RESIDENTIAL LAND SALE IN LONG EATON BY FHP AT £700,000/ACRE

Residential Land News

FHP acting on behalf of clients, CJS Properties, have completed the sale of the former Lion & Dragon Public House on Wilmot Street in Long Eaton to Rippon Homes.

The site, which totals 0.48 acres, had detailed Planning Consent for the development of 8 semi-detached houses and 1 detached house.

The price achieved equated to almost £700,000 per acre, or £41,500 per plot.

David Hargreaves of FHP confirmed that small sites with Planning Permission that are ready to be developed continue to find a market, with there having been a significant increase in developer interest over the past 6 – 12 months.

The Government’s Help to Buy policy has also helped considerably and we have seen a large increase in the number of first time buyer mortgages over the past few months as well. Indeed Government figures show that mortgages to first time buyers in July were up 40% on the previous year to 26,100.

Charlotte Sawford, Proprietor of CJS Properties, said: “I am delighted with the price achieved by FHP, which was well in excess of the suggested price from other local agents.  This sale shows that if you put the work in up front and secure Planning Permission on a site to create an “oven ready” development, it will sell.”

FHP have a number of other similar sites including Worksop, Top Valley, Sherwood and Mansfield, with strong interest in all.