An opportunity to purchase a consented freehold development site in Woolwich, SE18.
The property is currently arranged as a double-fronted shop over the basement and ground floor, and a self-contained 3 bedroom flat on the first floor above. The shop measures a total of circa 1,750 sqft and the flat measures circa 880 sqft.
The planning consents a 4-storey rear extension, together with 2 new storeys on top of the existing building (second and third floors), to provide a total of 8 apartments and 2 commercial units. The scheme is designed to comprise 1 x one bed and 7 x two bed apartments, and 2 commercial units with flexible (E) use class. Furthermore, all of the apartments will benefit from a rear private balcony, and both a bathroom and en-suite off the main bedroom, together with plenty of built in storage space and lots of natural light.
Of the 8 apartments in total, it is believed that 6 will be eligible for Help To Buy (on the basement, ground, second & third floors). The first floor however is an extension of the existing apartment into the rear, and as such, we don't anticipate Help To Buy will be applicable on the 2 units here. Further points of note are:
1) The first, second and third floors all mirror each other with a central stair core which simplifies construction.
2) It is believed that there is potential to further enhance the planning permission by reconfiguring to 9 x two bedroom apartments with no commercial. Please get in touch for further details.
In summary, a freehold consented development site, located in a well-connected and investment-prone area, that is vacant and ready to go!