20th March 2020

New life for old buildings as former factory is set to be converted into flats

A former factory in a Leicestershire village is ready to be transformed into 16 new homes – and is due to be sold by auction this month.

SDL Auctions Graham Penny is due to sell the factory in 124 Countesthorpe Road in South Wigston at its second Leicester auction of the year on Friday 27th March. The auction will be held via video link, with buyers having a choice of remote bidding options.

And the site, which has a *guide price of £325,000+, offers an exciting opportunity for a developer, according to senior valuer Carl Finch, who said the completed project has the potential to earn an annual rental income of £85,000.

He said: “What a wonderful opportunity to turn an abandoned and overgrown site into something which will not only enhance the landscape but provide much-needed homes in the village. And with planning permission already in place, investors are sure to be keen to take a closer look at this property, as the new owner will be in a position to start work straight away.”

The former factory unit is a two-storey building in good order throughout. It has planning permission, dated August 2019, for conversion to 10 self-contained studio apartments. There is also planning permission for a further six new-build apartments on land to the left of the factory. There will be secure car parking at the rear.

Auctioneers also believe there is the potential to add further units to the development in the loft space, or by extending to the rear, subject to obtaining the necessary planning permissions.

Carl added: “This site has the potential to deliver a great yield and the completed apartments are sure to be in demand from tenants due to the great location, with a railway station within walking distance and the motorway network nearby.”

Converting old buildings into new homes creates unique properties with character and two other lots being sold in the auction are prime examples of this, providing opportunities for investors who prefer to buy their flats ready to let immediately.

One is in 70 Cavendish Road in Aylestone, which comprises two luxury duplex apartments in a converted Victorian coach house with a guide price of £225,000+.

Tucked away in a secure location off Cavendish Road, the apartments are finished to a very high standard with period features enhanced by stylish fittings.

Apartment One has a reception hallway, large open-plan kitchen/living/dining area, a utility room and cloakroom/WC on the ground floor. Stairs lead to a bathroom and bedroom, which has the scope to convert to two bedrooms, subject to any necessary consents.

Apartment Two has a large open-plan kitchen/living/dining area and a bathroom, with a spiral staircase leading to a mezzanine bedroom.

The property has a communal reception hallway, plus a communal front garden area and an enclosed, private rear courtyard. It is well placed for local amenities, with easy access to the city centre, Fosse Shopping Park, the Royal Infirmary Hospital and motorways.

The apartments are available with vacant possession but have always been let at around £650 per calendar month each, providing a combined annual income of £16,000.

Carl said: “These duplex apartments really must be viewed, as they are exceptional properties which are ideal for single professionals or couples. They would make an excellent addition to a rental portfolio as they are so desirable and in such a good location.”

Another property which has been transformed into homes is a former hotel in Melton Mowbray’s town centre and, within it, Flat 9, The George Hotel in 8 High Street is going under the hammer with a guide price of £89,000+.

Featuring a communal hallway, reception hallway, open-plan lounge/kitchen, three bedrooms and a bathroom, the second-floor leasehold apartment offers approximately 745 sq ft of accommodation and is in good order throughout. It is currently vacant but was previously let at £575 per calendar month.

Carl added: “This is another excellent apartment in a landmark property in the town. It’s ideal for those who like to be in the centre of things, with shops and restaurants all within walking distance, but with parks and open spaces nearby, too.”

These are just three of the lots going under the hammer in the Friday 27th March auction, which will take place behind closed doors to limit unnecessary social contact. To register for an internet, telephone or proxy bid click here to submit the form and a member of the auctions team will call you back.