- Development opportunity for granted 12 luxury flats - fully discharged and some work done - GDV backed By RICS valuation of £1,225,000
Exceptional Residential Development & Investment Opportunity
Historic Mill Conversion – 12 Luxury Apartments
An exciting opportunity for experienced property developers and investors to acquire a substantial historic mill conversion project, originally granted planning permission for the creation of 12 luxury residential apartments.
The development has progressed significantly, with substantial structural and internal works already undertaken. This provides a prospective purchaser with the opportunity to acquire a project where considerable development expenditure and construction progress have already been achieved.
The property is being offered as a development and investment opportunity, with potential for either a profitable development exit or a longer-term residential investment strategy.
Key Development Highlights
Planning permission was granted in July 2021 for the conversion and development of 12 residential apartments.
The vendor advises that the relevant planning conditions were discharged in March 2024.
Significant structural and construction works have been undertaken.
Building Control documentation and supporting reports are available for inspection by suitably qualified purchasers and their professional advisers.
Apartment 12 has been fully erected.
The front section of the building has been removed to facilitate the creation of on-site parking provision.
Internal partitioning works have been completed.
Staircases have been installed.
Partial first-fix works and plastering have been undertaken.
Fire safety arrangements have been approved, according to documentation supplied by the vendor.
Thermal calculations have been completed and approved, according to documentation supplied.
Building Control plans and designs have been approved, according to documentation supplied.
A comprehensive range of plans, reports, approvals, photographs and supporting documentation is available to qualified purchasers, subject to the appropriate due diligence process.
Planning & Building Control – Important Due Diligence Notice
Purchasers must satisfy themselves as to the current planning status of the development before proceeding with any purchase or offer.
The vendor's due diligence indicates that works commenced following the grant of planning permission and that the relevant planning conditions were discharged. On that basis, the vendor considers that the planning permission and associated listed building consents may remain capable of being relied upon while the development works are being lawfully implemented.
However, the vendor has also advised that, due to the use of a private Building Control appointment, the local authority may take the position that the planning permission has lapsed.
Accordingly, the current status and continuing validity of the planning permission and any associated listed building consent should be independently verified by the purchaser and their appointed planning and legal advisers.
Depending upon the outcome of that review, a purchaser may need to consider making an application for a Lawful Development Certificate and/or a fresh planning application, together with any other consents or approvals that may be required.
No representation or warranty is given by TCPA, the vendor or its agents that the existing planning permission or associated consents remain extant, implementable or sufficient to complete the proposed development.
Purchasers should undertake their own planning, legal, building control, structural, environmental and financial due diligence before bidding, making an offer or exchanging contracts.
Investment & Development Potential
The project offers two principal investment strategies:
1. Development Exit Strategy
Complete the remaining construction works and bring the 12 apartments to market individually, subject to confirmation of all required planning, building control and other statutory consents.
This strategy may provide the opportunity to realise the property's estimated Gross Development Value (GDV) through individual apartment sales.
2. Long-Term Investment Strategy
Complete the development and retain the apartments as a residential investment portfolio, potentially providing a diversified rental income stream and long-term capital growth exposure.
The suitability and financial performance of either strategy will depend upon final development costs, market conditions, achievable sales values and rental levels, financing costs and the outcome of the purchaser's due diligence.
Financial Overview
Indicative Financial Metric Amount
Estimated Remaining Build Cost £495,000
Indicative Gross Development Value (GDV) £1,225,000
The stated GDV is supported by an independent RICS valuation report supplied for information.
The above figures are indicative only and should not be regarded as guaranteed returns, forecasts or representations of profitability. Purchasers should obtain their own independent valuation, quantity surveyor assessment, development appraisal and market evidence before committing to the acquisition.
The ultimate development profit will be dependent upon, among other matters, the acquisition price, remaining construction expenditure, professional fees, finance costs, statutory costs, taxation, marketing and disposal costs, achievable sales prices and prevailing market conditions.
Existing Works & Development Progress
A significant level of work has already been undertaken at the property. The vendor has supplied photographs showing the building before works commenced, during the construction period and following various stages of development.
The extent of works undertaken provides a prospective purchaser with an opportunity to continue an established development programme rather than commencing the project entirely from the outset.
All works, approvals and expenditure should nevertheless be independently verified by the purchaser and their professional advisers.
Information Available to Qualified Purchasers
Subject to the appropriate confidentiality and due diligence process, the vendor can provide supporting documentation including, where applicable:
Planning documentation
Building Control documentation
Approved plans and designs
Discharge of conditions documentation
Structural information and reports
Fire safety documentation
Thermal calculations
Construction and development photographs
Evidence relating to works completed
RICS valuation documentation
Other relevant development information held by the vendor
Prospective purchasers are encouraged to appoint appropriately qualified planning consultants, solicitors, surveyors, structural engineers, quantity surveyors and other professional advisers to independently assess the opportunity.
