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Residential Development Opportunity, ‘Majestic Building’, 19-27 Pall Mall, Hanley, Stoke on Trent, ST1 1EB

0.34 acres / Other / Residential

For Sale - £750,000.00

Available - Last updated: 19 April 2022

The site comprises and triangular shaped parcel of land extending to 0.34 acres, part of which is clear and part of which still has a number of buildings in place which will need to be demolished. The site now benefits form planning permission (Application 64145/HYB) to demolish the existing buildings and construct a seven-storey residential development offering 23 x two-bedroom units and 37 one-bedroom units, all of which are individually designed and well proportioned, together with 13 onsite car parking spaces.

The site represents a rare opportunity to construct what would become a landmark residential development in the city centre in what is now an established and vibrant location and forms part of the Cultural Quarter.

Location

The site has a 50-meter frontage to Marsh Street South and a 44-meter frontage to Pall Mall and is centrally located in the City Centre within 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 200 yards, 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 15-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

Using Ordinance Survey Promap we calculate the site to extend to 0.34 acres.

Located on the site are four buildings, requiring demolition which include:

19-21 Pall Mall: A vacant two storey former retail property

23 Pall Mall: An occupied three storey shop with tenant holding over since 2014.

25 Pall Mall: An occupied three storey restaurant with the tenant holding over since 2019.

27 Pall Mall: A vacant single storey former restaurant premises. 

Terms

GUIDE PRICE: £750,000

PLANNING PERMISION - On the 1st of December 2020 Stoke on Trent City Council granted part full/part outline permission (Application no: 64145/HYB) to demolish the existing buildings and construct a seven-storey apartment block comprising 23 x 2-bedroom apartments and 37 x 1-bedroom apartments. Further details can be found at: www.planning.stoke.gov.uk/online-applications/ using ‘ST1 1EB’ in the post code search box.

GROSS DEVELOPMENT VALUE - The apartments range in size from between 50 sq m to 81 sq m with all of the apartments having external recreational areas and a number will also benefit from onsite car parking. The agents estimate that on average the one-bedroom apartments should command a sale price of circa £125,000 with the two-bedroom apartments being in the region of £150,000 which would generate a GDV in the region of £8,000,000.

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 - We are advised that 19-25 Pall Mall are not subject to VAT and that VAT will apply to the sale of 27 Pall Mall.

TENURE - The site is available freehold, subject to contract and with vacant possession if required. For further details please contact the agents.

ANTI MONEY LAUNDERING REGULATIONS - In accordance with the anti-money laundering regulations, two forms of identification will be required (e.g. photographic driving license, passport, utility bill) from the applicant and a credit check may also be required, the cost of which will be the responsibility of the applicant. Where appropriate we will also need to see proof of funds.

Specification

  • Landmark Residential City Centre Development Opportunity
  • 0.34 acre site with consent to develop 60 apartments over 7 floors
  • 37 x 1 bedroom and 23 x 2 bedroom apartments
  • Estimated GDV circa £8,000,000
  • City Centre location forming part of the Cultural Quarter
  • Within walking distance of Smithfield Business Centre and Festival Park

Property Quote Price(s)

DescriptionSale typeGuide pricePrice type
  For Sale Freehold £750,000.00 NA

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Agency Team

Rory Mack Associates Ltd

01782 365492



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