Land - Sold Subject to Contract
Lord Street, Preston
£450,000

*Planning Approved For 13 City Centre Apartments*Potential Rental Income Of £140,000 Gross Per Annum*Fantastic Location*Nearby Transport Hubs*Shopping Malls*Bars*Restaurants*Book A Viewing To Avoid Disappointment* DESCRIPTION

This Grade 2 listed Warehouse Building is located in the City Centre of Preston and is an excellent opportunity for Developers to invest in a City which has a year on year demand for more residential accommodation to meet the needs of our University Students and working professionals. The site is located near the Bus station and nearby Shopping Malls, Bars and Restaurants. The building is also a few minutes walk to the University and the latest re-generation project which will consist of cinemas more bars and restaurants.

The vendor has informed us that all changes will be possible to the building except the wooden beams inside the building which is protected by the fact it is a listed building.

PLANNING

There is currently planning permission which has been approved by Preston City Council for 13 Apartments which will consist of seven, 1 bedroom apartments and six, 2 Bedroom Apartments. The number of apartments can be reduced if you decided to place a coffee shop as this was the original vendors plan. There is parking which can be available from nearby Bus Station.

The links for the applications which are located on Preston City Council website are as follows:- Application number 06/2016/1193 & 06/2019/0611


The planning is classed as commenced, as the ground floor has been demolished and the piles have been drilled in to the ground and the piling cap has been attached to the Piles, however no Concrete has been poured in to the piling cap.

POTENTIAL REVENUE

There are currently 1 bedroom apartments been rented for £1000 pcm and 2 bedroom apartments rented at £1500 pcm in the City Centre. These apartments are finished to a very high standard.

We estimate that if the apartments are finished to a high standard then a two bed apartment can be rented in the approximate region of £1000 pcm and a 1 bed apartment at £800 which will be excluding bills.

The total approximate income which can be achieved for all apartments is £140,000 per annum

If you have the desire and motivation to take on this excellent project, please arrange a booking with Northwest homes.


Tenure: Freehold

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