Plot for sale

ATTENTION DEVELOPERS * SANDOWN

£850,000

Property Description

Key features

  • DEVELOPMENT OPPORTUNITY
  • Planning Permission for 16 1 & 2 Bedroom Apartments
  • Popular Seaside Location
  • Close to Local Amenities
  • Details Plans Available on Request
  • Accompanied Site Visits Available
  • Prominent Corner Plot
  • Call Wrights - Shanklin on for More Info

Full description

Tenure: Freehold

* DEVELOPMENT OPPORTUNITY * Planning Permission for 16 1 & 2 Bedroom Apartments * Popular Seaside Location * Close to Local Amenities * Details Plans Available on Request * Accompanied Site Visits Available * Prominent Corner Plot * Call Wrights - Shanklin on for More Info The Wright Estate Agency is pleased to offer for sale this exciting "oven ready" development opportunity located in the popular seaside town of Sandown. Planning permission has been granted for the conversion of the current building (formerly the Stonehaven nursing home) in to 16 luxury apartments, some with excellent views of the sea. All apartments will benefit from an allocated parking space, access to a communal garden, and a lockable storage unit, with the majority of apartments having either private outside space or a balcony. The town centre offers a variety of useful local amenities, including supermarkets, shops and cafes. Whilst both the seafront and nearby train station with direct ferry links to the mainland are within easy walking distance.We anticipate that once completed, the converted apartments will range in price between £120,000 and £215,000, with a GDV (gross development value) of £2,780,000. This makes the development a highly profitable opportunity with a potential pre-tax profit in excess of £500,000 for anyone looking to get started without delay! The plans, design work and a fully QS costed development schedule are available on request. The added income from the ground rent will also generate a further £4000 per annum, assuming the ground rent is set at £250 per apartment. Making the freehold worth £100,000 based on a 4% yield.


Agents Notes 
Our particulars are designed to give a fair description of the property, but if there is any point of special importance to you we will be pleased to check the information for you. None of the appliances or services have been tested, should you require to have tests carried out, we will be happy to arrange this for you. Nothing in these particulars is intended to indicate that any carpets or curtains, furnishings or fittings, electrical goods (whether wired in or not), gas fires or light fitments, or any other fixtures not expressly included, are part of the property offered for sale.

More information from this agent

Listing History

Added on Rightmove:
22 January 2019

Nearest stations

  • Sandown (0.3 mi)
  • Lake (1.0 mi)
  • Brading (1.5 mi)
Distances are straight line measurements from centre of postcode

Nearest schools

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To view this property or request more details, contact:

The Wright Estate Agency, Shanklin

33 Regent Street, Shanklin, PO37 7AF

01983 646024 Local call rate

How much will it cost me to call the number displayed on the site?

Standard geographic charges from landlines and mobiles apply and calls may be included in your telecom provider's call package.

Map & Street View

Nearest stations

  • Sandown (0.3 mi)
  • Lake (1.0 mi)
  • Brading (1.5 mi)
Distances are straight line measurements from centre of postcode

To view this property or request more details, contact:

The Wright Estate Agency, Shanklin

33 Regent Street, Shanklin, PO37 7AF

01983 646024 Local call rate

How much will it cost me to call the number displayed on the site?

Standard geographic charges from landlines and mobiles apply and calls may be included in your telecom provider's call package.

Disclaimer - Property reference 9050658. The information displayed about this property comprises a property advertisement. Rightmove.co.uk makes no warranty as to the accuracy or completeness of the advertisement or any linked or associated information, and Rightmove has no control over the content. This property advertisement does not constitute property particulars. The information is provided and maintained by The Wright Estate Agency, Shanklin. Please contact the selling agent or developer directly to obtain any information which may be available under the terms of The Energy Performance of Buildings (Certificates and Inspections) (England and Wales) Regulations 2007 or the Home Report if in relation to a residential property in Scotland.

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