- DEVELOPMENT OPPORTUNITY
- 17 BED STUDENT HALL OF RESIDENCE
- LOCATED LESS THAN 1 MILE FROM THE UNIVERSITY
- FULL PLANNING PERMISSION GRANTED
- PROJECTED GROSS RENTAL INCOME OF £124,695pa
- CURRENTLY CONSISTS OF 3 X 3 BEDROOM FLATS
- ROOF SPACE AND REAR EXTENSION DEVELOPMENT
- IDEAL BUILD TO RENT PROJECT
- CITY CENTRE LOCATION
Bernards Land and New Homes are delighted to offer the opportunity to acquire a prime development site in the heart of Portsmouth’s Student Quarter . The existing building comprised of 3 x 2 bedroom apartments, with the provision of rear extension and roof space development planning as been granted to create a 17 Bedroom hall of residence., all with En suite bathrooms., large communal rooms, cycle stores and front front and rear gardens.
We anticipate once the development is completed the estimated returns will be in excess of £120,000 PA. Further break down and information can be provided upon request.
Located with 0.9 miles of the main Portsmouth University campus and 5 minutes walk from Portsmouth and Southsea train station.
Weston Court is located very close to Portsmouth City centre. The site sits equidistant from both Fratton and Portsmouth & Southsea train stations, both being under 10 minutes walk.
The main University campus is a 20 minute walk from Weston Court, making its development into Student Halls a highly appropriate proposition.
Portsmouth University has a population of approximately 25,000 students, making it the 24th most attended further education establishment in the United Kingdom. The University proves popular with both UK and foreign students alike.
Weston Court is a vacant, freehold development site, currently accommodating 3 x 2 bedroom flats (believed to have been ex-local authority) over three floors. The site is located on Canal walk which is accessed by Arundel street to the north and Raglan Street to the south.
Weston Court has full detailed planning permission from Portsmouth City Council for the creation of a 17 room Student Halls of Residence. The redevelopment of the site retains the existing structure with ground floor single storey extensions, a 3 storey infill and a new 4th floor on the existing roof. All aspects of the planning application and consent can be viewed on Portsmouth City Council’s Website – Planning ref. 19/00768/FUL.
An application to satisfy pre-commencement planning conditions 5 & 6 will be submitted imminently to Portsmouth City Council’s Planning Service.
The Seller’s architect is undertaking completion of the construction drawings which will form part of the Building Regulation application.
The Seller’s structural engineer has provided the seller with construction layout drawings.
The Seller’s environmental consultant has completed a desk study and site investigation report together with a Phase 3 remediation method statement as per condition 3 of the planning consent.
METHOD OF SALE
The subject site is for sale by way of Private Treaty and we reserve the right to conclude the marketing at any time. We invite offers on a conditional and unconditional basis. Offers must be received in writing by Bernards Estate Agents in Southsea.
The site is available to drive by but for your own safety you must not try to access the site without prior consent. The Seller has installed professional quality site hoardings. Full planning drawings are available to view by appointment at one of our local offices.
Please refer to Portsmouth Planning portal via the link :
Ref. No: 19/00768/FUL
Planning – Costs of Development
The Seller has entered into a S106 legal agreement which records what planning related costs should be paid and when.
To satisfy conditon 10 of the planning consent which requires the applicant to mitigate increased nitrogen and phosphorus levels, it has been agreed that Portsmouth City Council will grant mitigation credits to the developer of this site in return for a payment of £2,000.00.
As per the S.106 legal agreement, the following planning related costs will be payable by the developer:-
S106 £312 Habitat Contribution payment
S106 £5,500 Student Management and Community Liaison Plan Contribution payment
S106 Student Register and £620 PMF payment
Community Infrastructure Liability is payable on this site in sum of £32,239.24
We hereby disclose the fact that the Seller either works for Bernard’s Estate Agents (Southsea) Ltd or is related to a member of staff. Please feel free to clarify the position with your local office.
Anti-Money Laundering (AML)
Bernards Estate agents have a legal obligation to complete anti-money laundering checks. The AML check should be completed in branch. Please call the office to book an AML check if you would like to make an offer on this property. Please note the AML check includes taking a copy of the two forms of identification for each purchaser. A proof of address and proof of name document is required. Please note we cannot put forward an offer without the AML check being completed
Choosing the right conveyancing solicitor is extremely important to ensure that you obtain an effective yet cost-efficient solution. The lure of supposedly cheaper on-line “conveyancing warehouse” style services can be very difficult to ignore but this is a route fraught with problems that we strongly urge you to avoid. A local, established and experienced conveyancer will safeguard your interests and get the job done in a timely manner. Bernards can recommend several local firms of solicitors who have the necessary local knowledge and will provide a personable service. Please ask a member of our sales team for further details.
Offer Check Procedure
If you are considering making an offer for this or any other property we are marketing, please make early contact with your local office to enable us to verify your buying position. Our Sellers expect us to report on a Buyer’s proceedability whenever we submit an offer. Thank you.