Studio Property for sale
£1,100,000
SANDOWN, PO36 8DG
Key features:
- DEVELOPMENT OPPORTUNITY
- Planning Permission for 16 1 & 2 Bedroom Apartments
- Popular Seaside Location
- Close to Local Amenities
- Details Plans Available on Request
- Accompanied Site Visits Available
- Prominent Corner Plot
- Call Wrights - Shanklin on (01983) 866822 for More Info
Description
The Wright Estate Agency is pleased to offer for sale this exciting "oven ready" development opportunity located in the popular seaside town of Sandown. Planning permission has been granted for the conversion of the current building (formerly the Stonehaven nursing home) in to 16 luxury apartments, some with excellent views of the sea. All apartments will benefit from an allocated parking space, access to a communal garden, and a lockable storage unit, with the majority of apartments having either private outside space or a balcony. The town centre offers a variety of useful local amenities, including supermarkets, shops and cafes. Whilst both the seafront and nearby train station with direct ferry links to the mainland are within easy walking distance.
We anticipate that once completed, the converted apartments will range in price between £120,000 and £215,000, with a GDV (gross development value) of £2,780,000. This makes the development a highly profitable opportunity with a potential pre-tax profit in excess of £500,000 for anyone looking to get started without delay! The plans, design work and a fully QS costed development schedule are available on request. The added income from the ground rent will also generate a further £4000 per annum, assuming the ground rent is set at £250 per apartment. Making the freehold worth £100,000 based on a 4% yield.