9-41, 47 Grange Street, Derby
Development land with planning permission for 12 two bedroomed flats. Site is close to the City Centre, train station, Derby Royal Infirmary and residential areas, with excellent letting potential.
Alternative development proposals may be allowed offers invited – for initial consultation, please contact Baggy Tiwana on email@example.com or call 07971 241120
The property is located close to the City Centre. On exiting the City Centre, proceed along Osmaston Road, where Grange Street will be accessed on the right.
The site currently comprises three residential dwellings known as 39, 41 and 47 Grange Street. To the rear are several outbuilding/stores and a reasonable sized garage.
In the event the potential purchaser wishes to alter the existing proposal for twelve flats, the three dwellings could be let on an assured shorthold tenancy arrangement to generate additional income.
39-41 Grange Street
Ground Floor – Lounge, Dining Room, Kitchen
First Floor – Four bedrooms, two bathrooms
Second Floor – Bedroom five
47 Grange Street
Ground Floor – Four reception rooms, kitchen, bathroom
First Floor – Four bedrooms, bathroom, store
We have had quotes to build at £432k ( build is at £713.53 per sq metre - aprox £80 per sqft)
Working on worse case sale scenarios
£115,00 - 2 Bed Flats * 12 £1.38M
Land offers around £420k
Build Cost £432k
Potential Gross Profit £528K
Comparisions from http://www.gadsby-orridge.co.uk/ a Derby Estate Agent shows flats at £103k for one bed and £120k for two bed flats in the area. Rental for new two bed flats £450 and £325 to £350 for one bed pcm.