Land for sale

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Land for sale

The Maltings, Long Trods, Selby, UK, YO8
£1,850,000

Our Summary

  • In addition, the site benefits from a detailed planning consent for the conversion of the ground, first and second floors to provide a further 18 flats and 2 commercial units, which have the potential to provide an additional gross rental income of between £129,000 to £151,000
  • It is also understood that there may be potential for another 8 flats, 2 duplexes and the development of the carpark to the rear, subject to obtaining the necessary planning consents

Description

This property presents a unique investment opportunity with an existing income stream from 23 flats and detailed planning consent for the development of additional residential and commercial units. The site, situated in Selby, a market town in North Yorkshire with excellent transport links and a range of amenities, offers a chance to expand the current property portfolio with potential for significant rental income growth. The existing flats are fully let, generating £119,000 in gross rental income, with the potential to increase to between £129,000 to £151,000 with the development of the additional units, subject to obtaining the necessary planning consents for the remaining development potential. The site also benefits from a detailed planning consent for the conversion of the ground, first and second floors to provide 18 new flats and 2 commercial units, with pre-start planning conditions already discharged and demolition works underway. Selby's location and amenities make it an attractive place for residents and businesses alike, with easy access to major cities and a variety of leisure and cultural activities. The property is well-positioned for further development and investment, offering a compelling opportunity for an investor looking to grow their portfolio in a thriving town with strong community ties.
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