- Development opportunity
- Potential re sale value on site £570,000
- Currently single storey commercial shop
- South City
- Call for more info
The proposal is to demolish the existing single storey retail unit. A new two storey building with rooms in the roof would be provided. The ground floor would accommodate two retail units. The first and second floors would accommodate two retail units.
The first and second floors would provide two, 2 bedroom flats.This proposal is an amended version of a scheme approved in 2017 (17/00776/F). The amendments are to the ground floor footprint to reduce this in order to avoid a surface water drain which runs across the south of the site and there are some minor elevations changes and to the positions of bin and cycle stores. The footprint has also been moved to the northeast side with pedestrian access to the southwest side, rather than northeast. The site and surroundings. The site sits on the south-east side of Sandy Lane within the Lakenham Ward to the south of the city and is close to, but outside, the Old Lakenham Conservation Area. This part of Sandy Lane is mixed in character.
The site is a single storey retail unit last in use as a hairdressers and sitting amongst a small parade of 3 similarly designed single storey retail units. The area is predominantly residential in nature with a number of detached and semi-detached two storey dwellings and bungalows in the vicinity. The site backs onto an area of Open Space which is populated with mature trees and runs along the River Yare. Flood Zone 2 extends close to the rear of the site due to fluvial flooding.
Proposed resale value for the site £160,000 - £175,000 per flat totalling £320,000 - £350,000 & For the commercial shops to factor in £1000 per month rental the yield will be 12% based on £100,000.
Please note that we have not tested any apparatus, equipment, fixtures, fittings or services and as so cannot verify that they are in working order or fit for their purpose. Pymm & Co cannot guarantee the accuracy of the information provided. This is provided as a guide to the property and an inspection of the property is recommended.
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