But if you normally work on bigger developments, then you might want to group neighbouring brownfield sites to create a larger development. To incentivise house building, the government created the Brownfield Land Release Housing Fund under the £400 million Brownfield Fund. This could be a good sign of lots of potential in this area.
Is it easy to get planning approval for a land assembly?
Getting planning approval is by no means guaranteed, but there's a lot you can do to boost your odds.
If you're trying something completely new for an area, you're not likely to get your way. But if your proposal is in keeping with the nearby properties, it can be much harder for a planning team to say no.
3) Offer the right access
It's not just the properties you build that you have to worry about. You need to ensure adequate access too, (which sometimes means buying up a full existing property just to tear it down and build a road.)
And expensive outlay, sure, but worth it if you get approval for five new properties instead.
4) Manage the right stakeholders
When it comes to land assemblies, you've got to keep your eyes on a few more stakeholders.
You've got to keep your sellers keen and make sure the neighbours approve. If they make serious complaints, this might raise the eyebrows of the local authorities.
Will there be less competition for land assemblies?
Since you'll probably be looking for off-market land, it is less likely that there will be others looking at the same site.
This can be a big stress buster. And it makes it easier to find a site at a good price.
It can be difficult to buy someone's precious family home where sellers are emotionally attached. Plus, they've probably got their eyes on the local property prices too.
But people don't tend to track the value of land in the same way they do homes. And they're a lot less likely to be attached to that bit at the end of their back garden. They might find the prospect of a simple sale and a nice payment into their bank account pretty appealing.
How long does it take to complete a land assembly deal?
Negotiating a land assembly deal can be a difficult and time-consuming process.
There are more stages than with single plot projects
You're looking for multiple sites close together
Then, you've got to reach out to each seller and negotiate the deals
Then there's applying for planning before you can start organising the build...
If one of the sellers backs out, it's back to square one.
But that difficulty is what makes it so rewarding (emotionally, and far more importantly, financially).
It takes a lot of skill and expertise to make it happen. For some people, that's off-putting. But for those with the grit and determination, that just makes the final prize all the more profitable.
To learn more about how to start a successful land assembly project, check out our ebook.