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Significant BTR Opportunity in Luton, LU2

For sale: £10,000,000.00|Land, Industrial, Other, Commercial Land, Other Property Types & Opportunities

Property details

FOR SALE£10,000,000.00
ADDRESSHigh Town Yards, 4-11 Burr Street, Luton, LU2 0HN
TYPELand, Industrial, Other, Commercial Land, Other Property Types & Opportunities
TENUREDevelopment Opportunity, For Sale Freehold
POSTED ON18th April 2024

Description

A unique opportunity to build a consented BTR scheme in the heart of Luton town centre. 

A 0.57 hectare (1.4 acre) underutilised industrial island site of low-density commercial units.

Situated minutes from Luton train station, providing access to London in 25 minutes and within easy reach of London Luton International Airport.

The development is in High Town, an area undergoing substantial regeneration due to the High Town Masterplan.

A planning application has been granted (Ref: 22/00807/ MMAMD & 24/00065/ AMEND) to demolish the existing buildings and construct a new residential development over four separate blocks from five to eleven storeys comprising: 

           – 398 private residential apartments 

           – On-site affordable housing provision of 8 x DMR units 

           – Predominantly one & two-bed apartments 

           – NIA approx. 21,943 m2 (236,194 ft2) 

           – GIA approx. 27,847 m2 (299,742 ft2) 

           – Amenity approx. 144 m2 (1,550 ft2)

It is our understanding that there are S106 Contributions of approx. £850,000 and Zero CIL Liabilities, however, we strongly encourage interested parties to carry out their own due diligence to confirm this.

A S73 has been submitted for an additional eight apartments and to vary the S106 to significantly reduce the financial contributions and remove the on-site affordable units.

The property is offered for sale freehold with vacant possession upon legal completion.

Location

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Location: High Town Yards, 4-11 Burr Street, Luton, LU2 0HN

Luton (0.2 miles)

Luton Airport Parkway (1.0 miles)

Leagrave (2.5 miles)

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