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Studio flat for sale

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Studio flat for sale

The Maltings, Flaxley Road, Selby, North Yorkshire, YO8 4BG
£1,250,000

Our Summary

  • DescriptionFreehold Mixed-Use and Town Centre Investment & Development Opportunity:Part income-producing with 23 flats let at £134,640pa plus vacant commercial space with extant planning consent for 18 additional flats and commercial units
  • Excellent potential to enhance income: projected gross rent approx
  • The ground, first and second floors comprise vacant offices and a restaurant, with planning permission granted (and extant) in June 2022 for the conversion of these floors to provide 18 flats along with commercial units
  • Further potential includes conversion of 2 existing flats to 2 bedroom duplexes and the acquisition (negotiations underway) of adjacent land for addition of 8 further flats (STP); we estimate this may increase the rental yield by approx
  • Development of the existing car park (STP) may also be investigated
  • Planning permission in place for further residential conversion and commercial space
  • Potential to significantly enhance income and capital value through development
  • Potential to develop car park and acquire adjacent land for further development (STP)
  • PlanningPlanning permission (reference 2019/0961/FULM) was granted in 2022 for conversion and change of use of the ground, first and second floor of The Maltings to 18 flats on the first and second floor and store/plant room on the ground floor following demolition of the squash court (since completed securing the planning in perpetuity)
  • PLEASE BE AWARE THAT THESE DETAILS ARE OFTEN UPDATED AND SUBJECT TO CHANGE ANY TIME BEFORE THE AUCTION
  • TO BE SOLD BY PUBLIC ONLINE AUCTION ON 26TH NOVEMBER 2025

Description

This is a unique mixed-use property investment and development opportunity in Selby, North Yorkshire. The property, known as The Maltings, is currently generating an income of £134,640 per annum from 23 self-contained flats, with potential to increase this income through development. The property also has extant planning permission to convert the vacant commercial space on the ground, first, and second floors into 18 additional flats and commercial units, which could increase the gross rental income to approximately £300,000 per annum. There are also opportunities to develop the existing car park and acquire adjacent land for further development, which could increase the rental yield by around £75,000 per annum. The property is situated in a popular commuter town with established rental demand, making it an attractive investment opportunity for those looking to generate income and potentially increase capital value through development.