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Residential Development for sale


Offers in Region of £2,700,000

Property Description

Full description

Investment/development opportunity. The vendor will sell subject to a new planning application for new build block of 64 flats and a commercial ground floor unit. Plans due to be submitted in December 2011. The existing building is currently arranged over 3 floors. The ground floor commercial element measures approximately 8,500 sq ft and has an additional basement area. Currently used as a public house (A3 use). The first and second floor is arranged as 48 studio rooms, some with shared facilities. All the studio rooms are let on assured short hold tenancies. Accounts for 2007 show that the studios produce an income of approximately £265,000 p.a. and the ground floor commercial element is producing approximately £50,000 p.a. A net profit is shown as £193,639.13 p.a. There is no off street parking. Planning has been granted for a further floor on the existing building to create an additional 14 x 1 bedroom flats, application number 7-2008-4052-U. The vendor has supplied the information provided and any prospective purchasers should satisfy themselves as to the accuracy of the information. A certificate of lawful use or development has been granted for 11 x self contained flats and 34 bed-sits with shared kitchen and bathroom facilities. Application no: 7-2009-4052-W. This is a great investment opportunity with further development potential. For further information please Contact Andrew Hooper. More developments and investments available on our web site:

Please note: Development or Investment site (s), bought through Churchfield the purchaser is required to retain us at the rate of 1.5% (minimum fee of £2,000) plus Vat at the prevailing rate. For any Land, Development or Investments acquired, Churchfield must be instructed to re-sell the finished units at 1.5% + vat or re-let at 8% + vat (fully managed) the acquired property or the developed properties on a sole agency basis within three years of completion. If Churchfield are not instructed and the acquisition is sold or Let by the purchaser/s within this period, an additional fee of 1.5% + vat (minimum fee £2,000 + vat) of the original purchase price will be chargeable to the purchaser in addition to any other costs or charges agreed. Once the three year period after completion of the purchase has expired, the purchaser is free to offer the acquisition to any third party with Churchfield having no financial interest.

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