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Location
London

Development Opportunity for 8 Apartments in London with Planning Permission Granted

The freehold landowner invites offers in the region of £1.5m, the vendor is not interested in a JV. The site is located within an area that is predominantly residential with other uses in close proximity.
Guide Price
£1,500,000

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Key Features

  • Planning granted
  • 8 apartments
  • No affordable housing
  • Generously sized flats

The Property

This is a unique development opportunity for 8 apartments in London with planning permission granted.

The flats are generously sized, resulting in units ranging 3 beds (125sqm), 2 bed (86 sqm), studio and 1 bed units (50sqm).

Amenity space:

At ground floor, the 2 x 3 bed units have access to individual large gardens, in keeping with their sizing and intended use as family units. Private amenity space is provided for all the 1 bed and 2 bed flats via balconies. The studio is generously sized to allow for non-provision of private amenity space.

Understand any potential restrictions that may inhibit development:

Green belt restriction does not apply
Listed buildings restriction does not apply
Protected trees restriction does not apply
Easements, rights of way or covenants unsure
Infrastructure restriction does not apply
Conservation area restriction does not apply
Contaminated soil unsure
Building access easy
Areas of outstanding natural beauty (AONB) restriction does not apply
Flood zone restriction applies

Selling Office: Uxbridge

Planning Information

Newham council 20/00229/FUL
https://pa.newham.gov.uk/online-applications/applicationDetails.do?keyVal=Q54VQPJYLWF00&activeTab=summary

The Plan

Planning has been secured (1 reserved matter covering materials) for the demolition of an existing two storey dwelling and construction of a building with 8 residential units comprising of 2 x 3 bed, 1 x 2 bed, 4 x 1 bed and 1 x studio.

The site is located in Plaistow and comprises a two-storey detached residential dwelling. The property is located directly adjacent to a church to the south-west boundary of the site and a semi-detached residential dwelling to the north east.

The site has no specific land allocation or policy constraints within the council’s adopted proposals map attached to the core strategy. The existing property is not listed and it is not located within a conservation area.

The freehold landowner invites offers in the region of £1.5m, the vendor is not interested in a JV. The site is not held in a company that can be bought. Local agents have not been approached for GDV nor have an assessment of build cost been completed; as always, prospective buyers are to complete their own due diligence. CIL may be chargeable.

The Financials:

Purchase price: £1,500,000
Sourcing fee: 2%

The Location

The site is located within an area that is predominantly residential with other uses in close proximity including a church, car sale garages and commercial uses.

Average estimated value for a house in E13 9EX

£

Nov 2015 - average price growth = £312,206
Nov 2016 - average price growth = £332,707 (6.6%)
Nov 2017 - average price growth = £343,712 (3.3%)
Nov 2018 - average price growth = £339,516 (-1.2%)
Nov 2019 - average price growth = £353,508 (4.1%)
Nov 2020 - average price growth = £354,634 (0.3%)

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