Plot near Ironbridge with planning permission for seven homes has guide price slashed by £550k

Last month, a one-acre plot of land off Calcutts Road in Jackfield, near Ironbridge, was listed for auction with a guide price of £1,300,000.

Now, after feedback and offers from developers, the listing agents have reduced the guide price by a whopping £550,000.

The site may seem unassuming, containing just a run-down four-bedroom bungalow, but the agents deem it a "high-value development project" after planning permission was granted for seven new homes.

Government inspectors overturned Shropshire Council's decision to refuse the planning application on the site back in April, giving the go-ahead to plans to demolish the bungalow and replace it with a larger property and six further homes.