Feb 19 • Deals
Development for sale; Wokingham
A developer/investor contact of mine is looking to sell a property in Wokingham.
Planning permission was granted last week for the conversion and addition to the existing building to provide a 72 apartment scheme. Several office blocks in the immediate vicinity have been successfully converted to residential projects.
The property was sold on a STPP contract which has now expired and the indications are that the purchaser no longer wishes or is unable to proceed.
There is a requirement for 22 affordable apartments.
The price for the existing two-storied approx. 2,000m2 office building will be around £4m which means a value of around £56k per plot, which can be supported in a viability assessment.
Lots more info plus plans, planning documents etc. for an interested purchaser/developer.
Best wishes,
Russ
3
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Development for sale; Wokingham
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