For this week’s Nottinghamshire property blog, I have gone rogue. This is not my typical buy to let deal. Previously I’ve discussed properties that are 2-bed terrace houses, whereas this week, I’m going to share something different. I’m excited to show you this plot of land adjacent to 103 Parkdale Road, Bakersfield, Nottingham.
Currently, this plot is not on the market and is presently somebody’s garden. However, that does not mean it’s not a great investment opportunity for the right investor. As this is someone’s property, and they have not invited our interest, I want to strongly suggest you do not approach the owner of the property unless you have done your due diligence, have your ducks in a row and are a serious investor. In this situation, there is an appropriate method of contact. I would suggest the first instance of contact should be via letter. I can’t stress enough; only contact the owner if you are a serious investor. Serious investors will have done their homework beforehand, calculated their numbers and ensured they could follow the deal all the way through should the owner take the bait. Anything less would at best give genuine investors a lousy name and, at worst, intrude unduly on the peaceful enjoyment of someone’s home.
Now that I’ve got that out the way let us get onto the exciting stuff! This is a large double plot, providing several options for consideration. There’s the potential to build two semi-detached properties, or you could build a large executive 5-bed family home. This particular Road has many family homes, which over the past year have sold for on average £222K. If you were to build an executive 5-bed family home and sell it, you would be looking at figures of upper £300-350k. However, if you were to build properties to rent, you’d be looking at figures of £900-950 PCM. Although by the time you have finished building out, you may be looking at higher figures. There are many presidents on this Road as many properties have been or are currently being extended into substantial homes, so obtaining planning permission should not be an issue.
I grew up just down the road from this plot, so I know this area well, and available properties are very few and far between as they are very sought after. This plot is located on a popular street, so I don’t foresee any issues with selling or renting a property in this area. Parkdale Road is within easy reach of the city centre, with accessible bus links into town. This plot is also a short walk away from Carlton Hill, with plenty of shops, bars, and eateries.
I would consider a few factors when calculating figures; for example, there is a large asbestos garage on the plot currently, so you would need to factor in the cost of safely removing it and legally disposing of it.
If you are interested in hearing and seeing more about this plot of land, please watch my YouTube video via the link below: