Selling Property For Development Access.

[lawsanass]

Hi, I own a property which I have been considering selling for sometime. I have been approached by a developer who owns the land to the rear of my property who would like first refusal if I sell. My property is the only access to the proposed development site which is approx 4 acres. He has not mentioned any figures but has anyone any ideas of the £% I should expect. There is a possibility that 30++ houses could be built, although the development would be a total no go if I do not sell for access. Any suggestions or advice would be really appreciated, thank you.

[bednobs]

can't you just sell it to them for the amount you would normally put it on the market for?

[The Builder]

Potentially.......... a great deal of money Laws.

For a "ransom strip", the old rule of thumb is around 30% of the enhanced site value (their field with Planning Permission. That rule is usually applied for single plots.
Negotiation is the only way to establish a sum for something as big as this however.

I would seriously consider appointing a Land Agent to act for you. One of the bigger Estate Agents have such people. You must take professional advice. Without local knowledge and having all the details, it would be impossible to make any guesses here.

[lawsanass]

Thank you 'The Builder'. This confirms what a friend advised but I struggled to actually believe. I think this could now be business potential that, as you suggest, I really need specialist advice, many thanks :)

[themas]

Fully agree with Builder (except I would say around 25%) - it's vital you use an experienced land agent/valuer.