Bond Wolfe says ..

Property Oracle says ..

This listing is for a 0.7-acre plot of land at 57-59 Bailey Street, West Bromwich. The land’s previous planning permission for ten houses has lapsed, meaning any development would require a new planning application. The location, within a residential area near schools and a train station, is generally convenient. However, the immediate area is quite densely built up. The substantial size of the land is attractive to developers, providing potential for a lucrative project, but the significant investment required to secure a new planning approval and handle the construction greatly influences the property’s potential profitability. Nearby properties are significantly cheaper than the asking price, reflecting the fact that this is solely a plot of land with a lapsed planning permission, and therefore is a high-risk investment with a high initial cost. The lack of recent comparable sales data for similar plots makes it difficult to assess the true market value with certainty. Overall, there is significant potential profit if planning permission is approved and the project is successfully completed, however the significant cost and risk involved should be factored into any prospective buyer’s decision.

Therefore, we give this property 5 / 10. *Disclaimer: This is our option and does constitute a recommendation or financial advice. Do your own research. *

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