This week I have come across a development opportunity that has existing planning consent for 39 one and two-bedroom apartments. The plot is located on Queen’s Road, Nottingham, NG2.
The development’s location is high profile and it’s in a prominent position in the heart of Nottingham and is currently being marketed by Geo Hallam and Sons.
The price is advertised as ‘Price On Application (POA)’ on Rightmove with Geo Hallam and Sons, but I have done the hard part for you and found that you can purchase the development in the region of £1.2 million (Source: Geo Hallam and Sons).
The site is 0.229 acres
- Existing planning consent for 39 one and two-bedroom apartment
- 2 ancillary commercial units
- 9 and 6-storey building to provide 39 apartments
- 9,975 sq. ft. (0.229 Acres)
- Freehold development site
- Opposite Nottingham Train Station
- Conditional Planning Consent dated 25th September 2020
- Potential title split opportunity
Potential benefits of locality
The plot is adjacent to the Nottingham train station and railway providing beneficial transport for residents or professionals who may commute for work.
Only 1-mile away from Nottingham City Centre which will have job opportunities and it’s close to the city campus for universities, therefore, it would be attractive to students. However, the student housing market is very saturated in Nottingham, making the apartments more lucrative to the likes of professionals working throughout the city.
It is located half a mile from Broadmarsh Shopping centre which has recently had a new redevelopment vision (reimagined) that would create jobs for local people. Therefore, the development of apartments on Queen’s Road would be attractive to people or businesses taking up the new offices and spaces created by the Broadmarsh redevelopment.
There’s no doubt the potential property will fit in with its locality as there is already plenty of development in the area. For example, The Nottingham Post reported on the 21st January 2021 that work was underway on a new 348-bed apartment block behind Nottingham Railway Station, part of a multi-million-pound apartments scheme. (Source: Nottingham Post)
The plot is close to the M1 motorway thus the property is beneficial for connections out of Nottingham.
If you were looking to rent out a 1-bed apartment in the building, you would be looking at getting a minimum of £750 per calendar month (PCM). You would be looking to get around £1000 per calendar month (PCM) for each of the 2-bed apartments.
There is currently no postcode available to the public for the development site, thus, I have used the postcode for a residential building that is also on Queen’s Road for an insight into the licensing requirements.
The postcode I have used is NG2 3DU and is for the Picture Works building, which is next door to the development site.
The property is within the area of selective licensing for privately rented houses. The property is not within the HMO additional licensing area. The property is within the citywide mandatory licensing area for HMO. The property is within the Station conservation area. (Source: Nottingham City Council)
The most common Council Tax bands are C and B for the postcode in the Meadows Ward of the Nottingham City Council (Source: Check My Postcode)
The planning permission states that the development shall begin “before the expiration of three years from the date of planning permission reference”. Therefore, you would need to begin the development before 2023.
The conditions also include a resident’s travel plan. There are 30 other conditions you would need to consider. (Source: planning permission for the development)
You can view more information on the development here: https://www.rightmove.co.uk/properties/116404697#/?channel=COM_BUY
The Brochure for the development can be found here: https://media.rightmove.co.uk/130k/129493/116404697/129493_QueensRoadNottingham_DOC_00_0000.pdf
You can find full details of the consent and plans on the Nottingham City Council’s website – Application Number 19/00936/PFUL3 and 20/02607/PVAR3: https://publicaccess.nottinghamcity.gov.uk/online-applications/propertyDetails.do?previousCaseType=Application&keyVal=IJVLL3LYP5000&previousCaseNumber=19%2F00936%2FPFUL3&activeTab=summary&previousKeyVal=PQLVE1LYHWK00
Information on licensing can be found via: https://geoserver.nottinghamcity.gov.uk/myproperty/
The conditions for the development can be viewed via the link: https://publicaccess.nottinghamcity.gov.uk/online-applications/files/0837AA4CA5960DC8CA63FE2EAF071611/pdf/20_02627_PVAR3-PVAR3_Grant_Permission_-_Decision-1547708.pdf