A mid-terraced double fronted shop with first floor auxiliary space offering potential for redevelopment. We would suggest there is potential for two additional storeys (to match the neighbouring property) and potential to extend at the rear.
The property is situated on City Road opposite Hamilton House within close proximity to Cheltenham Road and the city centre. Cabot Circus and Broadmead shopping centres are within easy reach and the surrounding area has undergone significant redevelopment in recent years.
We consider that the site offers significant potential for redevelopment and a scheme of circa 7 apartments may be achievable, subject to obtaining the necessary planning consents. On the basis that a scheme of this size can be implemented, we would anticipate a Gross Development Value in the region of £1,475,000. However, the property does not currently benefit from any planning consent and redevelopment of the site would be subject to a full planning application.
The existing floor plan is provided for indicative purposes only.
The property is offered for sale on a freehold basis and is currently let at approximately £20,191.92pa until 31st July 2019, although we are informed the tenants do not have the right to renew. Furthermore, our client informs us that vacant possession could be provided earlier if necessary.
Please note, the lower ground floor and rear yard is not included in the sale and will be retained by our client.
Offers are invited both unconditionally and on a subject to planning basis.
All figures quoted are exclusive of VAT unless otherwise stated.
Strictly by appointment with Maggs & Allen.
As per the Control of Asbestos Regulations 2012, the owner or tenant of the property, or anyone else who has control over it and/or responsibility for maintaining it, must comply with the regulations which may include the detection of and/or management of any asbestos or asbestos related compounds contained at the property. Maggs & Allen has not tested or inspected for Asbestos and therefore recommend all interested parties to make their own enquiries.
Maggs & Allen use all reasonable endeavors to supply accurate property information in line with the Consumer Protection from Unfair Trading Regulations 2008. These property details do not constitute any part of the offer or contract and all measurements are approximate.
It should not be assumed that this property has all the necessary Planning, Building Regulation or other consents. Any services, appliances and heating system(s) listed have not been checked or tested. Please note that in some instances the photographs may have been taken using a wide angle lens.
Any site and floor plans provided are for indicative purposes only and should not be relied upon.