We are selling a great residential development & renovation opportunity.

The address of the site is West House, Gable Terrace, Wheatley Hill, County Durham DH6 3JT and can be visited anytime. lots of pictures can be found at

http://profile.imageshack.us/user/billjosh2006/

This is an excellent location and is approx 7 miles from the city centre of Durham and is less than 20 minutes travelling time. The site is located within 2 miles of the main A19 trunk road and therefore gives excellent access to the rest of the North East.

There is a lot of new build development in the area and affordable housing is a key requirement for any new build development, which this development address very well.

The site comprises of two plots - one with a 4 bed detached house with full planning permission for conversion into 2 x 2 bed, 2 bath flats circa 800 sq ft each and the other part to the land is a new build development for 8 flats. The GDV for the flats once the conversion is finished is circa £250,000

The new build development is for 8 flats - 5 x 2 beds & 3 x 1 beds. We have full planning permission granted. The GDV for the site once completed is circa £720 - £750K.

NB There is a lot of scope to increase the density of the development significantly with a revision to the approved plans (subject to the relevant approvals) as the site is located close to local services and facilities, including public transport. Such development would be in accordance with section 67 of the adopted local plan. The site would also be suitable for other uses as in the past permission was given for a 40 bedroom nursing home. There has also been a commercial coach business on the site which housed 6 x 53 seater coaches. So the site would lend itself to other uses apart from a residential development.

The sale of the two plots of land could be exempt from stamp duty as this postcode (DH6 3JT) has been identified as being situated in a qualifying area.

As there are two separate title deeds for the house and the land for the flats, we would be able to structure the sales of the plots so that providing the two were sold as two separate unrelated transactions by two unrelated buyers and were sold for £150,000 or less then you would not have to pay stamp duty.
This is obviously a great deal and one which will save you a lot of money.

We have had an an RICS valuation carried out which has given a value for the land of £255,000. We also have had a very detailed phase 2 site investigation soil contamination survey carried out which includes all necessary land and coal mining searches. We have also had a bat survey carried out. All searches are fine with no problems whatsoever.

We are looking for offers based on a GDV for the new build element in excess of £1mill and for the 2 flats in the house of a GDV of £220 – 250. Please bear in mind that the house is already built and is structurally very sound. – you are not just buying the land where the house is.

We would be grateful in the first instance if you can submit an offer in writing for our consideration.

We do have plans available to email

We are very prepared to negotiate for serious buyers that can show they have funds to complete within 28 days as we have now been very badly let down by a buyer who assured us they could complete quickly. As all searches have been done very recently we are ready to complete.

please feel free to email if yo have any questions or call me on 07970 058504.

Contact details

• Email: Click here to reply to this ad
• Phone: Mr Stokoe 07970 058504
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