I have 20 acres next to a golf course, which has just been included to the urban footprint, so I can now subdivide it into house blocks, I can't do it myself, so I need an idea of how to work out what it's worth to sell to someone who can subdivide it.
The agents have told me that other land suitable for subdivision, but not next to a golf course has sold for $ 20,000 per potential block developed, but none know of any beside a golf course.
Has anyone got any ideas on how I could work it out.
Thanks.
Speak to a valuer
Thanks, but already tried that, the valuer can only compare it to other sales in the area, and none of them are as close to town or next to a golf course, the value they gave me was for $ 500,000, even an idiot like me knows it's worth more than that.
At $20,000 per developable block it's worth $ 1,480,000. anywhere else in town, but everyone else says with this position it has to be more than normal, but how much more, help anyone, please.A lot depends on the valuer that you are using. I've used lots of different valuers over the years, it really depends on what you're trying to work out. If you find someone with development experience, they may be able to work back. You'll also have examples of other golf courses, and see if the land/houses next to them have a premium or not. Keep on hunting for a valuer that is happy to actually work it out, rather than just looking around and give you comparable sales for things are that not comparable.
With regards to selling it to someone that can subdivide it, another idea it to JV with someone. You put up the land, they put up the expertise. If subdivision gives you an additional $800k (for example) you take half each. It has a little more risk than just selling so it may not be your cup of tea, but is an idea to consider. Roughly where are you located?
RUK, it comes down to a couple of factors, what the instructions to the valuer are, the current zoining, any proposed zoning (if the LEP is still in a draft form) and as pointed out above whether the valuer should be valuing using a development model. If using a development model, they should be going further afield ie not in your suburb/town to find comparables (similar proposals/locations etc).
Thanks FinSpec, located exactly in Atherton, north queensland about 100 km from Cairns.
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