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Developer to demolish unsold £6m properties

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Replace with a block of flats.....is the developer going to provide the extra infrastructure that will be required, improved roads, doctors, school places etc.....take the money and run.;)

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five brand new houses worth £6.5 million ...

replace them with a block of 30 flats...

between £350,000 to £450,000....

So .. knock own houses and replace with flats he tiks are worth 10.5m.

Hmm. Just let him knock them down. Then refuse planning permission.

 

 

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That`s what happens when you try and shoe horn in the cheapest built rubbish on the smallest bit of land. 

do you blame the developer or the planning dept ? 

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15 hours ago, longgone said:

That`s what happens when you try and shoe horn in the cheapest built rubbish on the smallest bit of land. 

do you blame the developer or the planning dept ? 

Some you win some you lose, it’s not worked out for them, only themselves to blame, they submitted the plans and set the asking prices.  Surrounding residents have all ready put up with one round of development and should not be subjected to any more. Market forces need to be left to play out. They are only worth what someone is willing to pay.

The build cost is circa 3 million, they want a return of 6.5 million. If they want them gone, slash the price 50% and move along. 

The real problem here is pure greed! I really hope they’re plans are rejected and buyers have there pants down! 

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2 hours ago, 2rocketman said:

Some you win some you lose, it’s not worked out for them, only themselves to blame, they submitted the plans and set the asking prices.  Surrounding residents have all ready put up with one round of development and should not be subjected to any more. Market forces need to be left to play out. They are only worth what someone is willing to pay.

The build cost is circa 3 million, they want a return of 6.5 million. If they want them gone, slash the price 50% and move along. 

The real problem here is pure greed! I really hope they’re plans are rejected and buyers have there pants down! 

greed and the problem they allowed them to build rubbish in the first place two bungalows to 5 houses is over developed.  

agree on the price though just drop them 50%

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I think he should be encouraged to do this.  It will create lots of (unnecessary) work and hopefully he will be left with 30 unsold flats in 18 months time which will help to push prices down further.

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The LA will give permission - they are under pressure to provide numbers of new homes and  target to meet.

Out of 30 units they will get either some social housing of a financial 106 contribution whichever they prefer.  

This is an expensive area.  Houses are still selling in excess of 1m but not at 1.3m

For 30 flats to achieve just 6.5 m the average price would be £216,666,666..    They will ++++ all over that figure.  

Bramkscombe Road in Poole is a prime location

This area is where a lot of people buy a 2nd home or retire to as they downsize and use the equity to travel- give to family etc and flats are in high demand. 

Some people will say "oh he will never get he will be lucky to get 100k a flat but that is dreamland.

The reality may be that he has put these on at a price not to sell so he can go back to the LA and change planing knowing the pressure they are under to allow planning for more new properties. 

 

 

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6 hours ago, dougless said:

I think he should be encouraged to do this.  It will create lots of (unnecessary) work and hopefully he will be left with 30 unsold flats in 18 months time which will help to push prices down further.

Agreed.  The houses look pretty awful too, even more so considering the asking price.

Considering the land was bought in 2012, ugly structures built in 2016 and still not sold in 2019; 18 month would be super optimistic to build flats.  It will be more like 5 years and I would be very surprised if bankruptcy wouldn't happen much sooner than that.

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6 hours ago, dougless said:

I think he should be encouraged to do this.  It will create lots of (unnecessary) work and hopefully he will be left with 30 unsold flats in 18 months time which will help to push prices down further.

Problem is, 30 flats would no doubt sell and they would have a leaseholds, maintenance etc to cash in on top. Only because they will be eligible to use Help to Buy scheme (taxpayer) to shift them at over inflated prices as they will fall below the 600k threshold.

That’s where they have gone wrong, if they could tap into the HTB scheme on those houses, idiots would of already moved in! 

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  • 295 Brexit, House prices and Summer 2020

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