0 bed Land (for sale) Northwood Street, Jewellery Quarter B3

£3,200,000
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Martin & Co Birmingham City
32 Carver Street, Birmingham
0121 659 5646
First Published

2nd Sep 2019

Last Published

12th Sep 2019

 

Features

  • Type: Land
  • Bedrooms: 0
  • Listing status: sale
  • Country: England

Description

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.

 

Local info for B3

 

Property Value Data/Graphs for B3

Property Type % Avg. current value Avg. # beds Avg. # bathrooms
Flat 92.7% £296,005 1.8 1.5
Studio 3.7% £146,650 0 1
Town house 2.4% £647,500 3 2
Maisonette 1.2% £220,000 2 2

Area Information

Average Price Paid

£215,486

Sales

648

Current Average Value

£298,187

Value Change

£82,701 38.4%

 

Current Asking Prices in B3 Average: £298,187

Property Type 1 Bed 2 Beds 3 Beds 4 Beds 5 Beds
Houses - - £647,500 (2) - -
Flats £179,559 (23) £314,395 (47) £544,286 (7) - -
All £179,559 (23) £314,395 (47) £567,222 (9) - -

Nearby Properties

2 bed Terraced house () Handley Grove, Birmingham B31 £169,950
3 bed Semi-detached house () Willow Avenue, Edgbaston, Birmingham B17 £225,000
2 bed Flat () Kinsey Road, Edgbaston, Birmingham B66 £115,000
3 bed () St. Albans Road, Smethwick B67 £145,000
2 bed Flat () The Boulevard, Birmingham B5 £195,000
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