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Freehold Residential Development Opportunity in Wigan, Greater Manchester For Sale

Wigan, Greater Manchester, England

  • Freehold Price: £710,000
  • Sale Agreed
Seller Reference: Rutter Green Commercial 1388
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Business Description
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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Seller Reference: Rutter Green Commercial 1388
Request Details
Business Description
Freehold Residential Development Opportunity in Wigan, Greater Manchester For Sale.

Price: Offers Above £710,000

Location: Site of the former Pagefield Hotel and grounds,
168 Gidlow Lane,
Wigan,
WN6 7AW.

Proposal:

• Current Planning Permission.
• Convert existing Pagefield Hotel building into 10 apartments.
• Residential development on bowling green for 8 x two storey semi-detached dwellings with dormers to front.
• Residential development of additional three storey apartment building with 12 apartments.
• Residential development of 1 x detached dwelling.
• Parking for 56 cars within site and cycling provision.
• Prime location within popular residential area
• Approximately one acre site.
• Easily accessible to town centre, parks and public transport hubs.

Planning Application Reference Number A/16/82916/MAJOR (issued 14th March 2018) Wigan Council.
Rutter Green Commercial is delighted to offer for sale this unique residential development opportunity on Gidlow Lane, Wigan Greater Manchester. The site extends to approximately one acre and has the benefit of current planning permission. This is a highly desirable location being the site of the famous Pagefield Hotel and associated grounds. It is within a popular residential area yet within relatively short walking distance of Wigan Town centre, main Bus Station and both railway Stations. Wigan has excellent rail connections to both Manchester, Liverpool and is only 2hours 5minutes by rail to London Euston. The area is easily accessible to the regional motorway network and within comfortable commuting distance of all major North West conurbations.
Current Planning Permission has been granted to convert the former Pagefield Hotel building to 10 apartments whilst retaining the façade and majority of the existing structure. The rest of the site has permission for new build 8 x two storey semi-detached dwellings with dormers to the front and 1 x detached new build dwelling. In addition, the planning allows for a new build 3 storey apartment building of 12 apartments. The remainder of the site would provide parking for 56 cars and cycle provision.
There are no affordable houses on this planning - there is a Section 106 with a one off fee of £30k (to be paid by purchaser) towards the upkeep of local Wigan bowling green.
In addition, the vendor is well advanced in the process of discharging the relevant conditions within the Planning Consent in order to ease completion.
The vendor is also willing to introduce his architect who has extensive knowledge of the site and produced numerous plans, designs and options for the proposed development.
Potential GDV Projections.
Sales. Potential Sale Price Total.

Houses;
8 x Semi-Detached (4bed) £175,000 each £1,400,000
1 x Detached (4bed) £200,000 each £200,000

Block;
12 x Apartments (2bed) £85,000 each £1,020,000

Pub Building;
6 x Apartments (2bed) £85,000 each £510,000
4 x Apartments (1bed) £70,000 each £280,000

Total Sales Value of £3,410,000

or Potential Monthly Rental Income.
Houses.
8 x Semi-Detached (4bed) £750 each £6,000
1 x Detached (4bed) £780 each £780

Block.
12 x Apartments (2bed) £550 each £6600

Pub Building.
6 x Apartments (2bed) £550 each £3,300
4 x Apartments (1bed) £450 each £1,800

(Total Potential Rental Income of £18,480 per month / £221,760 per year)

This is a unique opportunity to purchase a desirable mixed residential development scheme with current planning permission in desirable part of Wigan. Early discussions with Rutter Green Commercial must come highly recommended.

Rutter Green Commercial Ref. 1388.
Telephone 01942 597370.

enquiries@ruttergreencommercial.co.uk

Residential Development in Wigan For Sale.
Residential Development for sale.
Investment property for sale in Greater Manchester.
Tenure:
Freehold
Listed by:
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