Lot 47

FREEHOLD CITY CENTRE LAND WITH PLANNING CONSENT FOR RESIDENTIAL FLATS OR FOR STUDENT CLUSTER APARTMENTS

Site Of The Former Mystery Public House, 1/3 Warwick Crescent, Southsea, Hampshire, PO5 4PE
Site Of The Former Mystery Public House, 1/3 Warwick Crescent, Southsea, Hampshire, PO5 4PE
Withdrawn After

This 0.04 hectare (0.11 acre) development site is situated in a mainly residential area and is close to having the major benefit of two Planning Consents, giving purchasers an either/or option with regard to future development. A 2019 Planning Consent has been obtained for the construction of a three storey block of eight apartments with communal gardens and car parking, and if developed it is considered that the finished units would be ideal for resale into the local marketplace or for addition to an income-producing letting portfolio.

Alternatively, a more recent application for a three storey block of four five-bedroom and one six-bedroom student cluster apartments is in the final stages of consideration by the Portsmouth City Council, and please see Auctioneer’s Note 1. An income forecast prepared for the current owners has indicated a potential annual income of approximately £180,000 per annum for the student cluster development if fully let. Prospective purchasers should of course rely on their own enquiries.

Planning 1

Planning Consent has been obtained from Portsmouth City Council, under ref: 18/02011/FUL, dated 18th April 2019, for construction of a three storey block of apartments comprising of eight self-contained flats, to include refuse and cycle store with associated amenity garden space and car parking, subject to conditions.

Planning 2

A Planning proposal has been submitted by Portsmouth City Council, under ref: 19/01697/FUL, for construction of a three storey block of four five-bedroom and one six-bedroom student accommodation cluster apartments with associated refuse and cycle stores and amenity space (description amended 28th January 2020 and amended plans), subject to conditions.

A copy of the Planning Consent and proposed plans will be available to download from the Clive Emson website.

Auctioneer's Note 1

The Auctioneers are advised that the proposal has been approved by the Portsmouth City Council's Planning Department, but a Decision Notice and confirmation of this Decision is yet to be issued pending the ratification of the Section 106 Agreement between the City Council and the current owners. We understand this work is still ongoing and should be completed prior to the auction. Prospective purchasers are advised to rely on their own enquiries.

Auctioneer's Note 2

The seller has advised all reports, including soil and contamination and all construction and structural drawings, will be transferred to the purchaser upon completion.

Site Measurements

0.04 hectares (0.11 acre).

Local Planning Authority

Portsmouth City Council. Tel: 023 9283 4334. Website: portsmouth.gov.uk.

Freehold with Vacant Possession

Important

All lots are sold subject to the Common Auction Conditions and Special Conditions of Sale (unless varied by the Sellers Solicitors), together with the Addendum, which will be available on Auction Day.

* Price Information

Guides are provided as an indication of each Seller’s minimum expectation. They are not necessarily figures at which a property will sell for and may change at any time prior to Auction. Unless stated otherwise, each Lot will be offered subject to a reserve (a figure below which the Auctioneer cannot sell the Lot during the Auction).

We expect the reserve will be set within the guide range or no more than 10% above a single figure guide. Please check our website regularly at cliveemson.co.uk, or contact us on 01622 608400, in order to stay fully informed with the up-to-date information.

Additional Fees

An Administration fee and Other non-optional fees may also be payable in addition to the bid price. All lots are offered subject to the Common Auction Conditions and Special Conditions of Sale or Revised Special Conditions of Sale (as applicable) and may include the repayment of search and other fees and or costs payable by the buyer.

All buyers are advised to inspect all available legal documentation prior to bidding and will be deemed to fully understand what they may be liable for if they are successful in purchasing. This should also include Stamp Duty, Land Registry fees and VAT which may become payable on completion in line with any property transaction, whether it is by auction or private treaty. If, as a buyer, you are in doubt you should seek advice from your own professional advisors. For more information on fees please go to cliveemson.co.uk/buyers-fees/