About this property
Development/Investment opportunity available. This opportunity is in a SPV and stamp duty etc savings can be made. Planning has been granted for 10 x additional flats to be built on the 4th and 5th floors (currently air space). 4th floor to comprise of 8 x 1-bedroom flats (2 x flats with additional internal rooms) & 5th floor 2 x 2-bedroom penthouses.
A new cycle store to be built. New 150-year leases that allow short term holiday lets will be provided for each of the proposed new flats. There will be no ground rent to pay going forward. The proposed air space flats will range from 398 sq ft (36.97 sq mt) to 506 sq ft (47 sq mt). All flats will have an open plan Living/dining room/kitchen, bedroom and bathroom. Two of the flats on the 4th floor will benefit from an additional internal study/bedroom two. Some flats will have sea views. No parking.
The site is within walking distance of the beach, regular public transport links to Bournemouth Town Centre. Bournemouth Borough Council. Application number: 7-2020-21563-F. CIL £48,191.27, this has been paid by the vendor but will be passed on to the new purchaser. Section 106 £1,936.00. All Council contributions to be paid by the purchaser. Note: the CIL and section 106 payments are not included in the purchase price and will need to be reimbursed to the vendor. Building Regs and Structural engineers report will be provided to the proceeding purchaser. The vendor has confirmed that both reports are acceptable and confirm that the existing building is suitable for the proposed work to be completed.
The party wall agreements will be passed over to the purchaser. The vendor will provide conformation that all Meyrick Estates covenants have been satisfied, paid and the new build section of this existing building can be built. Site area 0.110 Hectares. Estimated GDV for the proposed flats is £2,400,000.00. Please ask Andrew Hooper or Robert Smith for further details.
More development & investments available on our web site: www.churchfield.uk.com
a) Acquired development, investment or land - I/we confirm that if I/we decide to dispose of the acquired site, I/we will instruct Churchfield to market the acquired site on a sole agency basis for a minimum period of six months. Churchfield marketing period can start from any point within five years of the original acquisition completion date. Churchfield will not charge the vendor a fee for selling the development, investment or land. However, should the acquisition be sold by the vendor or his agent within the five-year period with Churchfield not being instructed, a fee of 3% including vat of the most recent sale price achieved or the GDV of the completed individual units will be payable to Churchfield (minimum fee 3% including vat). I/we understand that once the five-year period after completion of the acquisition has expired, the purchaser may dispose of the acquisition to any third party with Churchfield having no financial interest.
a) Individual unit sales & rentals - I/we confirm that if I/we decide to dispose of the individual units, Churchfield is to be instructed on a sole agency basis at a fee of 2.4% including vat for a minimum period of six months from the date where the units are safe to conduct viewings or when the site is fully completed. The selling period can start at any point within five years of the original completion date of the acquisition. After the six month Churchfield marketing period has elapsed, an over rider fee of 0.9% including vat is payable on completion of any remaining units not sold directly by Churchfield. Payment to be when each individual unit completes. Rental of the existing/proposed or finished individual units. Churchfield are to fully manage the lets or re-lets at 9.6% including vat, for a period of 36 months from the date that the units are completed and safe to conduct viewings. I/We understand there is a fixed fee of £2,000.00 (including vat) for any unit removed from letting within the three-year management period.