52 Bed Apartment/Flat Commercial Development
Pinfold Gate, Loughborough

£1,250,000

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Details
  • Planning granted for 52 bed student scheme
  • Excellent town centre location
  • Potential to increase numbers, subject to planning
  • Vendor will pay for demolition of exiting building, leaving flat site
  • Loughborough University has been ranked 7th in UK
  • Student numbers are growing exponentially causing strong demand for student accommodation
  • Neighbouring buildings are being redeveloped into high end accommodation
  • Site extends to circa 0.29 Acres (0.12 Hectares)

A rare opportunity to purchase a flat site with planning consent for 52 student rooms. The vendor will demolish the current building leaving a flat level site. The site benefits from all services, gas, electric and water.

Planning has been granted for 52 bedrooms arranged as cluster flats. This type of design is very popular with students. There is a neighbouring scheme which has received planning for over 100 beds, so increasing the numbers should be possible subject to planning alterations.

The scheme has been valued engineered, without compromising the design and visual charm. This is a very viable development, and relatively easy to construct. A traditional brick and block structure could easily be applied to this development avoiding the need for expensive steel or timber frame systems. NB Estate Agents work very closely with major contractors who will be able to help price the build.

Rough build costs are estimated at circa £2.9m-£3.0m and total rents could achieve in excess of £400k per annum. This could make a fantastic investment with returns in excess of 9 percent.

The site is within walking distance of the town centre and all of Loughborough's leisure and retail amenities. Cineworld and the new food quarter is a stones throw from the development.

Loughborough university is growing rapidly and there is strong demand for good quality student accommodation. A lot of the existing stock in Loughborough is becoming outdated and students are becoming more selective. This block would certainly fill a gap in the market and appeal to current student demands.

Directional notes: The property sits immediately opposite Loughborough Magistrates Court on Pinfold Gate Loughborough.

Contact Marco 07590821557

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