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Residential Development for sale

Knole Road , Bournemouth


Property Description

Full description

Investment opportunity for a Turnkey finished development comprising of three attractive purpose built detached blocks, comprising a total of 74 x flats.


Block A comprises: 29 x flats: 20 x 1 bed, 7 x 2 bed & 2 x 3 bed. Total flat area 15,450 sq ft (4,709 sq mt). Underground Swimming Pool & Gym. Block B comprises: 17 x flats: 8 x 1 bed, 9 x 2 bed. Total flat area 9,507 sq ft (2,897.7 sq mt). 5 x undercroft parking spaces, Bike store and two sections of lockable storage units. Block C comprises: 28 x flats: 8 x 1 bed, 20 x 2 bed. Total flat area 20365 sq ft (6207.2 sq mt). 3 x undercroft parking spaces, 2 x bike stores and a section for lockable storage units. Average one bedroom flat sizes are 468.5 sq ft (43.5 sq mt), Average two bedroom flat sizes are 729.8 sq ft (67.8 sq mt). Average three bedroom flat sizes are 888 sq ft (82.4 sq mt). There is one lift per block. There are a total of 37 x Balconies and 2 x patios. A total of 63 x car parking spaces which include, 55 x surface spaces, 8 x undercroft spaces, 3 x disabled spaces and an additional 3 x motorbike spaces. It is anticipated that the development will be finished in February 2017. I am advised that the flats will be finished to a High Specification (To be agreed with purchaser). Each flat will come with its own lease. The opportunity will be offered with a new CRL 10 year warranty. The Ground rent proposed is £250.00 p.a. and maintenance proposed is £1,100.00 p.a. The Gdv for the finished development is estimated at approximately £14,985,000.00 plus the estimated freehold value of £340,000.00 (Gdv as of October 2015). The rental for the finished development is estimated at approximately £762,120.00 p.a. gross (Rental valuation as of June 2016), this gives an estimated gross return of 5.1%. The development also has good potential for Holiday Letting, given its location. This investment opportunity is situated in a popular location and is within walking distance of Boscombe Gardens, which lead down to Bournemouth's Blue flag Beach, it is within walking distance of high street shopping and bus routes to Bournemouth and Christchurch. A non-refundable deposit will be required with any conditional exchange. Individual blocks could be purchased, Price to be agreed. For further details, please contact Andrew Hooper on 01202 779911. More development and investments available on our web site:

 We confirm that we have instructed Churchfield to act on our behalf in the acquisition of the above Land, Development or Investment site (s), at an agreed fee of 1.5% +vat (minimum fee of £2,000 + vat). For any Land, Development or Investments acquired, Churchfield must be instructed as sole agents to re-sell either, the existing or finished units at 1.5% + vat, fee to include an over rider fee of 0.5% + vat on all units sold or re-let at 8% + vat (fully managed). Churchfield to be instructed to market the acquired property/s or the developed properties on a sole agency basis within three years of completion. We agree that if the existing acquisition/s is/are sold or let by the purchaser/s or other/s during the three year period, an additional fee of 2.5% + vat (Minimum fee £3,000.00 + vat) in addition to any other costs or charges agreed will be payable to Churchfield. For Developed/Completed projects sold let by the purchaser/s or other/s within the three year period Churchfield will receive commission of 2.5% + vat (minimum fee of £3,000 + vat) calculated on the achieved GDV of the completed unit/s 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. VAT to be charged at the prevailing rate.   Churchfield Offer a FREE Selling Service to Vendors of Land and Investments

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