Important Information & Disclaimer
TCPA has prepared these particulars based substantially on information and documentation provided by the vendor. TCPA has not independently inspected or verified all aspects of the development, construction works, planning position, building control status, costs, valuation or other information referred to within these particulars.
All information, figures, measurements, costs, valuations, development assumptions and potential returns are provided for guidance and indicative purposes only and should not be relied upon as a representation, warranty or guarantee.
Prospective purchasers must conduct their own full due diligence and satisfy themselves as to the property's condition, title, planning position, listed building status, building control compliance, construction costs, development programme, market values, rental values and the availability of all necessary consents before bidding, making an offer or entering into a binding contract.
No statement contained within these particulars should be interpreted as confirmation that planning permission or any other statutory consent is currently extant or capable of implementation.
The opportunity should therefore be assessed on the basis of the information available, with the purchaser taking responsibility for independently establishing the legal and planning position.
Estate Agents Act Disclosure
Pursuant to the Estate Agents Act, prospective purchasers are advised that one of the vendors of this property is an employee of the estate agency handling the sale.
Prospective purchasers should take this disclosure into consideration when assessing the particulars and should seek independent professional advice where appropriate.
An Opportunity for Experienced Developers & Investors
With substantial works already undertaken, an established development concept, an indicative 12-apartment residential scheme, and an independently supported indicative GDV of £1.225 million, the property presents an opportunity for an experienced developer or investor seeking a project with significant development potential.
The opportunity is subject to the purchaser independently verifying the planning and legal position and satisfying all due diligence requirements before acquisition.
* Plus 5% Buyers Premium plus VAT
The seller of this property may consider a pre-auction offer prior to the auction date. All auction conditions will remain the same for pre-auction offers which include but are not limited to, the special auction conditions which can be viewed within the legal pack, the Buyer’s Premium, and the deposit. To make a pre-auction offer we will require two forms of ID, proof of your ability to purchase the property and complete our auction registration processes online. To find out more information or to make a pre-auction offer please contact us.
Any additional costs will be listed in the Special Conditions within the legal pack and these costs will be payable on completion. The legal pack is available to download free of charge under the ‘LEGAL DOCUMENTS’. Any stamp duty and/or government taxes are not included within the Special Conditions within the legal pack and all potential buyers must make their own investigations.
Development opportunity for granted 12 luxury flats
Fully discharged and some work done
GDV backed By RICS valuation of £1,225,000
* The Guide Price given is an indication as to where the Reserve is currently set. The Reserve is the minimum price that the auctioneer is authorised by the vendor to sell the property for. It is subject to change throughout the marketing period. Where the Guide Price is a single figure, the current Reserve will not be more than 10% above that single figure, and where a price range is given (i.e. £50,000 - £55,000), the Reserve will not exceed the upper level of the range. It is not necessarily what the auctioneer expects it will sell for.
We would like to point out that all measurements, floor plans and photographs are for guidance purposes only (photographs may be taken with a wide angled/zoom lens), and dimensions, shapes and precise locations may differ to those set out in these sales particulars which are approximate and intended for guidance purposes only.
These particulars, whilst believed to be accurate are set out as a general outline only for guidance and do not constitute any part of an offer or contract. Intending purchasers should not rely on them as statements of representation of fact, but must satisfy themselves by inspection or otherwise as to their accuracy. No person in this firms' employment has the authority to make or give any representation or warranty in respect of the property.
Viewing: Due to the nature and condition of auction properties, the auctioneers highlight the potential risk that viewing such property carries and advise all to proceed with caution and take necessary requirements to ensure their own safety whist viewing any lots offered. Viewings are conducted entirely at the potential buyers own risk, these properties are not owned or controlled by Town & Country Property Auctions and the auctioneers will not be held liable for loss or injury caused while viewing or accessing the lot. Due to the nature of some auction properties, electricity may not be turned on, therefore viewing times are restricted. Viewers will need to bring their own lighting/ ladders if wanting to inspect cupboards, cellars and roof spaces. Some viewings are carried out by third party agents and we will endeavour to give appropriate notice should the published viewing time change. Town & Country Property Auctions will not be liable for any costs or losses incurred due to viewing cancellations or no shows.
All auctioneer fees and deposits stated are non-refundable. The deposit will be applied toward the final purchase price. Auctioneer fees, while not contributing to the purchase price, will still be included in the total chargeable consideration of the property when calculating Stamp Duty Land Tax, Land Transaction Tax, or Land and Buildings Transaction Tax (as applicable depending on whether the property is located in England, Wales, or Scotland).
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