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14 Tynwald Street, Douglas, Isle of Man, IM1 1BG
£1,250,000 Guide Price
A rare and exciting opportunity to construct a contemporary apartment block comprising of seven luxurious apartments over four storeys of accommodation, each of which benefit from unrivaled views across Douglas Bay, the surrounding headland and town centre below.
Nestled in the highly desirable area of Douglas Head, full planning approval has been granted under reference 22/01113/B to also provide 14 basement car parking spaces and a provision for 59 solar panels.
In addition to a three bedroom penthouse, the remaining six apartments are carefully designed to each consist of two bedrooms, with internal floor area reaching 12,845 square feet.
Overview - A stunning development opportunity with full planning permission to demolish an existing dwelling and replace it with a luxurious apartment block comprising seven prestigious and contemporary apartments over four floors, each of which benefits from stunning coastal views across Douglas Bay.
Located in an elevated position on Douglas Head overlooking the town centre, this architecturally designed building sits in a generous plot of 0.37 acres, with adjacent land of approximately two acres also available for purchase subject to separate negotiations.
The gross internal floor area of the building totals 12,845 square feet, and is made up of the following apartments;;
Apt 1 - Ground Floor - 2 beds - 1,468 square feet
Apt 2 - Ground Floor - 2 beds - 899 square feet
Apt 3 - First Floor - 2 beds - 1,700 square feet
Apt 4 - First Floor - 2 beds - 1,010 square feet
Apt 5 - Second Floor - 2 beds - 1,700 square feet
Apt 6 - Second Floor - 2 beds - 1,010 square feet
Penthouse - Top Floor - 3 beds - 2,191 square feet plus Terrace
A basement consists has been designed to provide 14 parking spaces with planning for seven electric car charging points, as well as a storage facility for 14 bicycles. A sedum 'green' roof will blend into the natural surrounding habitat and the planning permission extends to house 59 roof mounted solar panels capable of generating sustainable energy for the apartments.
The apartments are within easy reach of Douglas town centre, business district and amenities on foot, whilst coastal and headland walks are located on its doorstep.
For further information please cantact Jamie Sutton by email [email protected] or by calling 07624 499615
Additional Information - - Full Planning Permission Granted Under Reference 22/01113/B
- Four Storeys of Accommodation
- Basement Parking for 14 Vehicles
- Additional Adjacent Land Available by Separate Negotiation
- White & Grey Render Finish Enhanced by Cedar & Aluminium Cladding
Directions - From Athol Street continue through the lights and down Bank Hill. Continue across Bridge Road taking the left exit at the roundabout onto South Key. At the next roundabout take the second exit onto Fort Anne Road and continue up the hill until reaching the summit, where Gloccor Morra can be found on the right hand side identifiable by our for sale board.
New Home: New Home
Maximum Area (in sq ft) 10000 sq ft
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.
14 Tynwald Street, Douglas, Isle of Man, IM1 1BG
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