As someone who has built a successful business from scratch, I know only too well that sourcing the right properties for redevelopment can be a lucrative venture, if you know where to look and how to increase value. So, here I’ve shared some practical tips and techniques to help you find and maximise the potential properties you may be looking for.
Attend Property Auctions
Property auctions are excellent sources for finding development opportunities. You can usually obtain the auction catalogue beforehand, allowing you to research potential properties in advance. This method can often lead to acquiring properties at competitive prices.
Consider Change of Use Projects
Change of use projects can transform existing spaces to meet evolving societal needs. Some popular conversions include:
- Commercial to residential: Converting offices, warehouses, or shops into dwellings
- Agricultural to commercial/residential: Transforming farm buildings into business spaces or homes
- Office to creative space: Repurposing offices into dynamic environments for creative industries or startups
Remember that most changes between use classes require planning permission, so familiarize yourself with local regulations.
Target Properties Near Public Transport and Amenities
Properties located near public transportation, tube and train stations, and shops are particularly appealing for conversion projects. These locations often command higher values and are more attractive to potential buyers or tenants.
Explore Permitted Development Rights
Some changes of use fall under permitted development rights, meaning you don’t need to apply for full planning permission. Research the General Permitted Development Order to understand which changes are allowed without formal application.
Utilise Online Property Portals
Ditch scrolling through Instagram, and start scrolling though online property portals, like Zoopla and Right Move to search for residential developments and land for sale. These platforms often list properties with development potential, including those with existing planning permissions.
Network with Local Agents and Developers
Build relationships with local estate agents and developers, Graham, if you’re reading this you know what I mean, we all need a Graham. They often have insider knowledge about properties coming to market or off-market opportunities.
Research Planning Applications
Review recent planning applications in your target areas. This can give you insights into the types of developments being approved and potential opportunities for similar projects. Also, when viewing properties, have a look what neighbouring properties have done, loft extensions, side returns, if they have them, there’s a good chance you’ll get planning to do the same.
Consider Subdividing Larger Properties
If you own a property with a larger-than-average garden, consider the potential for subdividing and building an additional residence or commercial space on the land.
By following some simple steps, you can increase your chances of finding the right properties with significant redevelopment potential. Always conduct thorough due diligence, including assessing renovation costs, obtaining necessary permissions, and understanding local market demands to maximise your return on investment.
Or if you feel out of your depth, get in touch and we can guide you through it.