KLP says ..

Property Oracle says ..

This property presents a development opportunity in Paignton, Devon. The land, extending to approximately 0.68 acres, is earmarked for the construction of around 10 dwellings according to the Torbay Local Plan 2022-40. The location is relatively convenient, with a ‘Good’-rated primary school nearby and access to Paignton’s amenities and train station. The site’s current state is undeveloped and overgrown and requires preparation for any construction project. Therefore, the listed price of £300,000 should be viewed with caution and a thorough assessment of planning permissions and associated development costs is essential to accurately value this investment. Nearby property prices and rental values are not given per square foot and provide limited comparable data because the type of property is significantly different. The potential for future development is a significant element in evaluating the site’s value, with the land itself being its most valuable feature. The lack of specific details regarding the condition of the land for construction may impact the actual costs of development, therefore a prospective buyer should engage with a professional surveyor to perform a comprehensive survey on the site. This would ensure that they have a thorough understanding of the potential costs before committing to purchase. Investing in this property presents a risk vs. reward proposition, heavily dependent on the successful navigation of planning permissions and market conditions at the time of completion.

Therefore, we give this property 6 / 10. *Disclaimer: This is our option and does constitute a recommendation or financial advice. Do your own research. *

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