FOR SALE RETAIL UNIT WITH DEVELOPMENT POTENTIAL.
7 North Street comprises a detached retail unit constructed of brick under a flat roof and is arranged to provide retail sales area on the ground floor with ancillary storage on the first floor rear. To the front of the first floor is a self-contained two-bedroom residential flat that has been used for staff accommodation.
The property is located in the High Town area of Luton and is situated on the north side of North Street close to its junction with New Bedford Road within a short walk of the town centre and Luton railway station.
Ground Floor: 1,353 sq ft (125.50 sq m)
First Floor: 920 sq ft ( 85.46 sq m
The remainder of the first floor comprises a two Bedroom flat with a reception room, kitchen and bathroom. All measurements are calculated on a Net Internal Area basis in accordance with the RICS Code of Measuring Practice.
The site area extends to 0.20 acres (0.80 Ha).
The property has been in continuous A1 retail use for a number of years and now falls within Class E of the Uses Classes Order. The property does not fall within a Conservation Area.
We are instructed to seek offers in the region of £975,000 (Nine Hundred & Seventy Five Thousand Pounds). Offers are sought on a subject to contract basis only.
7 North Street provides a rare opportunity to acquire a substantial detached retail unit in the High Town area of Luton. The property occupies a site of approximately 0.2 acres and offers the potential for a residential led development of the site or alternative uses such as community facilities, subject to planning.
Alternatively, recent changes to Permitted Development Rights allows the conversion of an E use class building to residential use subject to meeting certain criteria. It may also be possible, subject to planning, to extend the existing property to the rear or by adding an additional second floor. Furthermore, the extensive car park to the rear could provide a purchaser with the opportunity to develop additional residential units either as a flat scheme or a terrace of town houses. Further details are available on request.
For an initial discussion contact Paul Jessop on 01582 346110 or email: firstname.lastname@example.org