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Development Opportunity at Spring Street, Castle Gresley

East Midlands

£350,000
Listed on 03/06/2025

Property Details

Bedrooms
3
Type
Detached house
Area
947 sqft

Description

This property presents a compelling opportunity for those interested in renovation and investment. Nestled within an established residential area, the home is conveniently located near various amenities, making it attractive for potential buyers or renters alike. The Victorian-style detached house features three bedrooms and offers a layout spread over two floors. Upon entry, you are welcomed into a hallway that leads to an open-plan lounge/diner, which is well-lit by a rear window. Adjacent to this space is a breakfast kitchen equipped with base and eye-level units, as well as a side window and access to a conservatory that awaits either repair or replacement. Additionally, there is a ground-floor bathroom featuring an airing cupboard and side window. The first floor hosts three bedrooms, providing ample living space. One of the standout features of this property is its extensive garden plot, which includes well-established lawns and multiple outbuildings. A single garage and additional utility room are available on-site, along with another detached garage that can be accessed from Station Street. Importantly, the garden plot comes with outline planning permission granted in December 2022 for three new dwellings—two semi-detached houses and one detached home—though details regarding access, scale, layout, appearance, and landscaping will need to be finalized later (Planning reference: DMPA/20221560). This aspect significantly enhances the investment potential of the property. While the main residence requires modernization to meet contemporary standards, its structural integrity remains sound—a perfect canvas for renovation enthusiasts. It should be noted that utilities such as gas are not currently connected to the property and that there are no mains services available for the adjoining plot. Overall, this property not only offers immediate living space but also substantial potential for future development in a desirable area. The dual land registry titles for the house and garden plot present unique opportunities for tailored investments or refurbishments. For those looking to make their mark in real estate through renovation or new construction projects, this could be an ideal choice.

Investment Analysis

(DE11 area)

Above Market Value

This property is priced +54.3% above area average per sq ft

+54.3%
This Property
£370/sq ft
Area Average
£239/sq ft
Avg Rent (weekly)
£202
Avg Yield
4.5%

Renovation Potential

Medium Refurb
Est. Renovation Cost
£50,000 - £90,000
Target Value
£249,435
10% above area average per sq ft
Potential ROI
-43.3%
After renovation
Note: Renovation cost estimates are AI-generated based on property location and general characteristics, and may not reflect actual costs.
Monthly Sales
47
Average per month
Market Turnover
15%
Properties sold annually

Local Market Trend (DE11)

Area prices are falling by +3.2% over the last 12 months
3 year growth: 2.6%
5 year growth: 22.7%
Investment Disclaimer: Analysis based on DE11 area averages and may not reflect property-specific factors like condition, exact location, or unique features. Any renovation cost estimates provided are AI-generated and should be considered indicative only. 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

Development Opportunity at Spring Street, Castle Gresley
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Mortgage Calculator

£
£
£
%
%
years

Current average 2-year fixed rate is 4.19%

Current average variable rate is 6.78%

Monthly Repayments
£1,282
Based on a loan of £262,500 over 30 years at 4.19% interest

These results are estimates and are only intended as a guide. Make sure you obtain accurate figures from your lender before committing to any mortgage. Your home may be repossessed if you do not keep up repayments on a mortgage.

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YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE