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14/16 Bromham Road, Bedford
£500,000 Offers in excess of
A rare opportunity to purchase this consented development site comprising brick built stables which were formerly part of Park Farm, Clapham. Extending to c0.47 acres and situated in a sought-after, non-estate location. SUMMARY:'Development site comprising brick built stables formerly part of Park Farm, Clapham. 'The buildings are consented for conversion to five residential retirement dwellings totalling c4,200 sq. ft GIA. 'The buildings are not listed but are in the curtilage of a listed building. 'The total site area extends to c0.47 acres.'Situated in a sought-after non-estate location close to Bedford & County Golf Club, offering easy access to Clapham village. LOCATION:The site is located on the outskirts of Clapham village, approximately 2 miles to the north of Bedford Town centre and 3 miles east of a junction with the A421 which links junction 13 of the M1 to the A1. Bedfords mainline railway station provides regular services to London St. Pancras with a fast train journey time of approximately 36 minutes.DEMOLITION WORKS:The existing timber stable frames and workshop at the rear of Plots 4 and 5 need to be removed.PLANNING:'Planning application reference 17/01534/FUL for the conversion of the existing stable buildings to five retirement dwellings (NOTE there is no age restriction on occupation) and the demolition of the existing timber frame stable blocks and erection of car ports and cycle/bin store was approved by Bedford Borough Council on 10th January 2018. 'The planning consent is extant, implemented by a small area of foundation having been excavated, a Certificate of Lawful use or Development was issued by Bedford Borough Council on 16th September 2022, a copy is available on request.'All planning conditions have been cleared; this is a ready to go development opportunity. DEVELOPMENT:The approved development amounts to 4,200 sq ft GIA in total:Plot 1 - 2 bed 2 bath @ 923 sq ft (includes Mezzanine level) + Car barn & 1 parking spacePlot 2 - 2 bed 2 bath @ 723 sq ft includes Car barn & 1 parking spacePlot 3 - 2 bed 2 bath @ 712 sq ft includes Car barn & 1 parking spacePlot 4 - 2 bed 2 bath @ 746 sq ft includes Car barn & 1 parking spacePlot 5 - 2 bed 2 bath @ 1,096 sq ft includes Car barn & 1 parking space Plus 3 additional parking spaces. DRAINAGE/SERVICES:We believe foul drainage is to connect to the mains and surface water can discharge into a ditch fronting Green Lane. There is an existing electricity supply to the buildings and a water meter is sited within the verge fronting Green Lane. Prospective purchasers must satisfy themselves in respect of location of existing services & drainage, future capacity and cost of connections. VIEWINGS OF SITE:Strictly via appointment with Compass Land & Development, please call Mark or David for an appointment to view. TENURE: The land is to be sold Freehold. TERMS: Guide price: Unconditional offers invited in excess of 500,000 subject to contract.CONDITIONS OF SALE:1) The purchaser is to exchange unconditional contracts within 6 weeks from the date their solicitors receive draft contract documentation.2) Legal completion to take place within 20 working days of exchange of contracts.3) The vendors are to retain ownership of the first part of the accessway (shown hatched in orange on site plan) to facilitate access to their retained land at the rear of the timber stable block. The purchaser will be granted full rights of access.4) In an agreed timescale from legal completion of the sale, the purchasers are to construct an 1800m high wall from points A to B and a 1200m high wall from points C to D as detailed on the site layout plan. Compass Land & Development for themselves, and for the vendors of the land, whose agents they are, give notice that; (A) These particulars are produced in good faith, but are set out as a general guide only and do not constitute any part of a contract; (B) No person in the employment of Compass Land & Development has any authority to make or give any representation or warranty what so ever to the land. These details are presented Subject to Contract and without prejudice as of OCTOBER 2022.
Your property may be repossessed if you do not keep up repayments on your mortgage.
Monthly Payment: £ 8,216.87
Monthly Payment: £ 8,216.87
Monthly Payment: £ 8,216.87
Amortization For Monthly Payment: £8,216.87 over 30 years ( Based on 3.20% Interest )
Using your investment as a 25.00% deposit and £ 5,833 in costs for purchasing and getting ready to let.
Stamp Duty is a tax paid on completion via your solicitor, the calculation includes the 3% surcharge for second homes.
Your home may be repossessed if you do not keep up repayments on your mortgage.
The refurbishment budget is set to 2.50% of the purchase price, but this will vary dependent on the suitability of the property for the rental market. Select a value that you feel is appropriate to the condition of the property.
This will vary between lenders, type of report and whether or not you are buying with a mortgage, for advice on which type of survey would be appropriate speak with an advisor from Preston Baker Financial Services.
Lenders will often charge a fees for the arrangement of a mortgage, for advice on what lenders may charge, speak with an advisor from Preston Baker Financial Services. Your home may be repossessed if you do not keep up repayments on your mortgage.
This is the sum of mortgage admin, land registry, search, bank transfer and any other fees incurred.
Purchase costs include assumed mortgage and survey costs which are estimated. For a quote contact a Preston Baker Financial Services mortgage advisor who can provide you with current and accurate information. The stamp duty calculation has applid the 3% stamp duty surcharge on the basis that this will be a second property.
The mortgage is assumed to be interest only. Your home may be repossessed if you do not keep up repayments on your mortgage.
This is the percentage of the rent that you will spend maintaining the property.
Ground Rent only applies to leasehold properties. This is an assumed ground rent, the confirmed figure can be found in the Property Information Questionnaire.
Service charge only applies to leasehold properties. The correct figure can found in the Property Information Questionnaire answered by the seller.
This is a standard, indicative figure only. Properties that have a service charge often have this included withing that charge. Please consult the Property Information Questionnaire for more information.
Final Equity Profit = Final Property Value - Mortgage Required - Investment
Cumulative Rental Profit = Annual rental profit x Time of Investment
This is the assumed rate of house price inflation.
This is the property value at the end of the investment based on an assumed rate of % house price inflation.
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