High Street, Chepstow, Chepstow

Guide Price £95,000 - For Sale

  • For Sale By Public Auction
  • Thursday 4th November 2021
  • Remote Online, Proxy & Telephone Auction
  • Legal Packs via our website

DEVELOPMENT OPPORTUNITY - PLANNING FOR 3 FLATS A fantastic development comprising the first and second floors of an attractive Grade II listed building in the heart of Chepstow. Full planning and listed building consent has been granted for the conversion of the upper floors into three, self-contained 1-bedroom flats. The property is situated in a central location in Chepstow and will appeal to builders, developers and investors.

FOR SALE BY AUCTION -

This property is due to feature in our online auction on 4th November 2021 at 6.00pm. Bidding is via proxy, telephone or online remote bidding.

VIEWING -

By appointment

SUMMARY -

FIRST & SECOND FLOOR DEVELOPMENT OPPORTUNITY - PLANNING GRANTED FOR 3 FLATS

DESCRIPTION -

An exciting opportunity to purchase the first and second floors of this attractive period building in a fantastic location in the centre of Chepstow. Full planning and listed building consent has been granted for the conversion of the upper floors into 3 x 1-bedroom flats with access from the rear of the building. This rare development project will appeal to builders, developers and investors alike.

LOCATION -

The property is situated in a prominent location on the High Street in Chepstow. The town of Chepstow is conveniently located for access to Bristol (approx. 18 miles to the southeast) via the Severn Bridge. Newport and Cardiff are just 16 miles and 28 miles away respectively and are easily accessible via the M4 motorway.

EXISTING ACCOMMODATION -

The existing first floor accommodation was previously used as ancillary accommodation to the ground floor retail premises whilst the second floor was previously arranged as a large flat. Both floors are now presented as a vacant shell, ready to implement the approved planning consent.

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PROPOSED FLATS -

Flat 1 - 39.7 sq m (427 sq ft)
Flat 2 - 35 sq m (378 sq ft)
Flat 3 - 77.2 sq m (830 sq ft)

GROSS DEVELOPMENT VALUE (GDV) -

We are advised by the vendor that a local agent has provided the following valuations of the proposed flats:
Flat 1 - £135,000 - £140,000
Flat 2 - £130,000 - £135,000
Flat 3 - £150,000 - £155,000

PLANNING -

Full planning consent was granted for the proposed conversion on 15 February 2021 under Application No. DM/2019/01745. Listed building consent was granted on 11 January 2021 under Application No. DM/2019/01746.

LOCAL AUTHORITY -

Monmouthshire County Council.

TENURE -

The property is to be sold on a new 150 year lease.

GROUND RENT -

The property will be subject to a ground rent of £100 with 25 yearly reviews linked to RPI.

ENERGY PERFORMANCE CERTIFICATE -

Rating:
Ground Floor: C
Maisonette: G

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BUYER'S PREMIUM -

Please be advised that all purchasers are subject to a £1,000 plus VAT (£1,200 inc VAT) buyer's premium payable upon exchange of contracts.

*GUIDE PRICE -

Guide Prices are provided as an indication of each seller's minimum expectation. They are not necessarily figures which a property will sell for and may change at any time prior to the auction. Each property will be offered subject to Reserve Price (a figure below which the Auctioneer cannot sell the property during the auction) which we expect will be set within the Guide Range or no more than 10% above a single figure Guide.

RESERVE PRICE -

The seller's minimum acceptable price at auction and the figure below which the auctioneer cannot sell. The reserve price is not disclosed and remains confidential between the seller and the auctioneer. Both the guide price and the reserve price can be subject to change up to and including the day of the auction.

PROXY, TELEPHONE & ONLINE REMOTE BIDDING -

The auction will be held online via live video stream with buyers able to bid via telephone, online or by submitting a proxy bid. You will need to complete our remote bidding form, which is available to download from our website. The completed form, ID (driving licence or passport and a recent utility bill stating the home address of the purchaser) and a cheque/bank transfer for the Preliminary Deposit must be received no later than 24 hours before the date of the auction.

PRELIMINARY DEPOSITS -

The Preliminary Deposit required for each lot you wish to bid for will be calculated based upon the Guide Price as follows:

£1,000 - £50,000: £2,000
£51,000 - £150,000: £5,000
£151,000 and above: £10,000

If your bid is successful, the balance of the deposit monies and Buyer's Premium (£1,200 inc VAT) must be transferred to our client account within 24 hours of the auction sale. If you are unsuccessful at the auction, your Preliminary Deposit will be returned to you.

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Maggs & Allen use all reasonable endeavours 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.

Floorplan for High Street, Chepstow, Chepstow