£4m housing development opportunity up for auction
A plot of land with detailed planning permission for five homes in Four Oaks in Sutton Coldfield is up for auction next month.
The development opportunity at 194 Hill Village Road will appear in Bond Wolfe Auctions’ next auction at Villa Park on Tuesday 10 September.
The lot has a guide price of £1.1m plus, although the resulting executive detached homes have a potential gross development value in the region of £4m.
The land will go under the hammer at what will be the largest auction seen in the Midlands this year, with 140 lots going under the hammer.
Gurpreet Bassi, chief executive of Bond Wolfe Auctions, said: “Four Oaks is one of the most exclusive places to live in the West Midlands, with Premiership football players, bankers and stockbrokers among its residents.
“To have a plot of land in this location that’s big enough to build five executive-style homes is a rare opportunity.
“It’s already sparking interest among experienced developers, and we expect it to be the subject of some competitive bidding on the day.”
Bassi said that the development will include the demolition of the current property at 194 Hill Village Road.
He said the recently granted planning permission was actually for the erection of six detached properties, although only the land for five of these plots is to be sold.
He added: “The vendor wants to retain the sixth dwelling plot for themselves and would welcome a quotation for the erection of a property to their specification, which could be another bonus for the developer who buys this lot.”
The land for sale is hatched red on the plan, while the land in blue is what the current vendor wants to retain, with a right of way access across the driveway hatched green.
