Land for sale

Norfolk Road, Margate, Kent CT9


£1,500,000
S.O.A.

Description

Description
A 26,000 sq ft former residential training and retreat centre situated over 3 floors with multiple staircases and a lift.
The property has 60+ bedrooms, most being en-suite and some having their own reception areas/rooms. On the
ground floor the property has a number of reception areas, offices, a chapel, recreation rooms and a large room that was formerly a swimming pool complex and was converted by the institute so it could be returned to its former use as required.
There are dining rooms, a lecture theatre, equipped catering kitchen plus a number of ancillary facilities.

Estimated Values:
Commercial Rent £8 - £10 psf - Commercial Sale £600,000 +
Residential Sales £2.6 - £2.8m

accommodation
Ground Floor D1 Unit 558 Sq m
The proposed apartment sizes are below (total inc balcony areas)
Unit 14 - 115.523 sq m
Unit 13 - 79.286 sq m
Unit 12 - 97.871 sq m
Unit 11 - 65.542 sq m
Unit 10 - 79.127 sq m
Unit 9 - 65.428 sq m
Unit 8 - 106.698 sq m
Unit 7 - 66.936 sq m
Unit 6 - 111.663 sq m
Unit 5 - 76.371 sq m
Unit 4 - 103.824 sq m
Unit 3 - 83.232 sq m
Unit 2 - 113.972 sq m
Unit 1 - 66.085 sq m

terms
Guide Price £1,500,000 Freehold

VAT
We understand the property is not elected for VAT

planning
Thanet District Council have granted the below permissions
F/th/19/1740: Change of use and conversion of upper floors to 14 self contained flats with access from ground floor and erection of first and second floor rear extensions, enlargement of front dormer window, alterations to fenestration and removal of existing fire escapes together with associated parking and bin stores.

F/th/19/0772: Change of use of part ground floor to mixed use Non-residential Institution (Use Class D1) with associated parking and boundary treatments and replacement windows doors and render following the demolition of existing single storey rear extension and fire escape.

Categories

Land
Call
Property reference
CP368A14_109