Plot of Land Strikes Gold!
Self-employed property developer Mark Guard has recently sold a plot of land for £3.5 million, after paying just £1,000 for the land.
Having accumulated the money for the land eleven years ago, Guard has made a 350,000% profit for himself after the plot was bought by a house building company.
Guard, having grown up on a council estate in Carlisle, rented an apartment on the land after relocating to Guildford in Surrey. He purchased the land once the owner decided to sell his freehold after being fed-up with the renovation work. Raising £1,000, Guard bought the land and an additional half acre around the property.
Banner Homes purchased the land from Guard in order to develop fourteen new homes worth approximately £6 million.
He eventually bought the apartment which he was renting in the house, at a cost of £40,000. The apartment is now worth a staggering £280,000. Guard also bought the remaining four flats in the house, which are now owned by high-earning lawyers and judges. In addition, a garage situated on the land has recently been converted into a cottage, worth an estimated £350,000.
Mark’s freehold land was sold by Savills, who said: "The Surrey commuter belt has always sustained high property values. Back gardens of substantial properties (like Guard’s one) are now being redeveloped, adding huge value to property assets."
Date: 27.02.06
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