For Sale - Land / Miscellaneous
A rare opportunity to acquire an undeveloped site in central Newport, situated 0.4 miles distant from the town centre and therefore well placed for a wide variety of amenities. Little London is close to Newport Harbour and overlooks the River Medina. Access to the property is via a tarmac drive off Little London Road.
The site is at present occupied by a former warehouse with its supporting offices on a plot extending to 0.22 hectares (0.56 acres). The conclusion of a recently completed ground investigation study indicates that “there is no significant potential soils contamination”. Planning Consent has been obtained for demolition of a section of the existing building and conversion of the remainder of the existing structure to form 21 residential units along with 23 car parking spaces of which we understand material works are underway. It is considered the flats will be ideally suited to resale into the local market or for retention for their income producing potential.
Planning Permission has been granted by the Isle of Wight Council, under ref: P/01398/12-TCP/06124/H dated 24th December 2012, for demolition of section of building; alteration, extension and conversion of redundant industrial building to form 21 residential units to include associated access, parking, cycle and refuse stores, landscaping and amenity areas, subject to conditions.
Typically, each one-bedroom flat will comprise Entrance Hall, Living Room, Kitchen, Bedroom and Bathroom with WC. Each two-bedroom flat will comprise Entrance Hall, Living Room, Kitchen, 2 Bedrooms, en-suite Bath/Shower Room with WC and Family Bathroom with WC.
Due to the shape and nature of the property, some of the accommodation will be varied from the above. The Planning Consent allows for 23 car parking spaces, along with landscaping, bike and bin stores and communal areas.
The property is listed on the Valuation Office Agency website with a Rateable Value of £2,550 (April 2010). Interested parties should make enquiries of the local authority to verify the business rates payable.