18 months ago we bought 5 lots totalling 1.5 acres of Metropolitan greenbelt land in Surrey, very near London. By definition greenbelt land is land which cannot be used for residential purposes. Hoewever, with severe housing shortages in the Southeast Uk, 40% of new construction is taking place on land currently zoned as greenbelt. Purchase price was 87500(pounds), we paid 20% and the seller offered an interest free loan for 5 years(they owned the field and had subdivided lots, the interest free loan was an incentive to sell. The land is due for review in 2006 and the Council has already approached us about what we would like to do with the land, with respect to type of housing. We have turned down offers of 125,000 per lot, total value now 625,000…projected price per lot after formal approval 300,000(based on prices in the adjacent field)
Hey congratulations that is an awesome story. The thing is what do you plan to do after that, if you brought the money back to Australia during a favourable exchange rate period you’re going to be pretty darn comfortable in life. [king]
A friend of a friend sold up in London, brought the money back to his hometown of Brisbane and immeditely set himself up nicely…for life! [lmao]
Back to you though, what’s your next move are you going to sell out or develop or just hold on for a while? Keep us posted…G7
Well, we already have properties in the UK, as well as current mortgages of 800,000(pounds). We plan to pay that off, and hopefully collect mid 6 figure rentals annually that would allow us to hopefully buy a property every year or two with no mortage. The focus is now on income with no debt obligations.
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