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Buying land which you can't use for a billion pounds!

FBF_Peace
FBF_Peace Male
14 days ago
I watched an interesting programme this morning. Land is in such short supply in New York that developers paid a billion pounds to build above a railway terminal but not actually on the land. The total development was worth 25 billion pounds (possibly dollars). That is a lot of money for one development built on a "roof" over railway tracks.
Mazer
Mazer Male
14 days ago
Hudson Yards. It's described as a city within a city. Amazing technology.
BOYDEL
BOYDEL Male
14 days ago
Also in UK
https://www.bbc.co.uk/news/av/uk-england-london-47378746#:~:text=The%20London%20flats%20being%20built%20above%20train%20tracks,way%20could%20help%20to%20solve%20the%20housing%20crisis.

Most homeowners in the SE will know from pricing their annual renewal for Buildings Ins - that the build cost is only 30/40% of the property value on open market - bulk of value being the land with PP.

Even back in the 1960s/70s land was becoming so expensive that Council new builds had an increasing bias toward the many hundreds of high rise tower blocks.
persona_non_grata
persona_non_grata Male
14 days ago
The pandemic didn't do the Hudson Yards development any favours. I made a similar purchase when buying a house but it didn't cost anywhere near a billion quid lol. My purchase was a "flying freehold" which was over a pathway.
Greencare
Greencare Female
14 days ago
Mortgage lenders are sometimes wary of properties with a flying freehold.
HotOrWot
HotOrWot Male
14 days ago
You're right Greencare. I think they are worried about neighbour disputes.
Samx
Samx Male
13 days ago
Remember the scandal of Tesco buying land for future development of new stores. I’m sure it’s still going on all over the place and not only for one company that for many. Another reason house prices are unlikely to fall dramatically.
persona_non_grata
persona_non_grata Male
13 days ago
Tesco leases the "air rights" from Network Rail and built a new store over the railway in Gerrards Cross.
MrQuiet
MrQuiet Male
13 days ago
Didn't the GX project collapse?
persona_non_grata
persona_non_grata Male
12 days ago
It did. I think a different contractor finished the job.
NoSaint
NoSaint Female
9 days ago
Interesting thread. Amazing how much airspace can be worth.


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