Small parcel of land in Hurstbridge

[samsara]

G'Day, Just looking for some advice. My parents have just found out that they own a small parcel of land in Hurstbridge. It was owned by Dad's Mum but for some reason no one knew and so it hadn't been dealt with in the will when she died. The land is approx 40m x 7m in area and has an easement, being that it used to be a laneway. Now it is being used as a unofficial car parking area, and the owner of a shop at the rear of the land wants to buy it and make it into his own carpark for his shop customers. He has offered $10,000, but I'm not sure that this is a reasonable offer for Mum and Dad. Although the land is pretty useless, ie can't be built upon, it still has value to the surrounding shop owners, even only as a carpark. Anyone have any idea how to find out/work out how much this land may be worth? Thanks for any help

 

[Tony3008]

How much is it worth to them? IOW how much is their current property worth, and what would it be worth with your piece of land added? A reasonable starting point would be half the marriage value, a win-win scenario.

 

[samsara]

thanks Tony, good point

 

[luvvit]

Have you approached council?

Do you know for sure that it cant be buit on? That'd be my first call... if council would approve a small shop or cafe or what not, then your value jumps. I know Hurstbridge and its a lovely area, and the land is very exy.....

 

[Andrew_A]

How much is it worth to them? IOW how much is their current property worth, and what would it be worth with your piece of land added? A reasonable starting point would be half the marriage value, a win-win scenario.

Excellent point. Even the smallest blocks in Brisbane have a land value assigned to them by council, could be worth a look just for a starting point as another idea.