FHP, working with sister company FHP Living Limited, have completed the sale of a development site on Melton Road in Edwalton, for housing on behalf of a private client.
David Hargreaves of FHP said: “The site was 1.5 acres and had the significant benefit of planning consent being in place for 9 detached executive homes, each of 4,500-5,500 sq ft each.”
Jules Hunt of FHP Living, who has sold a number of similar houses in the area over the past couple of years, said: “This is one of the best small development sites to hit the market for a long time and unsurprisingly attracted a lot of developer interest.”
Hargreaves said: “Despite the undoubted strength of the site in terms of its location and planning permission being in place, our clients had a pretty rough ride with this sale, as indeed did many vendors selling development sites this past 18 months, with 2 sales collapsing.
“This was due firstly to the Russian invasion of Ukraine and the subsequent levels of inflation which fed into much higher build costs.
“Thereafter we had the Liz Truss budget and the resulting record increases in base rates from 1.00% to 5.25% which undermined confidence and
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