Land for sale

Land At Watermills Road, Chesterton, Newcastle-Under-Lyme, Staffordshire ST5


Guide price
£1,450,000
S.O.A.

Description

Location
The site has an extensive frontage to Watermills Road and is located to the north of Chesterton, an established urban village, located approx. 3 miles to the north of Newcastle under Lyme town centre. The majority of the site is flanked by either established tree formations or agricultural land and is positioned in a mixed-use area within close proximately to a large housing estate and a range of retail and public amenities.

Description
A relatively level parcel of land extending to 3.72 acres with the benefit of a full detailed planning permission, granted 18th December 2020 (Application no: 20/00463/ful), permitting the development of 67 houses of various styles. This is a site that can be developed immediately, located in a popular area benefiting from excellent transport links and being within 3.5 miles of Newcastle under Lyme town centre.

Terms
Proposal

The site is being offered to the market freehold together with the benefit of the detailed planning permission, subject to Contract only and on the basis that an interested party can conclude the purchase quickly. We are not looking to attract offers on a subject to planning' basis or from parties that want a protracted conveyancing process.

VAT
The land has been Opted to Tax'.

Other
Development overview

The detailed planning consent enables the following development against which minimum' Gross Development Values have been assessed.
There are developments in the area which support higher GDVs, in particular kier are currently building/marketing new homes on The Paddocks' off Lower Milehouse Lane, Newcastle, ST5 9BA where 3 bedroom semi detached houses are being offered at circa £200,000 and 4 bed detached houses are being offered at circa £270,000.

House Type: Size (m sq): Unit No: Unit Value: Total Value:
Terraced 79 44 £145,000 £6,380,000
Detached 93 5 £220,000 £1,100,000
Large Semi 93 8 £165,000 £1,320,000
Small Semi 79 10 £155,000 £1,550,000
67 Total gdv: £10,350,000

Affordable Housing Requirement:
As part of Section 106 Agreement, there is a requirement to offer 25% of the properties as Affordable Housing'. The vendor has already had preliminary discussions with one local Housing Association provider who has expressed interest in acquiring the Affordable Housing' plots, further details of which can be made available to interested parties.
National Housing Building Standards:
The above house sizes are in line with National House Building Standards however, there is scope to reduce floor areas by as much as 20% thus reducing build costs and potentially increasing the density of development and in turn the gdv.
Ground Investigation Report:
A Phase II Geo-environmental Site Assessment Report' has been commissioned, which can be made available to interested parties, which concludes that there are no significant contamination issues relating to the site that require remediation. There are no mine shafts or exclusion zones within the curtilage of the site either.

Section 106 Agreement:
A Public Open Space Contribution' of £373,793 has been agreed payable by way of four equal instalments of £93,448.25 after each 25% of the development has been built and occupied.

Viewing
The site is open and can be viewed without appointment.

Categories

Land
Call
Property reference
CP35464_218