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Attention Developers * Sandown

£850,000
The Wright Estate Agency, Shanklin
PROPERTY TYPE

Plot

SIZE

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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

Description

* 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.

Brochures

Property BrochureFull Details

Attention Developers * Sandown

NEAREST STATIONS

Distances are straight line measurements from the centre of the postcode
  • Sandown Station0.2 miles
  • Lake Station1.0 miles
  • Brading Station1.5 miles

About the agent

The Wright Estate Agency, Shanklin

33 Regent Street, Shanklin, PO37 7AF

The Wright Estate Agency, Shanklin

The Wright Estate Agency is an independently owned, Island based company with many years experience in the local property market. Our branches offer comprehensive cover across the Island and we pride ourselves on an unrivalled level of customer care and satisfaction. Our extensive local and online advertising helps us to be accessible to customers both on the Island and across the country.

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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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