01480 213811

DEMAND FOR RESIDENTIAL CONVERSION OPPORTUNITIES ON THE RISE

Expertise Required to Add Value and Secure the Maximum Price Say Local Surveyors

The recent sale of two properties which have been concluded by St Neots based Chartered Surveyors and Planning Consultants Barford + Co have exemplified the need for care and expertise in dealing with buildings and land with development potential so that the best outcome can be achieved. The agents say that pre-marketing preparation and undertaking investigations of the planning authority has led to significant value being added to the properties concerned. The outcome in both cases is that a price well in excess of that anticipated at the outset has been achieved.

The first example quoted by Barford + Co is the sale of a 1960’s art deco style building on a site of one acre at Hemingford Abbots. The property, which is known as Royal Oak Corner was dated and had fallen into a state of disrepair but was structurally sound. It had been valued by estate agents at £700,000. Barford + Co investigated the potential for additional development within the grounds and also considered how the property could be improved and enlarged to add further value. The owners in this case required a particularly swift sale, and did not themselves wish to invest in the cost of making a planning application. The potential to obtain planning permission was complicated by virtue of the fact that the property was located in a Conservation Area and there were a number of significant trees which were subject to preservation orders within the grounds. So Barford + Co conducted the marketing with the opportunity to generate competitive bidding. Following the acceptance of an offer, and instruction of solicitors, the sale was concluded within a very swift timescale - 20 working days. As a result of the work undertaken by Barford + Co a sale price of £1m was achieved.

Commenting on behalf of Barford + Co, Director Phil Halmshaw stated “This was a bit of a “Grand Designs” type opportunity. We highlighted the potential to make something of this interesting but run down building. Most of the parties who viewed the property wanted to demolish it. However, we highlighted the opportunity to convert the existing garage to a large living kitchen, with a new garage to be constructed within the plot and this was the catalyst to an exceptional outcome”. “Coupled with this was the opportunity for a building plot to be created on one side of the existing dwelling, together with a further outbuilding which leant itself to conversion on the other side. This culminated in added value of around £300,000 being created for the vendor” he added.

The second sale which Barford + Co has recently concluded is of a partially completed dwelling in the village of Keysoe Row East, near Kimbolton. In this case, the property had been substantively constructed some years ago, but work stopped and then vandals caused damage to the building. Barford + Co was asked to advise on the potential for a sale of the property and once again, the opportunity to add value prior to the sale was highlighted. This was achieved by investigating the potential for more land to be added and for the rooms to be reconfigured. A sale to a private purchaser was concluded at a price well in excess of the vendor’s expectations. The property has now been converted and upgraded and looks resplendent in its rural location.

Whilst Barford + Co would usually advocate that clients themselves obtain planning permission or implement other measures before selling a property, where a quick sale is required the company is experienced in adding value prior to selling, by using a range of techniques. The company has highlighted the extremely strong demand from builders and private purchasers for a range of conversion and development opportunities, and is particularly seeking such opportunities including run down commercial buildings, former office premises, disused filling stations and industrial buildings, smallish houses or bungalows with large or reasonable sized gardens and any kind of derelict or run down site. Agricultural buildings are also now subject to relaxed planning rules and the owners of such properties are invited to discuss the opportunity to add value with Barford + Co.  So for a no obligation assessment of your property, please contact Phil Halmshaw or Martin Page on 01480 213811 or email: phalmshaw@barfords or mpage@barfords.co.uk.

 

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