Property duo sells nine-home development

FHP and sister company FHP Living, has sold a development site on Melton Road in Edwalton for housing on behalf of a private client.

The selling price averaged around £285,000 per plot or £1.7m per acre.

David Hargreaves of FHP said: “The site was 1.5 acres and had the significant benefit of planning consent being in place for 9 detached executive homes, each of 4,500-5,500 sq ft. Despite the undoubted strength of the site in terms of its location and planning permission being in place, our clients had a pretty rough ride with this sale, as indeed did many vendors selling development sites this past 18 months, with two sales collapsing.

“This was due firstly to the Russian invasion of Ukraine and the subsequent levels of inflation which fed into much
higher build costs. After that, we had the Liz Truss budget and the resulting record increases in base rates from 1.00% to 5.25%. This undermined confidence and made developers and their funders pretty nervous about any form of property development.

“However, despite these “headwinds” the many hours we put into selling this site, the hundreds of phone calls and
our dedication to the job we were eventually rewarded with a sale to a local family development company who,
once terms had been agreed, exchanged contracts and completed the acquisition quickly with the sale completing
just before Christmas last year.”