Affordable Housing Land Sale
Project Brief
In late 2018, Prime Land Consultants was tasked by landowner to dispose of a 4 acre brownfield site fronting the River Clyde with redevelopment potential.
Challenges
Past industrial engineering premises and land with inevitable contamination, with stabilisation of riverbank possibly required at lower level. Potential for 100 + affordable homes. Low market niche area where flat prices had not recovered from the credit crisis.
Opportunity
From our market knowledge of the area, we could see that the site had potential for social housing. From our experience in this sector we would be able to advise on the levels of offers received and we understood the procurement model . There would be high numbers of flats and houses that could be accommodated on site.
Adjacent flatted development (1990s & also early 2000’s ) indicated the site as a future residential redevelopment area. Scottish Govt funding for social housing was available .
Outcome and Sale
Particulars were prepared. Because of the site’s sensitivity , a limited marketing exercise was carried out to design build contractors and housebuilders without the site being openly marketed. If openly marketed, builders would have had less enthusiasm. Most developers don’t want to be involved in an open market tender situation which wastes reources and many agents circulate particulars to all and sundry.
Because of availability of funding there was strong interest from social housing design build contractors. The site was sold unconditionally in Spring 2019 .
The proposed development incorporated circa 130 flats / houses . Demolition has taken place and the land is currently at the planning stage.