Guide price
£299,999
(£73.71/sq. ft)
Retail premises for saleDevelopment Opportunity, Rayleigh Road, Benfleet SS7
4,070 sq. ft
Freehold
About this property
An exceptional development opportunity to acquire the Freehold of a substantial detached block. This property offers massive potential, featuring six established 2-bedroom apartments sold on long leases with granted planning permission for further expansion.
Existing Accommodation
Residential Units: 6 spacious 2-bedroom apartments (sold on long leases).
Parking: Generous parking area located to the rear of the property.
Garages: 6 private garages, designated to the existing long leaseholders.
The Opportunity
This property offers a combination of immediate ground rent income and a high-yield development play. Located in a sought-after residential area, the site is primed for immediate expansion.
Development Potential: Full Planning Permission Granted for an additional 4 x 1-bedroom apartments, with each new unit designed to include a separate home office/study, specifically catering to the high demand for "work-from-home" flexible living spaces, significantly increasing the site's capital value. The new flats will have the same floor plan as the others below, so can easily be changed to 2 bedrooms STP.
Lease & Income Profile
Flats 1,2,5 & 6 have 199 year leases from 25th Dec 1977 with a ground rent of £25.00 per annum
Flats 3 & 4 999 years with a ground rent of £25.00 per annum
Total Ground Rent: £150.00 per annum.
Investment Highlights
Planning Uplift: Planning to add four modern 1-bed units with office/study.
Minimal Ground Rent Risk: Low, fixed ground rents make these units highly attractive to mortgage lenders and future leaseholders.
Documentation: Full planning documents, floor plans, and existing lease copies are available upon request.
This is an ideal acquisition for developers looking for a project or long-term investors seeking a freehold block with "built-in" growth.
Contact us today for any further information. RX771323
Legal Costs
Each party are to be responsible for their own legal cost incurred in the transaction
Agents Commission
The Purchaser is to be responsible for Gilbert & Rose commission incurred in the transaction
Disclaimer
Whilst every care is taken to ensure that these particulars are correct, accuracy is no way guaranteed and none of the information supplied forms part of any contract. Acceptance of these particulars constitutes a contract to the effect that all negotiations for the business or property will be made through Gilbert & Rose otherwise the purchaser will be equally responsible with the vendor for damages equal to the amount of our commission
Existing Accommodation
Residential Units: 6 spacious 2-bedroom apartments (sold on long leases).
Parking: Generous parking area located to the rear of the property.
Garages: 6 private garages, designated to the existing long leaseholders.
The Opportunity
This property offers a combination of immediate ground rent income and a high-yield development play. Located in a sought-after residential area, the site is primed for immediate expansion.
Development Potential: Full Planning Permission Granted for an additional 4 x 1-bedroom apartments, with each new unit designed to include a separate home office/study, specifically catering to the high demand for "work-from-home" flexible living spaces, significantly increasing the site's capital value. The new flats will have the same floor plan as the others below, so can easily be changed to 2 bedrooms STP.
Lease & Income Profile
Flats 1,2,5 & 6 have 199 year leases from 25th Dec 1977 with a ground rent of £25.00 per annum
Flats 3 & 4 999 years with a ground rent of £25.00 per annum
Total Ground Rent: £150.00 per annum.
Investment Highlights
Planning Uplift: Planning to add four modern 1-bed units with office/study.
Minimal Ground Rent Risk: Low, fixed ground rents make these units highly attractive to mortgage lenders and future leaseholders.
Documentation: Full planning documents, floor plans, and existing lease copies are available upon request.
This is an ideal acquisition for developers looking for a project or long-term investors seeking a freehold block with "built-in" growth.
Contact us today for any further information. RX771323
Legal Costs
Each party are to be responsible for their own legal cost incurred in the transaction
Agents Commission
The Purchaser is to be responsible for Gilbert & Rose commission incurred in the transaction
Disclaimer
Whilst every care is taken to ensure that these particulars are correct, accuracy is no way guaranteed and none of the information supplied forms part of any contract. Acceptance of these particulars constitutes a contract to the effect that all negotiations for the business or property will be made through Gilbert & Rose otherwise the purchaser will be equally responsible with the vendor for damages equal to the amount of our commission
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£1,500 per month
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