House In North Cotswolds
In July 2008 a Cotswold Estate Agent approached Matthew Hollingsworth to assist their clients who were having problems selling their property in a Cotswold village. The house had been on the market for some time and occupied a site within the AONB with great views. The house itself was a mock-stone construction from the 1960s with a mainly first floor extension from the 1980s and was being advertised originally as a property with ‘scope for extension’.
This had attracted a number of potential purchasers initially, however when the Local Planning Authority was approached they were reluctant to give an indication of the extent of potential extension without being presented with a fully designed scheme. This was putting off potential purchasers who were reluctant to risk paying for a design on a property they did not own. The Estate Agent discussed the problem with the vendor, and came to the conclusion that the property would be more likely to proceed to completion without this question mark over the extent of the extension that was possible.
Matthew Hollingsworth met with the vendors and their Agents and agreed to look at the extension and also suggested that the Local Planners should be approached to discuss the possibility of demolishing the existing house and building a new house on the site, one that could be positioned so that the views could be maintained and additional privacy gained by building the new house in a different location, which may be an option for some potential buyers.
After some discussion with the Local District Council, who were very helpful in their comments and guidance, Matthew Hollingsworth submitted a scheme for an extension, which was subsequently approved and a second scheme was agreed in principal for a replacement dwelling (although not submitted at the time).
Gloucestershire, Site Redevelopment
As the Planning permission for the extension was being processed and approved an offer was made for the site with the benefit of knowing the extent of what was possible in terms of extension or replacement.
The Vendors have managed to sell their property at this difficult time for the market and having established the potential for the site by gaining planning permission for the extension and also the principal size of a new build development with the Local Authority which has increased the value of their site, according to an independent valuation, from £500,000 to £600,000 far beyond the Architectural fee costs involved in obtaining the permission.
The Buyers have purchased a site where the size and scale of an extension or new build is already approved or agreed with the Local Authority thereby reducing their risk in comparison to sites which have “Scope for Development” and have not themselves had to expend costs looking at a scheme before they purchased.
The Estate Agents, have benefitted by being able to market the property with known potential and defined planning permission, increasing the value of the property and reducing the legal investigations that are required and reducing the risk of the sale falling through, which has benefitted them by making the sale easier and increasing their fee on the in- creased sale price.
And finally the Cotswolds have benefitted by the proposed works to the house which will bring employment whilst the building works take place and by promoting local businesses and their re-investment in the Local Community.