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Residential Development Opportunity, 7-25 Newhall Street, Hanley, Stoke-on-Trent, ST1 5HQ

0.18 acres / Land / Residential

For Sale - £595,000.00

Available - Last updated: 19 April 2022

The site comprises and rectangular parcel of land extending to 0.18 acres, all of which is cleared of buildings. The site now benefits form planning permission (Application 60469FUL) to demolish the existing buildings (now completed) and construct a 4-storey residential development comprising 32 self-contained flats. The apartments are tastefully designed with open plan kitchen/living room areas. 24 of the two-bedroom apartments have ensuite shower rooms and all of the apartments have a private terraces providing external amenity space.

The site represents a great opportunity to construct what would become a landmark residential development in the city centre in an area that is benefiting from significant levels of investment.

Location

The site has a 37.3 metre frontage to both New Hall Street and Weaver Street and comprises an in-fill development site between two existing buildings and is centrally located in the City Centre close to the very popular Cultural Quarter where a wide range of retail, leisure and office orientated businesses are located.

The recently establish Smithfield development (www.smithfieldstoke.com) is within ¼ of a mile, where over 210,000 sq ft of Grade A office space has already been built and occupied with another 214,000 sq ft in the pipeline. The Hilton Garden Inn hotel and an 11 storey 151-unit apartment block have also been constructed and a 730-space multistorey car park is currently under construction. Festival Park is within a 10-minute walk where a significant number of office businesses are located together with leisure outlets such as Waterworld, the Odeon Cinema and Stoke Ski Centre.

Accommodation

SITE AREA - Using Ordinance Survey Promap we calculate the site to extend to 0.18 acres.

Frontage to New Hall Street & Weaver Street: 37.3 meters

Site Depth: 19.2 meters

Terms

PLANNING PERMISION - On the 25th May 2017 Stoke on Trent City Council granted full permission (Application no: 60469/FUL to demolish the existing buildings and construct a four-storey apartment block comprising 28 x 2-bedroom apartments and 4 x 1-bedroom apartments. Further details can be found at: www.planning.stoke.gov.uk/online-applications/ using ‘ST1 5HQ’ in the post code search box.

GROSS DEVELOPMENT VALUE - The scheme comprises the following:
Ground floor First floor
4 x 1 bed apartments @ 603 sq ft 6 x 2 bed apartments @ 771 sq ft
4 x 2 bed apartments @ 708 sq ft 6 x 2 bed apartments @ 801 sq ft
Second floor Third floor
6 x 2 bed apartments @ 771 sq ft 6 x 2 bed apartments @ 771 sq ft
6 x 2 bed apartments @ 801 sq ft 6 x 2 bed apartments @ 801 sq ft
The agents estimate that the one-bedroom apartments should achieve £90,000
The grd floor two-bedroom apartments £100,000
The 1st and 2nd floor two-bedroom appts £110,000
The above generates a GDV in the region of £3,400,000.

SERVICES - We understand that all mains’ services are available although interested parties will need to make their own enquiries of the relevant utility companies.

VAT - The sale price is not subject to VAT.

TENURE - The site is available freehold, subject to contract.

PRICE - £595,000

Specification

  • Residential City Centre Development Opportunity
  • 0.18-acre site with consent to develop 32 apartments over 4 floors
  • 28 x 2 bedroom and 4 x 1-bedroom apartments
  • Estimated GDV circa £3,400,000
  • Within walking distance of Smithfield Business Centre and Festival Park

Property Quote Price(s)

DescriptionSale typeGuide pricePrice type
  For Sale Freehold £595,000.00 NA

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Agency Team

Rory Mack Associates Ltd

01782 365492



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