Residential Development
A freehold site of 0.22 acres with planning consent to create 4 x 2 bedroom houses with gardens and parking located in the up market Okehampton. We are advised works have commenced and a substantial sum of money has been spent so far reducing the cost to complete the project and increasing the scope for a substantial profit with minimal risk.
The project is well-positioned to deliver strong returns and is backed by a substantial investment in planning, professional services, utility installation and core building works.
We have been advised that the following Professional Fees Paid £76,000 (All Fully Transferable)
Architect drawings & QS costs – £20,000
Structural engineer surveys – £5,000
Demolition + asbestos survey – £1,000
Measured survey – £1,000
Building regulations – £6,000
Structural warranty – £8,000
Full planning permission – £20,000
National Grid works – £8,000
South West Water works – £7,000
We have been advised that the following works have been completed:
Completed Build Works (Total Spent: £151,000)
Site Preparation + Demolition
Demolition of outbuildings and existing structures
Removal of all asbestos
Removal and disposal of both existing roofs
Removal of all waste and rubble
Groundworks + Utilities
Trenches for foundations and installed
Trenches for utility installation and installed
All drainage installed
Full water supply installed to all 4 units
Electric meters installed for all 4 units
Structural Works
Steels fitted in Units 3 + 4 ground floor include floor joists
All structural openings created on the ground floors of Units 3 + 4
Roof structure for all units paid for £60k (with £10k left to pay)
First floors in Units 3 + 4 fully installed
Original Planning was granted by West Devon Borough Council on 21/08/2023 Ref: 1642/23/FUL for conversion and extension of the existing, 2 storey bakery buildings to form an attractive mews development of 4 houses.
Note: The land hatched in blue in our marketing plan is included in the demise although excludes the first floor flat and above. Interested parties are advised to inspect the council planning portal, visit the site and inspect the legal pack available from our website.
Please be advised that the auctioneers have not personally inspected the property. Prospective buyers are advised to make a viewing enquiry and any other necessary independent enquiries before placing their bid, as this will be binding.
These sales details are awaiting vendor approval.
Freehold. Vacant possession upon completion.
Auction Details
The sale of this property will take place on the stated date by way of Auction Event and is being sold under an Unconditional sale type.
Binding contracts of sale will be exchanged at the point of sale.
All sales are subject to SDL Property Auctions Buyers Terms. Properties located in Scotland will be subject to applicable Scottish law.
Auction Deposit and Fees
The following deposits and non- refundable auctioneers fees apply:
• 5% deposit (subject to a minimum of £5,000)
• Buyers Fee of 3.6% of the purchase price (subject to a minimum of £6,000 inc. VAT).
The Buyers Fee does not contribute to the purchase price, however it will be taken into account when calculating the Stamp Duty Land Tax for the property (known as Land and Buildings Transaction Tax for properties located in Scotland), because it forms part of the chargeable consideration for the property.
There may be additional fees listed in the Special Conditions of Sale, which will be available to view within the Legal Pack. You must read the Legal Pack carefully before bidding.
Additional Information
For full details about all auction methods and sale types please refer to the Auction Conduct Guide which can be viewed on the SDL Property Auctions home page.
This guide includes details on the auction registration process, your payment obligations and how to view the Legal Pack (and any applicable Home Report for residential Scottish properties).
Guide Price & Reserve Price
Each property sold is subject to a Reserve Price. The Reserve Price will be within + or - 10% of the Guide Price. The Guide Price is issued solely as a guide so that a buyer can consider whether or not to pursue their interest. A full definition can be found within the Buyers Terms.
