Land can be a valuable commodity, especially if there is an interest in developing it into housing. There are a few best practice steps in preparing to value land for development that can help both land owners and developers maximise value and minimise risk.
Our Registered Valuer must become familiar with the characteristics of the development site in question and have a solid knowledge of the development components.
This will involve a physical inspection of the site and other appropriate research to reveal information such as:
The information available will change depending on the stage of the project at which the valuation is undertaken. So a review of the valuation might be needed later if more details become available.
With the development site ‘facts’ established, it’s essential to carry out an accurate assessment of the form and extent of the physical development that can be accommodated. As part of this, we will review current permissions on the site e.g. the capacity for the development desired, the identification of what planning consents would be needed in order to achieve, plus potential obstacles etc.
Finally, we will identify the potential demand for the desired development – bearing in mind its location, any local amenities, car parking space, and the market supply of competing developments in the area. Any adjacent land will also be considered, as it may be necessary to acquire this land in order for any development to take place.
When representing a landowner, developer or buyer, Watsons are able to inspect and value the land independently and impartially, with consideration to the sale or development potential. Our Surveyors will undertake valuations of land for commercial, residential and mixed-use developments on behalf of a variety of providers, including Banks, Local Authorities, Housing Associations and private developers.