Residential land values in the west central belt are approaching 2007/8 levels, with the best prime sites now achieving £1 million per developable acre. We are bringing a number of new sites on to the market, including:
- Eastvale Place, Glasgow (a potential student residence opportunity)
- Heathfield Clinic and 18 Doonfoot Rd in Ayr
- Hamilton Road in Bothwell
- Henderson Street in Bridge of Allan
- Land at Bellefield Road, Lanark
- Hartwoodhill Hospital
Over the last six months, a wider range of developers - including some of the smaller companies – are entering or active in the market and bidding for sites. The increase in competition for the good locations has pushed up values, with sites within developers’ acceptable locational criteria generally fetching £600-800k per developable acre.
This level of competition is also leading to less conditional bargains and an eagerness to conclude missives. Developers are under severe pressure to increase their unit sale numbers and to take advantage of the various Government incentives available to house purchasers.
The increased demand also reduces the marketing period. We have recently set various closing dates - something which would have been a very uncommon feature of the market only 18 months ago. We are also seeing an increase in the sale of large buildings with development potential within the grounds.
Ryden has dealt with 11% of all residential land transactions in Scotland since 2007. There were 213 residential land transactions between 2007 and 2009 and there have been 304 from 2010 to the present.
For more details on the development sites coming on to the market, or advice on how to achieve the best price for your property or land contact me at firstname.lastname@example.org or on 0141 270 3128.