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Interesting to speculate but I reckon at zero land cost you could throw up a block of flats profitably in this location. Or maybe could have done before 2022 inflation.
Possibly. But no one’s going to sell you the land for nothing. They’ll keep it until it’s worth something. And since it usually takes 2 years from start to finish no one’s going to invest the cost of building unless the return on investment is 20% or more.
Hefty-
Possibly. But no one’s going to sell you the land for nothing. They’ll keep it until it’s worth something.
That's why I think the solution for this kind of deeply outdated, inefficient housing stock is council-led compulsory purchase. Who wants to live in the one renovated house in a street of grow houses? I think they managed something similar in the Welsh Streets in Liverpool but I can't claim to be an expert.
NickCJ
Agree that this has bad vibes, but I think it's so cheap because of the required repair cost and low density, not because the land value is necessarily negative.
Interesting to speculate but I reckon at zero land cost you could throw up a block of flats profitably in this location. Or maybe could have done before 2022 inflation.