This week, I have come across some garages with the potential to be reformed into a great investment opportunity. The plot lies on Southdale Road, Carlton, Nottingham, NG4 1EU and backs on to a primary school.
If you can secure the land, you could either build out yourself and either choose to keep or sell the development. Alternatively, you could secure an option to buy and then sell the deal to a developer. As there is already a lot of growth in the area, it is unlikely you will have any issues when it comes to planning. There is a new development just starting at the bottom of Southdale Road on the site of an old pub.
However, the deal will not be a quick win, and like many good things will require some serious hard work to have any chance of securing it. It is not uncommon for developers/investors to keep many cold/semi-warm projects on the go for years before the deal comes to fruition. As the saying goes, 'Slowly, slowly catchy monkey'.
Situated in the ‘Nottingham travel to work area’ (according to Check My Postcode), there are useful links into Nottingham city centre suitable for professionals.
Access to the city centre is available via bus routes: 24, 25, 27 and 43, all within walking distance of the site.
Recently, a new Sainsbury’s store has been developed off the A612 Colwick Loop Road and has created around 200 jobs for local people across a range of roles and levels. Located just under two miles away from Southdale Road, a block of apartments would be ideal for new employees searching for nearby housing.
I would estimate that with a good architect, the plot can be transformed into 6 to 8 low rise apartments or approximately four or so link houses.
According to Check My Postcode, ‘residential buildings in the area are typically semi-detached and terraced.’ This means the plan would look attractive and enhance its surrounding area.
Located in a good area with easy access to the facilities on Carlton Hill, such as a national supermarket chain, Tesco. There are also other shopping services, a train station and schools nearby.
“The average price for property in NG4 1EU stood at £168,755 in November 2021. This is a fall of 1.10% in the last three months (since August 2021) and fall of 0.92% since 12 months ago. In terms of property types, flats in NG4 1EU sold for an average of £110,258 and terraced houses for £145,471. This is according to the current Zoopla estimates.” (Source: Zoopla)
Despite the short-term drop and the project requiring long-term investment, in my opinion, it would be well worth working the numbers for a potential win. As mentioned above, the deal will not be a quick win for anyone. I would be looking at renting a 1-bed executive apartment on that road at a minimum of £650 per calendar month (pcm).
The most common council tax bands are A and C for the area in the Carlton Ward of the Gedling Borough Council (according to Check My Postcode).
Gedling Borough adopted The Aligned Core Strategy in September 2014 and included a housing requirement for the council. The target stands at 7,250 homes for the plan period between 2011 and 2028. (Source: https://www.gedling.gov.uk/media/gedlingboroughcouncil/documents/planningpolicy/documents/HDAP%202020.pdf)
However, less than 65% of the housing target has been achieved in the last three years. Therefore, proving a need for new housing within the Gedling Borough Council region, making the plot in Carlton a perfect investment site for consideration.
I would advise you not to approach the owners of the houses out of curiosity as the plan needs to be organised and supported by capital.
You can access planning permission information via the link:
https://www.gedling.gov.uk/resident/planningandbuildingcontrol/doineedplanningpermission/
I'll keep a close eye to see if this site gets snapped up and watch with interest if there will be phoenix arising from these particular ashes.
See you next week for Diane's next Nottinghamshire Property Blog.
