Sold for £560,000

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Freehold development opportunity (0.59 acres) comprising attractive Victorian school buildings with planning permission for conversion to 7 maisonettes (5 x 2 bed, 1 x 3 bed and 1 x1 bed) and construction of 4 x 3 bedroom houses, vacant.

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Description/Location

The property is located in the centre of Chelston close to Sherwell Park and comprises a former Victorian school house occupying a site of 0.59 acres and a total floor area of 11,242 sq/ft (source RICS report). Planning permission was granted by Torbay Council (planning ref number P/2019/0919) on 4th February 2020 for conversion of the main building into 7 maisonettes, (comprising 5 x 2 bedroom, 1 x 3 bedroom and 1 x 1 bedroom) and a new terrace of 4 x 3 bedroom houses. A RICS report dated 3rd July 2020 states an existing market value with the planning permission of £750,000 and a Gross Development Value at £2,245,500. Local estate agents Connells and Bradleys have estimated the GDV at £2,530,000 & £2,585,000 respectively. Please refer to the legal pack for a copy of the RICS report and the Estate Agents valuations.

Tenure

Freehold

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*Guide Price & Reserves

Generally speaking 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. Virtually every property will be offered subject to a Reserve (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.

The “Important Notes For Auction Buyers” at the front of the catalogue includes a definition of “Guide Price & Reserve Price”. All properties are subject to a purchaser’s administration fee of £1,500 + VAT unless otherwise stated in the addendum (£420 inc VAT for lots with guide prices up to £3,000). If the purchaser is liable for any further costs these will be stated within the Special Conditions of the legal pack, that have been produced by the seller’s lawyer, a copy of which can be downloaded from our website.