Land for sale in Development Opportunity For 8 Apartments, Exeter EX4

The site

Situated in the heart of the city centre in Exeter, this development opportunity proposes the formation of eight new two bedroom apartments at 228 High Street. Presently, the existing structure comprises a three storey building with basement - part of the basement and the ground floor are currently leased by Costa Coffee* (*See method of sale and tenure information below.) The approved development proposes conversion of the existing first floor (previous office/commercial space) to form three apartments, and conversion of the existing second floor (previous office/commercial space) to form two further apartments. Three additional apartments are then proposed by new build development on the second floor (one apartment) and creation of an entirely new third floor (two apartments).

A summary of the proposed accommodation is set out below:

First Floor

Apartment 1 - 65sqm (700sqft) - 2B/3P
Apartment 2 - 58sqm (624sqft) - 2B/3P
Apartment 3 - 85sqm (915sqft) - 2B/4P

Second Floor

Apartment 4 - 66sqm (710sqft) - 2B/3P
Apartment 5 - 62sqm (667sqft) - 2B/3P
Apartment 6 - 95sqm (1023sqft) - 2B/4P

Third Floor

Apartment 7 - 75sqm (807sqft) - 2B/4P
Apartment 8 - 98sqm (1055sqft) - 2B/4P

The proposed development will therefore comprise approximately 3617sqft of conversion and 2885sqft of new build (excluding communal/circulation spaces).

Exeter

Consistently rated as one of the best places to live in the UK, Exeter offers a high quality of life, a low crime rate and a highly rated University. With a population of about 120,000, Exeter combines modern facilities with a sense of the past.

Cafés, restaurants, pubs, and modern shops mix with historic buildings. This includes the Cathedral which was consecrated in 1133 and rebuilt in the late medieval period and the Guildhall which is claimed to be the oldest civic working building in the country.

Communication links are excellent with the city being close to the M5, A30/A38 into Cornwall, mainline rail stations and Exeter International Airport.

Planning, S106 & cil

Detailed planning approval ref. 20/0391/ful was granted on the 18th June 2021 by Exeter City Council for the "Alterations to ground, first and second floor levels, addition of a third-floor level to create eight new apartments".

There are no affordable housing provisions or financial S106 liabilities associated with the current planning permission.

A cil liability notice sets out a charge of £92,527.54 in relation to the approved scheme.

Copies of the planning documents and technical information are available upon request.

Method of sale & tenure

Offers are invited for the freehold of the building (noting that the purchase will be subject to the existing lease to Costa continuing. Upon its demise, the leasehold of that part of the building will revert to the current vendor).

VAT

The Agents understand that this site is elected for VAT and therefore VAT will be payable upon the purchase price.

Viewing

Please contact the vendors agents klp, or Savills to arrange to view the site.

Services

Interested parties are advised to contact the relevant utility companies to confirm the nearest connection points and capacity of all required services prior to making any offer.