The subject property comprises a two-storey, 8,500 sqft commercial building which benefits from planning permission for redevelopment. The consent allows for a new-build three storey contemporary block comprising a ground floor 5,000 sqft commercial unit and 14 private apartments. The new commercial unit will benefit from planning use class E and the residential units will qualify for 'Help to Buy'. Commercial stamp duty rates will apply on the land purchase and the CIL is approximately c.£110,000.
It appears that the property may offer further planning angles. Freehold commercial buildings of this size in a town centre location are not readily available to purchase and commercial operators may be interested in the building for its current use, which at the guide price is less than £150/sqft.
