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Chapel, Launceston

South West

£475,000
Listed on 10/11/2024

Property Details

Bedrooms
N/A
Type
Detached house

Description

This property presents a noteworthy opportunity for development in a desirable area bordering Launceston Town. With approved planning permission to construct nine detached houses, this substantial plot is well-positioned to meet the demand for modern residential properties in the region. Each proposed dwelling will come with its own garden, parking space, and garage, making them attractive options for future homeowners. The planning permission was awarded on May 9, 2022, under application reference PA22/04401 and includes specific conditions that must be adhered to. The site boasts pleasant views over Launceston and the surrounding countryside, enhancing its appeal as a residential location. Access to the property is currently available via a gated entry point, with plans for a new road that will lead into the planned cul-de-sac layout. For those considering investment potential, detailed planning information can be found on the Cornwall Council Planning Portal, where full conditions are provided. It is important for prospective buyers to conduct their own due diligence regarding costs associated with development, including infrastructure requirements and any financial obligations such as the Community Infrastructure Levy and contributions towards affordable housing and education. Located in the Chapel area—a neighborhood known for its contemporary homes—this development site benefits from proximity to picturesque country lanes and walking routes while remaining conveniently close to Launceston's range of amenities. The planned community of nine detached homes is likely to attract interest from buyers seeking both modern living spaces and a tranquil setting, making it an appealing investment opportunity for developers.

Investment Analysis

(PL15 area)
Area Average
£265/sq ft
Avg Rent (weekly)
£234
Avg Yield
3.8%

Renovation Potential

Heavy Refurb
Est. Renovation Cost
£1,200,000 - £1,800,000
Note: Renovation cost estimates are AI-generated based on property location and general characteristics, and may not reflect actual costs.
Monthly Sales
15
Average per month
Market Turnover
7%
Properties sold annually

Local Market Trend (PL15)

Area prices are stable by +1.9% over the last 12 months
3 year growth: -3.1%
5 year growth: 18.4%
Investment Disclaimer: Analysis based on PL15 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

Chapel, Launceston
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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
£1,740
Based on a loan of £356,250 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