“Location, location, location” is one of those catch phrases drummed continually into the head of anyone who even skirts close to buying real estate. From the agent to the financier to the guy driving your cab – everyone will tell you, if the site isn’t in the right position, you’re creating a rod for your own back.
If you look around, however, there are plenty of properties located in the most inauspicious spot just waiting for someone to turn a sow’s ear into a silk purchase. Despite what you may have been told, you can still make a good profit on a poor quality site – as long as you have the right information.
What is a secondary development site?
Think about where you wouldn’t want to live. Busy road fronts, train lines next door, overhead power lines and nearby industrial estates. If those locations make your skin crawl, then they’ll probably do the same to your potential end user.
For developers, there are other considerations that can impact a project too. Craig Robbie, a residential development valuer with Herron Todd White, says the limitations of a second-class development site can be more than physical.
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