While the UK-wide lockdown has seen the majority of property developers putting their developments on hold – whether that be due to the uncertainty of the future, lenders being unable to mark property values correctly in the current market, or just simply not being able to get to site to carry out due diligence – it doesn’t mean that business has to stop.
All being well, there will be in a time in the not-too-distant future when the market returns to near normal. We saw there was a pent-up demand in the property market that was supressed by Brexit and that demand was showing in the first quarter of 2020. We’ve no reason to believe that demand will have subsided due to COVID-19 – indeed, it’s likely the demand will be even greater.
With proptech facilities like Land Insight, identifying sites and carrying out due diligence is something developers can do from home; indeed, initial negotiations do not require face-to-face meetings. Those developers taking advantage of these opportunities will be well placed when lockdown is finally lifted.
While developers are in lockdown it’s worth noting that there are ways we can support you during lockdown so that when the market comes back you’re ready to capitalise on the increased demand:
- We offer FREE feasibility on airspace sites for both sellers and developers. We carry out a short-form report on the title and existing lease and we also speak to you to discuss practical matters. This significantly mitigates you spending time and money on airspace sites that will never be feasible for you
- We offer stepped fixed fees for the airspace development legal process and can carry out as much or as little due diligence as you wish for a fixed fee so sunk legal costs should never be an issue for you
- We are very well connected in both the airspace development industry and in property development in general. We can make introductions to lenders, property professionals and other experts you may need and, although you can’t meet face to face presently, there’s never a better time to extend your existing network.
For more information on our airspace offering or any of our property development expertise, please contact our Commercial Property Team on 0345 646 0406 or fill in our online enquiry form and a member of our Team will be in touch.