- Planning Permission for 22 flats - Rare development - High GDV - several exit strategies to new owners
RARE DEVELOPMENT OPPORTUNITY – 22-UNIT RESIDENTIAL SCHEME | EAST MIDLANDS
TCPA East Midlands are pleased to present this rare and highly attractive residential development opportunity comprising a proposed scheme of 22 self-contained flats, occupying a prominent and potentially desirable location.
The opportunity offers investors and developers the potential to acquire a high-GDV residential development, with an indicative Gross Development Value (GDV) of approximately £2.4 million and indicative development costs in the region of £900,000. On the basis of these indicative figures, the scheme may offer an attractive development proposition, subject entirely to satisfactory due diligence, final build costs, finance, market conditions and achievable end values.
Key Investment Highlights
22-unit residential development opportunity
Prominent location within the East Midlands
Planning permission approved, subject to the requirements of the Section 106 Agreement
Section 106 obligation to be cleared by the Vendor, subject to the agreed transaction terms
Indicative GDV of approximately £2.4 million
Indicative development costs of approximately £900,000
Potentially attractive development margin, subject to detailed feasibility and due diligence
Strong potential exit strategy, with the Vendor reporting interest from social housing providers
Potential opportunity for investors to consider multiple exit routes, including open-market sale, institutional/social housing disposal or alternative investment strategies, subject to market appetite and applicable requirements
56-day completion available
Pre-auction offers will be considered
Investment Rationale
The combination of an established planning position, a substantial residential unit count and potential interest from social housing providers creates an opportunity that may appeal to experienced developers, investors and housing operators.
The proposed scheme provides the potential to create significant residential value from the existing planning position, while the reported interest from social housing providers may provide an additional potential exit strategy for a purchaser.
Early engagement is recommended for parties seeking a development opportunity with the potential for multiple exit options.
IMPORTANT NOTICE / DISCLAIMER
The figures relating to GDV, development costs, potential returns, unit values and other financial information are indicative estimates only and should not be relied upon as representations, warranties or guarantees of actual performance.
TCPA East Midlands makes no warranty or representation as to the accuracy or completeness of any stated figures, GDV, costs, valuations, demand or potential returns. All purchasers are strongly advised to undertake their own independent legal, planning, financial, technical, environmental and valuation due diligence, and to satisfy themselves fully as to the viability and suitability of the opportunity prior to submitting an offer or entering into a binding agreement.
Any reference to interest from social housing providers is subject to independent verification and should not be interpreted as a commitment to acquire the development or enter into any agreement.
Planning permission is understood to have been approved subject to Section 106 requirements, with the Vendor proposing to discharge/settle the relevant obligation in accordance with the agreed sale terms. Purchasers should obtain independent confirmation of the planning position and all associated obligations.
Prospective purchasers should rely solely on their own investigations and professional advice when assessing this opportunity.
* Plus 3% 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.
* 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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