DEVELOPMENT OPPORTUNITY - PLANNING GRANTED FOR CONVERSION TO 5 FLATS
A substantial detached former care home (approx. 4,893 sq ft) with planning consent granted for conversion into five spacious self-contained flats. The property has been stripped out and taken back to brick internally ready to implement the approved planning consent. Externally, the property benefits from a car park to the front providing off-street parking for circa 8 vehicles and a good-sized south-facing garden to the rear. A superb residential development opportunity that also offers potential for alternative uses including one large HMO or a range of commercial uses, subject to consents.
FOR SALE BY AUCTION -
This property is due to feature in our online auction on 15 February 2024 at 6.00pm. Bidding is via proxy, telephone or online remote bidding.
VIEWINGS -
By appointment.
SUMMARY -
SOLD FOR £350,000 - SUBSTANTIAL DETACHED FORMER CARE HOME - PLANNING GRANTED FOR RESIDENTIAL CONVERSION
DESCRIPTION -
A substantial detached former care home (approx. 4,893 sq ft) with planning consent granted for conversion into five spacious self-contained flats. The property has been stripped out and taken back to brick internally ready to implement the approved planning consent. Externally, the property benefits from a car park to the front providing off-street parking for circa 8 vehicles and a good-sized south-facing garden to the rear. A superb residential development opportunity that also offers potential for alternative uses including one large HMO or a range of commercial uses, subject to consents.
LOCATION -
The property is situated on Charlton Road in the historic market town of Shepton Mallet in Somerset, five miles east of Wells. Bristol and Bath and easily accessible and a wide range of local amenities and shopping facilities are available in Shepton Mallet including a large supermarket, leisure centre, lido with fitness centre along with a choice of pubs and restaurants.
PLANNING -
Full planning consent was granted on 9 June 2023 for the conversion of the former care home into five flats, including demolition of conservatory and lean to boiler room, provision of bicycle and refuse storage and other associated alterations under Application No. 2023/0479/FUL.
PROPOSED SCHEDULE OF ACCOMMODATION -
FLAT 1 (72 m²) - 2 Bedrooms, Living Room, Kitchen/Diner, Bathroom.
FLAT 2 (93 m²) - 2 Bedrooms, Living Room, Kitchen/Diner, Bathroom.
FLAT 3 (113 m²) - 4 Bedrooms, Living Room, Kitchen, 2 Bathrooms.
FLAT 4 (69 m²) - 2 Bedrooms, Open-Plan Living/Kitchen/Diner, Bathroom (potential to create 3rd Bedroom).
FLAT 5 (70 m²) - 2 Bedrooms, Open-Plan Living/Kitchen/Diner, Bathroom (potential to create 3rd Bedroom).
POTENTIAL GDV / RENTAL FIGURES -
We would anticipate the following resale and rental figures for the proposed flats. Please note that the rental figures provided are on the basis of the flats being rented as HMOs, subject to consent for HMO use being obtained.
FLAT 1: £215,000 / £1,800 pcm (£600 per room as a 3-bed HMO)
FLAT2: £225,000 / £1,800 pcm (£600 per room as a 3-bed HMO)
FLAT 3: £240,000 / £2,400 pcm ((£600 per room as a 4-bed HMO)
FLAT 4: £215,000 / £1,800 pcm (£600 per room as a 3-bed HMO)
FLAT 5: £220,000 / £1,800 pcm (£600 per room as a 3-bed HMO)
TOTAL: £1,115,000 / £115,200 Per Annum
TENURE -
The property is for sale on a freehold basis with vacant possession.
COMPLETION -
Completion for this lot will be 8 weeks from exchange of contracts or sooner by mutual agreement.
ENERGY PERFORMANCE CERTIFICATE (EPC) -
Rating: D
AUCTION OR BRIDGING FINANCE REQUIRED? -
Do you need a mortgage or loan quickly? Maggs & Allen have specialist Independent Brokers who can arrange residential and commercial finance on all types of property. Contact the Auction Team today to be put through to our mortgage and loan experts on 0117 9734940 or email admin@maggsandallen.co.uk
LETTING - WHAT CAN MAGGS & ALLEN ACHIEVE FOR YOU? -
Maggs & Allen's experienced letting team are happy to discuss the rental of this property and can advise on maximising the investment. We offer Full Management, Let Only and Rent Collection Services. Contact Jessica Archer and her team on 0117 9499000 or email lettings@maggsandallen.co.uk.
BUYER'S PREMIUM -
Please be advised that all purchasers are subject to a £1,250 plus VAT (£1,500 inc VAT) buyer’s premium payable upon exchange of contracts.
*GUIDE PRICE -
Guide Prices are provided as an indication of each seller's minimum expectation. They are not necessarily figures which a property will sell for and may change at any time prior to the auction. Each property will be offered subject to Reserve Price (a figure below which the Auctioneer cannot sell the property during the auction) which we expect will be set within the Guide Range or no more than 10% above a single figure Guide.
RESERVE PRICE -
The seller's minimum acceptable price at auction and the figure below which the auctioneer cannot sell. The reserve price is not disclosed and remains confidential between the seller and the auctioneer. Both the guide price and the reserve price can be subject to change up to and including the day of the auction.
PROXY, TELEPHONE & ONLINE REMOTE BIDDING -
The auction will be held online via live video stream with buyers able to bid via telephone, online or by submitting a proxy bid. You will need to complete our remote bidding form, which is available to download from our website. The completed form, ID (driving licence or passport and a recent utility bill stating the home address of the purchaser) and a bank transfer for the Preliminary Deposit must be received no later than 24 hours before the date of the auction.
PRELIMINARY DEPOSITS -
The Preliminary Deposit required for each lot you wish to bid for will be calculated based upon the Guide Price as follows:
£1,000 - £50,000: £2,000
£51,000 - £150,000: £5,000
£151,000 and above: £10,000
If your bid is successful, the balance of the deposit monies and Buyer's Premium (£1,500 inc VAT) must be transferred to our client account within 24 hours of the auction sale. If you are unsuccessful at the auction, your Preliminary Deposit will be returned to you.
RENTAL ESTIMATES -
All rental estimates are provided in good faith. They should be verified by your own professional advisors prior to a commitment to purchase.
