Crazy Bolton Council sells land for £4!

The Property Nomads Podcast

Rob discusses a controversial decision made by Bolton Council to sell off land worth £1.2 million for just £4 to a property developer, Watson Homes. He explores the implications of this deal from both the perspective of the property developer and the council, highlighting the missed opportunity for the council to potentially enter into a joint venture agreement with the developer, which could have been more beneficial for both parties and the community.

KEY TAKEAWAYS

• Instead of selling off valuable land for a minimal amount, councils should explore joint venture agreements with developers to maximise the potential benefits for both parties.
• The example of Bolton Council selling land worth £1.2 million for just £4 highlights the missed opportunities and lack of business acumen by some councils.
• By creating win-win situations through joint venture agreements, councils can generate revenue, improve the community, and enhance their reputation among constituents.
• There are developers willing to collaborate with councils, provided that the council can provide the land and approve planning, while developers can bring in the necessary financing and expertise for development projects.

BEST MOMENTS

"Bit unlucky if you live in Bolton, purely because your council has decided to sell off land that is reputedly worth £1.2 million for just £4 to a property developer."

"I think you've got a fantastic deal there, getting some land for £4, especially when there looks like there is a lot of potential there for development and for making a lot of cash."

"It's a win-win situation. Superb. Now, it might mean that if it's at 1.2 million pounds, as is the supposed land value, then the council might have to wait three or four years maybe to get that 1.2 million pounds."

"The solution is to all councils listening to everyone out there, There's a lot of developers out there that are willing to work with the council. All it takes is creating a win-win situation."

VALUABLE RESOURCES

https://www.msn.com/en-gb/money/other/furious-residents-slam-council-for-selling-land-worth-1-2m-for-4/ar-BB1qJcme?ocid=winp2fptaskbar&cvid=adeabdb2ae6545408e47c8bb18679245&ei=19

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