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Petrockstowe, Okehampton

South West

£380,000
Listed on 24/08/2024

Property Details

Bedrooms
3
Type
Detached house

Description

Here is an exceptional opportunity to acquire a residential development site in North Devon that features a mixture of traditional and modern agricultural structures. Authorized planning has been secured for the conversion of these buildings into three separate dwelling units, making this a prime investment prospect. Located on the outskirts of Petrockstowe, a tranquil rural village known for its tight-knit community and local amenities, including a well-regarded inn and village hall, this site is perfectly positioned for those seeking both peace and accessibility. Nearby, the historic market town of Hatherleigh offers an array of shops and services such as a primary school and medical facilities, while Okehampton provides further conveniences including supermarkets, high street shops, schools through to sixth form level, and direct access to major transport routes like the A30. The stunning landscapes of Dartmoor National Park and the scenic Tarka Trail lie just moments away. The property encompasses: - **The Old Stables (Building 3)**: Approved plans are in place to convert this barn into a two-bedroom residence. - **Old Dairy (Building 4)**: With consent granted for conversion and extension, this structure is set to become a four-bedroom home. - **Lock-Up (Building 5)**: This building will be transformed into a three-bedroom dwelling as part of the permissions which include necessary demolition work to enhance parking and amenity areas for each unit. Accessibility to various services will require further investigation by prospective buyers; arrangements must be made for new connections as needed. Detailed planning documents can be accessed via Torridge District Council or can be provided upon request.

Investment Analysis

(EX20 area)
Area Average
£287/sq ft
Avg Rent (weekly)
£193
Avg Yield
3.2%

Renovation Potential

Medium Refurb
Est. Renovation Cost
£150,000 - £250,000
Note: Renovation cost estimates are AI-generated based on property location and general characteristics, and may not reflect actual costs.
Monthly Sales
23
Average per month
Market Turnover
22%
Properties sold annually

Local Market Trend (EX20)

Area prices are falling by -4.4% over the last 12 months
3 year growth: +2.4%
5 year growth: +7.9%
Investment Disclaimer: Analysis based on EX20 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

Petrockstowe, Okehampton
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Mortgage Calculator

£
£
£
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years

Current average 2-year fixed rate is 4.06%

Current average variable rate is 6.81%

Monthly Repayments
£1,371
Based on a loan of £285,000 over 30 years at 4.06% 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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