Pricey plot of land for house
GOING, going, gone . . . £180,000 for a plot of land for just one house.The site, which went for more than the average price of a home in the region, is believed to be the highest sum ever paid in Felixstowe for a piece of land for a single property.
GOING, going, gone . . . £180,000 for a plot of land for just one house.
The site, which went for more than the average price of a home in the region, is believed to be the highest sum ever paid in Felixstowe for a piece of land for a single property.
At less than one-tenth of an acre, it makes Suffolk Coastal council's sale of six acres on the seafront with uninterrupted sea views next to a prestigious new park for £2.3 million a real bargain.
The land in Priory Road came under the hammer at an auction by surveyors, estate agents and valuers Diamond Mills and Co at the Elizabeth Orwell Hotel.
Auctioneer Nigel Papworth started the bidding, which was fast and furious at first but many of the interested parties among the 30 people in the room soon reached their limits.
In the end, two telephone bidders battled for the site - with a man wishing to move back to Felixstowe and build his own home paying £180,000. He has not been named.
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Steve Scott, of Diamond Mills, said the guide price for the site - which measures 90ft deep by 47ft wide - had been £100,000 to £130,000.
He said: "There was a huge amount of interest in the site because pieces of land in Old Felixstowe do not come available very often - Felixstowe has very few pieces of land available for building houses at all.
"We anticipated that the price would far exceed the guide and we are very pleased for the owners with the outcome."
The land was part of the garden of the house next door and the owners of that house have put covenants on the land - which cannot be removed without their permission - so only one house will be built.
Outline planning permission has already been secured and architect Robert Allerton provided a drawing to show a possible design for a three-storey property. The eventual value of such a house would be around £425,000.
Estate agents say the price paid for the site in Felixstowe is huge, but land will vary enormously in price depending on location and whether it is being bought for a private build or by a developer expecting to make profit. Usually a developer would expect one-third land costs, one-third build, and one-third profit:
n In good quality housing areas in Ipswich, people can expect to pay between £110,000 and £180,000 for a single plot up to 300ft deep, providing a good-sized garden.
n Prices in Stowmarket would be around £125,000 for a plot in an average housing area, but £150,000 to £160,000 for a more upmarket part of the town.
n A site for a single property measuring 80ft by 100ft recently sold in Little Bealings, near Ipswich, for £120,000.
n Woodbridge estate agents say land is in short supply and prices can vary hugely, though one site for five to seven homes recently sold for £200,000, and an acre is worth around £1 million.