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The monthly magazine providing news analysis and professional research for the discerning private investor/landlord

It’s a Numbers Game

Tim Hodges, Acquisitions Director of the Vincit Group, comments

At last we’ve secured a deal in  Surrey which I mentioned   briefly in my last article.  This is a 38,000 sq ft plot of land which we intend to acquire planning to build nine four-bed detached houses. This was acquired from one of our many sourcers who has been very proactive with this particular vendor.  Initially, the vendor was looking for over £1m. However, after multiple offers we finally agreed a price of £810,000.   

The site does have its challenges, which is why we were able to agree a twelve-month option at £1 and why it was overpriced. However, we have already made numerous calls to the planning officer who has shown support for our scheme. We intend to proceed with a pre-application so will know within six to eight weeks what tweaks will be required but, of course, there is the possibility it will be refused which, if is the case, we will walk away having spent a few thousand pounds or re-negotiated the price. We are employing a planning consultant with this site but initially our focus will be a highways survey as I know the council is concerned about the increased traffic to the area and whether it can be sustained. Our opinion is obviously positive as the site used to attract a higher inflow of traffic. Along with the highways survey we will also be tackling the conservation area and protected land policies that will have a massive impact on where the planning will go.

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