TENUREDevelopment Opportunity, Investment Opportunity, For Sale Freehold
POSTED ON15th October 2020
ANDELL PROPERTY - SOLE AGENTS
Guide Price: £1,150,000 Subject to Contract
FULL SUMMARY: A well-positioned income producing investment opportunity consisting of 6 x fully let 1 bed apartments with off-street parking and potential to add significant value by adding a further 2 floors above under new Permitted Development rights, subject to all necessary approvals and consents.
Part of a private gated development which consists of 2 retail units at ground level, 6 x 1 bed apartments above and 3 x 1 bed bungalows to the rear, all of which can be accessed from the High Street via a central archway for vehicular traffic and a side pedestrian security gate.
The 6 x 1 bed apartments are all on 999 year leases dating back to when the property was built circa 10 years ago. All 6 apartments are let on Assured Shorthold Tenancies (ASTs). Total income across the site equates to circa £72,350 per annum.
The new Permitted Development rights for upward extensions came into force in September this year. Class AA allows new dwelling houses on detached commercial or mixed-use buildings subject to various criteria.
A reputable planning consultancy firm has reviewed the regulations specifically in relation to Temple Court and have confirmed that there could be potential to add an additional 2 floors above and a further 6 x 1 bed apartments or an alternative mix of apartments subject to further investigation and to a prior approval application.
(FULL DETAILS AND SALES PARTICULARS AVAILABLE UPON REQUEST - VIEWINGS STRICTLY BY APPOINTMENT ONLY).
Temple Court, 262 - 262a High Road, Waltham Cross, Hertfordshire, EN8 7EAGBHertfordshireEN8 7EAHigh Street