Plot near Ironbridge with planning permission for seven homes has guide price slashed by £550k
The guide price on a one-acre plot of land up for auction near Ironbridge has been slashed by over half a million pounds.
Last month, a one-acre plot of land off Calcutts Road in Jackfield, near Ironbridge, was listed for auction with a guide price of £1,300,000.
Now, after feedback and offers from developers, the listing agents have reduced the guide price by a whopping £550,000.
The site may seem unassuming, containing just a run-down four-bedroom bungalow, but the agents deem it a "high-value development project" after planning permission was granted for seven new homes.
Government inspectors overturned Shropshire Council's decision to refuse the planning application on the site back in April, giving the go-ahead to plans to demolish the bungalow and replace it with a larger property and six further homes.
Thomas Dainty, consultant for the London-based agents Harding Green, said the change was "based on a combination of factors including pre-auction feedback from developers and a reassessment of the costs involved in site preparation".
He stated that discussions with developers had highlighted "significant costs", particularly regarding the stabilisation of a mineshaft on the site which was estimated at £95,000.
The costs of connecting essential utilities and constructing access roads were also highlighted, which would total approximately £324,500.
Mr Dainty added: "Many developers factored these additional costs into their offers, which led us to adjust the pricing to reflect the true market value of the land in its current state, while still accounting for its potential as a development opportunity.
"We have opted to set a more competitive guide price of £750,000 to attract a wider range of potential buyers and generate competitive bidding, ensuring the best possible outcome for the sale. The property’s reserve price has been set at circa £830,000, and we anticipate strong interest at auction.
"The adjustment is part of our overall strategy to secure a sale within the next 28 days, taking into account the additional costs for developers while still offering excellent value for this prime location within the Ironbridge Gorge World Heritage Site."
The property is set to go live for auction on Wednesday, October 2 and is expected to end on Friday 4.
The listing can be found online at rightmove.co.uk/properties/152366732 while the planning application can be found on Shropshire Council's planning portal using reference number 22/02056/FUL.
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