Marketing Developments
March 2010
Two re-development sites on Histon Road and Green End Road, which are being marketed by Cambridge Consultant Surveyors Januarys and estate agents Bradshaws, show that there’s more than one way to sell a property, according to Nick Muncey from Januarys.
On the face of it, the two sites have a lot in common. Both are in desirable locations within the city, both are ripe for redevelopment and both have existing properties on them that are in extremely poor states of repair.
There is, however, one important difference; Green End Road is being sold with planning permission for five town houses, whereas Histon Road is being sold on a ‘subject to planning’ basis.
The different approaches taken by the two vendors illustrate perfectly the need for professional advice.
“It’s primarily a question of upfront effort versus higher price/higher effort,” says Nick. “In the case of Histon Road, there are numerous potential solutions the vendor is happy to sell the site subject to the purchaser securing a bespoke planning permission. The price for the plot will obviously be reflected as a result, but equally selling it this way saves the seller the work and cost of drawing up plans etc.
“The vendor of Green End Road, however, has taken the view that a property with planning permission is more valuable and has been prepared to undertake the work required.
“Both ideas have much to recommend them and which one is best for you as a vendor will depend very much on your position, how much expertise you can call on and whether you have a particular idea for the site you’re selling.
“In any event, I’d strongly recommend that anyone who finds themselves in this position takes professional advice. Januarys, for example, has planning teams who can investigate all the options for a site – for either the buyer or seller – and we can work with the local planning department to obtain the best result.”