How to find a new development opportunity
Decided to take on a property development opportunity? We don’t blame you! There’s something incredibly rewarding about seeing a property come together through your own planning, dedication and hard work.
However, at the beginning, such a project can seem a little intimidating and daunting and it’s difficult to figure out where to start. So how do you go about developing an existing property- or building on from scratch?
Here are some ideas on how to find that perfect project so that you can get to work!
1. Make contact with the local commercial agents
A quick Google search will point you in the right direction.
2. Research old and redundant buildings
Look at examples of others who have undertaken this type of work to draw inspiration. Then do some research into old and redundant buildings- do any have potential?
3. Auctions for land
Land auctions are a good way to find suitable plots but transactions are conducted on a ‘sold as seen’ basis and therefore require a quick sale, leaving little time for research:
4. Local authorities
Cash-strapped councils often have parcels of land they are willing to sell.
5. Utility companies
Some utility organisations such as water, gas and electricity companies have surplus land available to buy:
6. Previously approved schemes which have not been built
7. Change of use on office to residential
The objective is to allow changes of use of a building or land from B1(a): offices to C3: residential to happen more easily. The intended effect of the proposal is to support an increase in housing supply, encourage regeneration of offices and bring empty properties into productive use.
8. Barn conversion under permitted development
Agricultural buildings can be converted to a flexible, educational or residential use under permitted development rights: