A chance to purchase a re-development opportunity offering two commercial units on the ground floor, four apartments to the first floor and a duplex with its own access to the side.
This development is attractively located in the middle of Fenny Stratford with a prominent high street position. The property currently offers approximately 4,250 sq ft of internal floor space with on-site parking for 10 vehicles. Full Planning has been approved.
Planning permission has been granted to redevelop this site to provide two retail units on the ground floor and five apartments on the first floor with one apartment benefiting from ground-floor access and accommodation. The planning also presents off-road parking for 10 vehicles. Milton Keynes Planning Application number: 17/02377 FUL and Ref. No: 22/01059/CLUE
Unit 49 - 925 sq ft / 86 sq m Unit 51 - 1,119 sq ft / 104 sq m Each Unit has the potential to generate a rental income of £25,000 p.a. This is generated from similar comparables in this location. Based upon each unit generating a 6.67% yield the total value stands at £750,000.
The first floor presents approximately 1,750 sq ft / 162 sqm of accommodation. The new apartments consist of four two-beds and a single-bedroom flat. Based on recent comparables the GDV can be determined at £935,000.
The planning permission presents off-road parking spaces for 10 vehicles.
The current rateable value of the existing property is £28,250.
COSTED SCHEDULE OF DEVELOPMENT
The current owners have generated a schedule of costs to develop the site at a figure of £564,000. This figure can fluctuate and is based on professional opinion
Milton Keynes Council
Important Notice to Prospective Buyers:
We draw your attention to the Special Conditions of Sale within the Legal Pack, referring to other charges in addition to the purchase price which may become payable. Such costs may include Search Fees, reimbursement of Sellers costs and Legal Fees, and Transfer Fees amongst others.
Buyer's Premium - The purchaser will be required to pay a buyers premium charge of £6,000 (£5,000 plus VAT)
Administration Charge - The purchaser will be required to pay an administration charge of £900 (£750 plus VAT).
Disbursements - Please see the legal pack for any disbursements listed that may become payable by the purchaser on completion.