An opportunity to acquire a freehold residential development site in the Jewellery Quarter with planning permission for 44 apartments (23 x 1 beds and 21 x 2 beds) and 32 parking spaces. The site is approximately 0.46 acres.
The liveable space totals 23,418 sq ft. Based on other apartments selling off plan in the area for £400 to £450 per sq ft and parking spaces for £15,000, the gdv would be circa £10m to £11m. The rental income achievable on the completed development would be in the region of £491,000 per annum.
We understand that there is no cil payable and the Section 106 has been paid by the vendor.
The Jewellery Quarter is a designated conservation area and proposed World Heritage Site and is already a prestigious and highly desired part of Birmingham. It is experiencing further development as some of the old factories are converted into apartments, restaurants and shops. It is only a short distance to all that Birmingham City Centre has to offer. This development opportunity is located in the heart of this historic district and therefore once its developed the finished product will encourage strong demand, capital growth and strong rental yields.
|Property Type||%||Avg. current value||Avg. # beds||Avg. # bathrooms|
|Property Type||1 Bed||2 Beds||3 Beds||4 Beds||5 Beds|
|Flats||£179,559 (23)||£314,395 (47)||£544,286 (7)||-||-|
|All||£179,559 (23)||£314,395 (47)||£567,222 (9)||-||-|