This week's Property Highlight is a site for conversion, or potentially for complete redevelopment, into apartments in the market town of Haverhill, Suffolk, UK.
The development property is a former public house known as The Vixen, situated in a predominantly residential location in Millfields Way, adjacent to a retail parade and a car park and within walking distance of Haverhill town centre.
Planning permission has been granted by St. Edmundsbury Borough Council to refurbish and extend the existing property to provide 17 residential apartments (6 x 1-bed (including 3 affordable) and 11 x 2-bed (including 2 affordable), and 2 retail units.
The existing freehold property extends to circa 6000 square feet over the ground and first floors, on a site footprint of approximately 0.08 hectares (0.2 acres), and ceased operating as a pub around 11 years ago. The local planning authority is open to considering full demolition and re-construction via a separate application, should the purchaser wish to do so, and is also willing to negotiate a long-term lease for a section of the car park adjacent to the existing property. VAT will not apply to this development. More information can be found using planning reference DC/16/2755/FUL.
The site is close to local amenities, including a Tesco, bars, restaurants, a cinema and a sporting ground, with a bus stop directly outside the property providing a regular service into the centre of Haverhill and Cambridge. Audley End Railway Station, just 10 miles away, provides direct access to London Liverpool Street within an hour - in summary, this is a well-located development opportunity that merits careful consideration.
The case details
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Financial details
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Agents figures
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Market data
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Investment details
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Development
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By the team at Navian, Published March 21, 2023