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Oak House Court, Main Street, Greetham, LE15 7NL - Image 1
Oak House Court, Main Street, Greetham, LE15 7NL - Image 2
Oak House Court, Main Street, Greetham, LE15 7NL - Image 3
Oak House Court, Main Street, Greetham, LE15 7NL - Image 4
Oak House Court, Main Street, Greetham, LE15 7NL - Image 5

Oak House Court, Main Street, Greetham, LE15 7NL

East Midlands

£675,000
Listed on 30/04/2025

Property Details

Bedrooms
N/A
Type
Detached house

Description

This property presents a unique redevelopment opportunity with approved planning permission for transforming a former residential care home into five distinct dwellings, totaling approximately 750 square meters (over 8,000 square feet) of living space. The site, which spans about 0.42 acres, boasts a generous 40-meter frontage on Main Street in Greetham and features existing single and two-story buildings, including the former post office. The strategic layout of the property allows for vehicular access to a parking area at the rear, enhancing its functionality. The current proposal includes restoring the original structures while removing more modern extensions that were associated with its previous use as a care facility. This presents an excellent chance to revive the character of the buildings and create attractive homes in a desirable village setting. Greetham is ideally located just 10 miles north of Stamford, offering convenient access to the A1 for easy commuting both north and south. Additionally, Oakham, the county town of Rutland, is only 6.5 miles away. The village enriches its appeal with local amenities including two pubs and proximity to Greetham Valley Golf Club. The approved plan outlines individual courtyard-style dwellings designed for modern living. Each unit will feature private outdoor space and allocated parking. For example: - **Plot 1** offers ample space over two floors with three bedrooms and two bathrooms. - **Plot 2** provides a cozy layout with two bedrooms across two stories. - **Plot 3** stands out as a larger option with four bedrooms and four bathrooms. - **Plot 4** is designed as a single-storey dwelling perfect for those seeking simplicity. - **Plot 5** features extensive living areas, including three reception rooms and four bedrooms across two levels. All necessary mains services are accessible; however, prospective buyers are encouraged to conduct their own inquiries regarding connection costs as outlined in the available Information Pack. This comprehensive pack includes essential documents such as surveys on trees, flood risk assessments, and utility searches. With no Community Infrastructure Levy (CIL) payment required for this development and superfast fiber internet availability confirmed by Openreach, this property not only represents an exciting investment prospect but also promises potential profitability through thoughtful renovation tailored to meet modern housing demands. Viewing is available by appointment through Richardson or joint agents Pepperdine & Freckingham.

Investment Analysis

(LE15 area)
Area Average
£308/sq ft
Avg Rent (weekly)
£224
Avg Yield
2.8%

Renovation Potential

Est. Renovation Cost
£67,500 - £168,750
10-25% of property value
Monthly Sales
27
Average per month
Market Turnover
11%
Properties sold annually

Local Market Trend (LE15)

Area prices are stable by +1.6% over the last 12 months
3 year growth: 12.8%
5 year growth: 13.1%
Investment Disclaimer: Analysis based on LE15 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

Oak House Court, Main Street, Greetham, LE15 7NL
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