The second 'residential' sale completed in late 2020 was the result of a recommendation from our agency branch in Swanley.
They had been asked to value this detached bungalow for probate purposes, but quickly noticed the potential offered by the large garden.
Having confirmed an open market value of c.£400,000, we visited in order to ascertain whether a development premium might be achievable. Confident that it would, we launched a high profile marketing campaign inviting offers in excess of £450,000. Interest was forthcoming from local developers and ambitious owner-occupiers, and similarly to the Bermondsey sale reported earlier, we received more than a dozen credible bids on the deadline.
Developers filled most of the top spots, but the stand-out bidders were a young couple with big plans to create a dream family home. With cash on the hip there was nothing to hold them back, and contracts were exchanged inside a month. The final sale price, by the way, was £530,000 - a premium of more than 30% over the OMV!
You'll notice a pattern emerging from these reports - there's real demand for freehold residential property that offers any sort of angle, but it takes an expert approach to extract the full value. We're able to create the competition that drives the bidding, and have the expertise to ensure that sales at premium prices stick.
PROJECT ADDRESS: 44 Old Chapel Road, Crockenhill, Kent BR8 8LJ
