162-2330v
162-2283x
  • For Sale
  • Offers Over £700,000
  • 1-5 High Street, Haverhill, Suffolk, CB9 8AA
  • RESIDENTIAL DEVELOPMENT OPPORTUNITY

RESIDENTIAL DEVELOPMENT OPPORTUNITY

| February 10, 2020

Executive Summary

  • Development opportunity to convert the upper parts of an attractive and imposing mixed-use property
  • Planning consent has been approved for conversion of the upper parts into 21 apartments (1 x studio, 11 x 1 bed, 7 x 2 bed, & 2 x 3 bed) totalling 15,386 square feet of net saleable area
  • Located within the Haverhill (Queen Street) Conservation Area close to all local amenities
  • Offers are invited in excess of £700,000, reflecting £45.50 per square foot of the net saleable area

Location
Haverhill is an attractive market town in Suffolk next to the borders with Essex and Cambridgeshire. It lies 16 miles south-east of Cambridge and 16 miles south-west of Bury St Edmunds. The building is situated on the High Street opposite Haverhill Market Square and at the junction of Swan Lane, Queens Street and Camps Road. The town centre bus station is 0.2 miles to the east of the property providing a number of different routes for the local community. Access to the A11 is 11 miles to the west which in turn provides access to the M11. The property is located within the Haverhill (Queen Street) Conservation Area but the building itself is not listed. Immediately opposite the application site is the St Mary’s Church and associated grounds creating a focal point for the area. Please note all distances given are approximate only.

Description
The property is situated within a prominent three-storey end of terrace building. The ground floor currently has retail use and is excluded from the sale. The upper floors are currently vacant but have most recently been used as a night club (sui generis) and ancillary retail space (A1).

Development
The property benefits from two planning consents granted by West Suffolk Council planning department which we understand can be implemented simultaneously and are described as follows;

1-3 High Street, Haverhill, CB9 8AA (DC/19/0226/FUL)
Change of use to first floor level from A1 (ancillary retail storage) to C3 (Dwellings) to create 7 residential units (5 x 1 bed & 2 x 2 bed) including external alterations and associated amenity space.

5 High Street, Haverhill, CB9 8AA (DC/17/2539/FUL)
Conversion of building to provide 14 residential units (1 x studio, 6 x 1 bed, 5 x 2 bed, & 2 x 3 bed), including addition of dormer extension and associated amenity space.

Please note that there are no affordable housing obligations for either consent. Subject to obtaining appropriate consents it might be possible to reconfigure the design and layout to provide additional units within the scheme.

We are informed by the seller that the development is subject the following contributions;
CIL: No payment due.
S106: £41,252

Data Room
A data room has been setup and access is available on request.

Terms
Offers are invited in excess of £700,000, which reflects a purchase price of £45.50 per square foot of the net saleable area. The ground floor retail units and freehold are potentially available by separate negotiation.

Tenure
The property will be sold on a Virtual Freehold basis with a new 999 year lease.

Viewings
Strictly by appointment through sole agents Harston&Co.

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The Site and all the content on the Site is provided for use "as is" and "as available" and any reliance upon the same is at your sole risk. Whilst We take all reasonable care to ensure that the content on this Site is accurate, We cannot guarantee its accuracy and We reserve the right to change the content on this Site at any time. We make no representations or warranties of any kind with respect to this Site or the content of the Site, including any text, graphics, advertisements, links or other items. Further more, neither We nor any other contributor to this website make any representation or gives any warranty, condition, undertaking or term either expressed or implied as to the condition, quality, performance, accuracy, fitness for purpose, completeness or freedom from viruses of the content contained on the Site or that such content will be accurate, up to date, uninterrupted or error free.