Hi,
I have recently purchased on old farm house with 3.5 acres of land and an associated farm yard. Note: The house and land was previously bought during the boom for big money (in the interest of future development). The property was repossessed and we purchased the property from the bank for a fraction of the boom sale price.
We have finished renovating the house and this is my family's primary residence.
Currently the land and yard is let to a local farmer.
The land is in a good location on the outskirts of a major town. ~ 10 minutes walk to town centre and 30 minutes drive to Dublin. There are 2 majors housing developments currently being built within a stones throw of our place.
The land is zoned residential.
I was recently approached / cold called by a developer. Following a meeting in a local hotel, certain offers were put on the table, interested in buying the whole lot (house and land) but we have only recently moved in with a young family so we would not be interested in selling the house at this stage. The land was still on the table, joint ventures were spoken about etc etc. Offers were made but I was thinking that they were too low.
I was at this meeting on my own and it was alot to take in. I would not have any experience in these kind of negotiations and naturally I am cautious dealing with a guy I have met for the first time who is experienced in these kind of negotiations.
I am not too sure on how to proceed or how to realise the true value of the land? This could potentially setup my family's future nicely.
My main query would be as follows, would it make sense for me to engage with a local architect and go down the road of obtaining planning permission and then put the land up for sale? Would this make sense? (I am not and do not want to be a property developer) Does this make the property more attractive to a potential buyer? What kind of costs would be involved for an architect to do this front end study / planning permission application. I suppose it is worth a conversation.
Is there anybody else I could engage with to get professional advice?
Any comments / questions welcome.
I have recently purchased on old farm house with 3.5 acres of land and an associated farm yard. Note: The house and land was previously bought during the boom for big money (in the interest of future development). The property was repossessed and we purchased the property from the bank for a fraction of the boom sale price.
We have finished renovating the house and this is my family's primary residence.
Currently the land and yard is let to a local farmer.
The land is in a good location on the outskirts of a major town. ~ 10 minutes walk to town centre and 30 minutes drive to Dublin. There are 2 majors housing developments currently being built within a stones throw of our place.
The land is zoned residential.
I was recently approached / cold called by a developer. Following a meeting in a local hotel, certain offers were put on the table, interested in buying the whole lot (house and land) but we have only recently moved in with a young family so we would not be interested in selling the house at this stage. The land was still on the table, joint ventures were spoken about etc etc. Offers were made but I was thinking that they were too low.
I was at this meeting on my own and it was alot to take in. I would not have any experience in these kind of negotiations and naturally I am cautious dealing with a guy I have met for the first time who is experienced in these kind of negotiations.
I am not too sure on how to proceed or how to realise the true value of the land? This could potentially setup my family's future nicely.
My main query would be as follows, would it make sense for me to engage with a local architect and go down the road of obtaining planning permission and then put the land up for sale? Would this make sense? (I am not and do not want to be a property developer) Does this make the property more attractive to a potential buyer? What kind of costs would be involved for an architect to do this front end study / planning permission application. I suppose it is worth a conversation.
Is there anybody else I could engage with to get professional advice?
Any comments / questions welcome.