It’s a steal: Rare Virginia Water plot bucks regional land price trends
- Prime plot of land in North Surrey being fought over priced at just £250,000
- Land prices in the Virginia Water area have doubled in last decade (Barton Wyatt)
- Land prices in the South East grew by 11.2% in the year to Q1 2014 (Savills)
A building plothas gone on sale in the super prime North Surrey village of Virginia Water and it’s causing quite a stir. Located in the exclusive St Ann’s Park, this is the cheapest plot to be seen since the 1990’s reports appointed selling agent Barton Wyatt and is bucking all upwards land price trends seen in the area.
In this corner Surrey which is swamped with Royals, Hollywood A-listers, sportsmen and oligarchs this small but potentially rewarding piece of land is being sold by well-known property developers Octagon.
Octagon purchased the land back in 1998 during the creation of the 81 home St Ann’s Park gated community. Since then this small piece of surplus land has been lying dormant until now when Octagon have decided to place it on the open market and only for the relatively small sum of £250,000.
James Wyatt, Virginia Water resident and Partner of Barton Wyatt comments,
“It’s rather amusing really. We are used to selling multi-million pound homes and suddenly we’re being inundated with buyers vying for this £250,000 plot. It already has planning permission to build a two bedroom bungalow but my best guess is that the successful buyer will submit a further application to Waverley County Runnymede Borough Council to build something a little more substantial. I wouldn’t be surprised that after a period of time we won’t be selling just a plot but a 3 or 4 bedroom house!”
Barton Wyatt report that land prices in the vicinity have doubled in the past ten years. This is ahead of figures quoted by the UK Land Directory who suggested an eight-fold rise over the past 20 years; however Virginia Water, which encompasses the multi-millionaire playground of the Wentworth Estate, is always going to buck the trend.
Knight Frank has stated that the value of land suitable for development in England and Wales increased by 2% in the first half of 2014. However they also revealed that in London, where pressure on land is at its greatest, land values recorded double-digit growth since the second quarter of 2013. In prime parts of London, development land went up by 18.9% while across Greater London prices rose by 14.2%.
Savills concur with this sentiment stating that strong demand for a limited pool of sites continues to drive land price growth. National greenfield development land values, excluding London, increased by 7.5% in the year to March 2014. Urban land values grew by 6.4% over the same period. Savills said that the South East’s continuing buoyancy in the housing market has driven greenfield land value growth across the region suggesting that prices grew by 11.2% in the year to Q1 2014.
So for any buyers who are looking for a fabulous development opportunity which is also the bargain of the century, talk to the sales team at Barton Wyatt on 01344 843 000 or visit their website on www.bartonwyatt.co.uk.