Written by Chris Mitchell.
Given the current market conditions being endured in the property sector it is good to be able to report a success story relating to the new homes market and one which provides a salutary lesson in relation to the timescale involved in the development process.
It was back in 2002 that I walked round the site of the Bygone Village at Fleggburgh with the owner to discuss options in relation to the site and the fact that the operation being carried out was unable to generate sufficient profit to ensure a long term future.
We discussed alternatives and agreed that the only viable use for the site would be housing and that the site which was heavily wooded would be ideal for a high quality low density development.
Some 10 years later all 10 properties on phase one of the development have been sold and phase two is well underway.
The development itself has turned out very much in accordance with the original vision; quality top end of the market houses being constructed to a high standard on very generous plots.
The concept for the site was conceived by local entrepreneur Joe Larter just as the housing boom began to accelerate, commenced just as the crash started and has been carried out during some of the worst times known for house sales.
The developer remained totally committed throughout this period of market mayhem and has been rewarded by seeing the vision develop and a unique environment created right on the edge of the Broads within easy travelling distance of both Norwich and the coast.
Prices for the detached properties on the development have ranged from £450,000 to £700,000 and have been in demand from discerning clients throughout the downturn.
Phase two of the development is now underway with another eight executive properties under construction.
Already six of these are under offer leaving only two properties available to purchase, a spacious bungalow at £450,000 and a detached house at £495,000.
One of the earliest properties is now on the market for re-sale through Howards and is generating considerable interest at a price of £650,000.
All in all this has been a highly successful scheme and one which our clients would love to repeat if the right site came along.
You can contact Chris Mitchell at Landingpad on 01603 857854.