 80 yards it would probably make more sense to maximise the available area by creating a new road into the plot therefore allowing each individual building plot to have it’s own access onto the newly constructed road. Doing it this way would also mean that I would be able to sell far more than just three building plots. I’ve no idea what the cost of building a new road would be and I guess that would be a cost that I’d have to pay myself. In many ways I’m loath to simply sell the lot to a developer. I know that it would be quicker and simpler but I would much prefer to offer it to self builders who’d be then able to express themselves with their own individual designs. I’ve heard of self builders forming themselves into cooperatives – perhaps I’ll look into that as another option or could I be opening a can of worms?
    Once again, thanks for your thoughts and as you say it looks like I’ve got quite a few options open to me.
    Mike

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