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Station Road, Nottingham NG16

East Midlands

£500,000
Listed on 12/10/2023

Property Details

Bedrooms
N/A
Type
Detached house

Description

This property presents a compelling opportunity for development and investment. Spanning approximately 0.3 acres, it is currently operating as a car wash and auto sales area, but its potential extends far beyond these uses. Detailed lease agreements are available upon request. Approved plans for this site include the construction of 14 two-bedroom apartments, complemented by 21 secure parking spaces and communal amenities, offering a total proposed floor area of around 915 square meters (approximately 9,850 square feet). Notably, the design incorporates accessible ground-floor units to accommodate individuals with disabilities. Additionally, there is approval for a change of use that allows for both car washing and valeting services alongside vehicle sales. The site is adaptable; with appropriate planning permissions, it could be transformed into other ventures such as a care home, hotel, retail space, or assisted living facility. A land contamination study has already been conducted, streamlining the process for further developments. Situated within walking distance to Heanor Town Centre and Langley Mill Station, the location offers advantageous access to public transport and local amenities. The nearby A610 bypass connects residents easily to the M1 motorway and prominent areas like Nottingham city center and the Peak District. The surrounding neighborhood features numerous cafes, shops, and bus routes to Giltbrook Shopping Park. Overall, this property not only offers immediate income-generating potential but also significant scope for future enhancement or redevelopment in a strategic location.

Investment Analysis

(NG16 area)
Area Average
£246/sq ft
Avg Rent (weekly)
£206
Avg Yield
4.1%

Renovation Potential

Est. Renovation Cost
£50,000 - £125,000
10-25% of property value
Monthly Sales
63
Average per month
Market Turnover
46%
Properties sold annually

Local Market Trend (NG16)

Area prices are rising by +2.2% over the last 12 months
3 year growth: 6.8%
5 year growth: 29.4%
Investment Disclaimer: Analysis based on NG16 area averages and may not reflect property-specific factors like condition, exact location, or unique features. Renovation costs vary significantly based on property condition and scope of work. Always conduct professional surveys and get multiple quotes before making investment decisions.

Location

Station Road, Nottingham NG16
Map showing location of Station Road, Nottingham NG16
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