DEVELOPMENT OPPORTUNITY - POTENTIAL TO CONVERT TO TWO HOUSES
A substantial 5-bedroom period semi-detached house occupying a generous plot with off-street parking large gardens and garaging to the rear. Originally built as two separate houses, the property was later combined into one larger dwelling and now offers scope to convert back to two smaller homes (1 x 3-bedroom house and 1 x 2-bedroom house), subject to consents. The property is in need of refurbishment and offers a superb development opportunity for builders and developers or may appeal to private buyers seeking a larger property in the area.
FOR SALE BY AUCTION -
This property is due to feature in our online auction on 19 September 2024 at 6.00pm. Bidding is via proxy, telephone or online remote bidding.
VIEWINGS -
By appointment.
SUMMARY -
SOLD FOR £260,000 - DEVELOPMENT OPPORTUNITY - POTENTIAL TO CONVERT TO TWO HOUSES
DESCRIPTION -
A substantial 5-bedroom period semi-detached house occupying a generous plot with off-street parking large gardens and garaging to the rear. Originally built as two separate houses, the property was later combined into one larger dwelling and now offers scope to convert back to two smaller homes (1 x 3-bedroom house and 1 x 2-bedroom house), subject to consents. The property is in need of refurbishment and offers a superb development opportunity for builders and developers or may appeal to private buyers seeking a larger property in the area.
LOCATION -
The property is nestled in the charming suburb of Tuffley in Gloucester, which offers a harmonious blend of tranquil residential living and convenient urban access. Tuffley is surrounded by picturesque green spaces and parks including Robinswood Hill, a country park with 250 acres of walks and nature trails, as well as Painswick Beacon which is one of the highest points in the Cotswolds with fantastic far reaching views. Harewood Infant School and Grange Primary School are within easy reach, as are The Crypt and Ribston Hall grammar schools. Tuffley boasts excellent connectivity, with easy access to major road networks including the A38 and M5, facilitating swift commutes to Gloucester city centre and beyond.
THE OPPORTUNITY -
The property presents an excellent opportunity for conversion back into two separate residential houses (1 x 3-bedroom house and 1 x 2-bedroom house), subject to obtaining the necessary planning consents. Assuming planning consent is granted for such a conversion, we would anticipate the following resale values for each house once completed:
3-Bedroom Mid-Terrace - £300,000
2-Bedroom End of Terrace - £230,000
Gross Development Value (GDV) - £530,000
ACCOMMODATION -
The ground floor accommodation comprises an entrance porch, hallway, two reception rooms, a dining room, kitchen, study, utility room and a bathroom. The first floor provides five bedrooms and a family bathroom.
Please refer to floorplan for approximate room measurements and internal layout.
OUTSIDE -
The property sits on a generous plot with lawns to the front, a driveway providing off-street parking to the side and extensive gardens with various garages and external stores to the rear.
COMPLETION -
Completion for this lot will be 8 weeks from exchange of contracts or sooner by mutual agreement.
ENERGY PERFORMANCE CERTIFICATE (EPC) -
Rating: D
TENURE -
Understood to be freehold, please refer to the online legal pack for confirmation.
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
BUYER'S PREMIUM -
Please be advised that all purchasers are subject to a £1,500 plus VAT (£1,800 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 - £150,000: £5,000
£151,000 and above: £10,000
If you bid is successful, the balance of the deposit monies and Buyer’s Premium (£1,800 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 within 5 working days.
RENTAL & RESALE ESTIMATES -
All rental and resale estimates are provided in good faith. They should be verified by your own professional advisors prior to a commitment to purchase.
