ADDRESSUpper Parts 59 Station Road, New Milton, Hampshire, BH25 6JA
TYPERetail - High Street, Land, Residential, Retail, Commercial Land
TENUREUnder Offer, For Sale Leasehold
POSTED ON21st December 2022
The Highly Sought-after market town of New Milton situates itself on the South-western edge of Hampshire. The town centre location provides plenty of local amenities including local independent retailers, high street shops and popular restaurants and bars. For those commuting to work outside of the marker town, New Milton train station is 0.3 miles from the site and provides links to major cities such as Southampton, Bournemouth and Central London.
Planning permission (21/11534) has been granted, on the 10th January 2022, by New Forest District Council to redevelop the first floor office space and deliver a 1 x 2-bedroom apartment (68.1 sq.m) and a 1 x1 bedroom apartment (50.1 sq.m).
The opportunity is ideally suited for a developer to build and sell the units due to the attractive pound per square foot levels New Milton commands. Also, the investment developer that would look to retain both units and rent them out would also benefit from this coveted location, as we expect rental enquiries to be high for these units.
Size Sq M Size Sq Ft Existing Commercial GF (just below the 2 flats proposed)133 1431 Proposed 1 bed 50.1 539 Proposed 2 bed 68.1 733
Under the new planning regulations, we believe the current permitted use to be use class 'E' which includes uses such as retail, professional services, cafe', health clinics, indoor recreation/sport and office. All parties are advised to make their own enquiries of the local authority for confirmation.
Asset Rating - E107
Asking price of £150,000 for the 993 year long leasehold interest with vacant possession on completion subject to contract.