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Development site on rear of residential property


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Hey Guys,

Its been a while since I posted on here, so I hope everyone is safe and well?

Bit of a different one from me here. My wife & I have been looking to sell up our primary residence this year and whilst getting the house ready and reading through the past Devassess Report it seems that there's 3 potential development sites within 75m of our property:

1) Site 1: This has already been developed: https://www.zoopla.co.uk/for-sale/details/56775025?search_identifier=919d005d889d0d96f2083af2e0d4d9e5

2) Site 2: This sits on the rear of our garden and shares the site equally with 3 other properties (25% each)

3) Site 3: This sits across the road with minimal impact.

We're trying to figure out what our options are & whether this is a potential hazard for someone looking to buy or whether it is a unique opportunity for us to try acquire the land & develop. All three other properties for site 2 are in a dire state and are let out to students. I'm fairly confident if I could get hold of the owner for each property we would be able to acquire this at a reasonable rate.  

Does anyone have any experience with doing something like this, or have any recommendations on how to structure or value what you are going to offer? I have a fairly good knowledge of BTL but not a great deal in something like this.

Do I need to disclose why I want to buy the land?

Could I acquire the land then sell our property & still develop?

Is it a waste of time if I don't want to live there?

Any advise or help appreciated :-)

Rob

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