Potential residential development land for sale in Retford

This property is marketed by:
WA Barnes

KEY FEATURES

• Potential residential building land at Coalpit Lane and Yew Tree Road, Elkesley, Retford. DN22 8AY.
• Site of 1.88 hectares (4.4 acres) with Pre-application Advice granted for 33 dwellings and 2 retail shops with 6 flats above.
• Available for outright purchase or joint venture.

LOCATION

The land is situated to the south of Coalpit Lane which leads to Cross Lane and to High Street in the east. The site can also be viewed from Yew Tree Road which leads off High Street. The village of Elkesley, serves a population of approximately 800 people and has a Parish Church, Shop/Post Office and a Public House which is currently shut as well as a Primary School which is situated immediately south west of the subject site. The village of Elkesley is conveniently situated 6 miles south of the market town of Retford and approximately 7 miles east of the large town of Worksop. Elkesley is conveniently located just off the A1 which provides good access to the A1M to the north and to the A57/A619 to junctions 30 and 31 of the M1 motorway which is approximately 15 miles to the west.

DECRIPTION

The land is irregular in shape and has a frontage to Coalpit Lane which is to be the principle access to the site and there is also a frontage to Yew Tree Road. The site slopes gently from Coalpit Lane towards the Primary School to the south.

THE SCHEME

The Scheme comprises:

12x 4 bedroom houses
15x 3 bedroom houses
6x 2 bedroom houses

There is a retail building of approximately 2755 sq.ft. gross area which would provide a retail area of 2500 sq.ft. gross area and a smaller retail building of 521 sq.ft. gross area. Parking for the retail would be 6/7 spaces plus 2 disabled spaces.

Above the retail units there would be 6 apartments across 1.5 storeys which will comprise:

3 x 1 bedroom flats
1x 2 bedroom flats

2 x 3 bedroom flats
For which there would be 11 car parking spaces.

PURCHASE PRICE/JOINT VENTURE PAYMENTS

The asking price for an outright purchase of the land is ?1,785,000. (?1,485,000 for 33 dwellings at ?45,000 per plot and ?300,000 for the retail and apartments)

For a Joint Venture Licence to Build:
Land to build 33 dwellings at ?50,000 per plot and retail/apartments ?350,000 with an upfront payment of 50% (?1,000,000) to be paid:
Stage 1 on completion of 11 dwellings - payment of ?275,000
Stage 2 on completion of 11 dwellings - payment of ?275,000 (no dwellings to be commenced until Stage 1 payment received)
Retail/Apartment Land ?175,000 to be paid at the same time as Stage 2 payment
Stage 3 on completion of 11 dwellings - payment of ?275,000(no dwellings to be commenced until Stage 2 payment received)

If the Development ceases to complete then all dwellings unsold and/or not completed will become the ownership of the Vendor.

The Contract would be drawn up by the Vendor's solicitor with a 10% deposit of ?82,500 being payable on instructing the solicitor.

There would be a further payment of 10% on profits above ?3,000,000 with open book accounts, quantity surveyor and build costs.

S.106 AGREEMENT

A copy of the S.106 Agreement is available for inspection at the Agent's office.