The site comprises a level and undeveloped parcel of land with a width of 6.2 meters and a depth of 31.5 meters upon which consent was granted in April 2020 to construct a three storey 5 ensuite bedroom HMO in a similar style to the adjacent Victorian property. Although planning permission recently expired in April 2023 it is anticipated that consent will be renewed upon submission of a new application, as demand in the area remains high for student and professional accommodation.
Planning was granted by Newcastle under Lyme Borough Council on the 9th April 2020 under Application number 19/00920/FUL.
The site enjoys a slightly elevated position overlooking London Road (A34) and is adjacent to number 99 London Road, which is owned by the vendor of the subject site, who will naturally be sympathetic to the needs of the builders whilst construction is on-going.
Location
The site is located between two late Victorian properties in a predominantly residential area on the outskirts of Newcastle under Lyme’s town centre and is within quarter of a mile of the Royal Stoke University Hospital and is also immediately opposite a recently constructed student accommodation development. The area proves popular with students from both the neighbouring hospital and Keele University as well as with workers in the area. The site has roadside frontage and pedestrian access to the front and vehicular access to the rear via a cobbled ginnel off Duke Street.
Specification
SERVICES
All mains services are thought to be available, although interested parties are required to make their own enquires in this respect.
VAT
The sale price is not subject to VAT.
INVESTMENT POTENTIAL
Number 99 London Road is already converted into a 5 bed HMO and has successfully operated for a number of years serving the Keele University population. This property generates a gross income of £2,937 pcm, 11 months a year, thus producing an annual income of £32,307 pa. Once constructed, it is expected that the new development will generate no less income and quite possibly more, as tenants will pay a premium for a brand-new property. Running costs should also be reduced due to modern building standards and additional thermal efficiency.
THE PROPOSAL
The site is offered for sale on a freehold and ‘offers invited' basis. ‘Subject to planning’ offers will also be considered for those who wish to secure the renewal of the previous planning consent prior to committing to the purchase.
ANTI MONEY LAUNDERING REGULATIONS
In accordance with the anti-money laundering regulations, two forms of identification will be required (e.g. photographic driving license, passport, utility bill) from the applicant and a credit check may also be required, the cost of which will be the responsibility of the applicant. Where appropriate we will also need to see proof of funds.