Unique opportunity to develop four penthouse apartments over an existing block in a sought after location.The planning is for a rooftop extension to Block A to form 4 x 2 bedroom penthouse apartments and provision of an additional 5 car parking spaces.
Perhaps the most important component of the lot is the fact that it comes with the freehold investment producing £6,800 per annum.
Strong sales demand and healthy rental values make this a very exciting and unusual development and investment opportunity.
The lot goes under the hammer on Tuesday 29th October 2019
Before buying at Auction, it is essential that you read our Notice to Prospective Buyers and the Common Auction Conditions.
You must not bid unless you have made yourself fully aware of the auction process. If you require help with this, please contact a member of the auction team.
Riverside House
The current development is two blocks with 34 two bedroom apartments which are stylish and in a sought after location nestled close to Didsbury and Northenden Golf Club. The apartments are within a short walk of Didsbury and West Didsbury Village, Northenden centre and have the M60 and M56 Motorways close by.
Planning
Planning has passed for the penthouse development of four x 2 bedroom apartments over Block A Riverside House with the addition of car parking. All apartment designs are for living room/kitchen, two bedrooms, en-suite to master, further separate bathroom. Planning conditions are discharged by work already undertaken, evidence will be provided.
All interested parties are advised to consult with the local planning authority at Manchester City Council quoting reference: 106052/FO/2014/S2
Freehold
The lot also includes the freehold: The freehold investment element is for 34 apartments each paying a ground rent of £200 per annum from 2014 on a 999 years lease. Annualised it produces £6,800.
Notes
Lined plans and drawings are for purpose of illustration and identification only: refer to legal pack for title plan. We are not selling the flats, merely the freehold interest in the site and the planning permission.
Values
Values of the apartments are up to £255,000 from transactions in 2018.
Possession
Freehold only.
Who, When, Where?
Edward Mellor Auction
Tuesday Tuesday 29th October 2019
Sheridan Suite, 371 Oldham Road, Manchester, M40 8RR
Important Notice
Before buying at Auction, it is essential that you read our Notices to Prospective Buyers and the Common Auction Conditions
These can be found on our website www.edwardmellor.co.uk/auctions/buying-at-auction
There is a Buyer's Premium payable on every lot. These do vary so please refer to the legal pack for confirmation.
You must not bid unless you have made yourself fully aware of the auction process.
If you require help with this, please contact a member of the auction team.
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65-81 St Petersgate
Stockport
Cheshire
SK1 1DS
