A rare opportunity to acquire a freehold development site (STPP) 0.3 miles from Caterham Station and its attractive high street. The site on offer measures 0.33 acres and includes a 5 bedroom detached house, a small outbuilding and vacant land.
There appears potential to develop the vacant land in isolation, as well as a wider scheme across the whole site (STPP). Caterham comprises a mix of both flats & houses which makes this site an interesting proposition for developers. Opportunities to purchase sites on this scale so close to the centre of Caterham are very rare, and highly sought-after.
The site has strong existing value when considering that the 5 bedroom detached house is valued in the region of £800,000. There is therefore the opportunity for an immediate capital return by re-financing, renting or selling the house.
The site has a mixed planning history, with an approved planning permission on the vacant land in 2002 for a 4 bedroom detached house, whilst in 2013 there was a refused application for a pair of semi-detached houses on the same piece of land.
There was a pre-application in 2019 for a proposed development for six large 2 bedroom flats, written feedback from Tandridge Council is available for interested parties.
Currently the sellers have a pending application for the construction of a 5 bed detached house on the vacant land, which they will build out if the site is not sold.
Perhaps a fresh approach is the way to unlock the full development potential of this site…