This property presents a noteworthy development opportunity within the Regency West Mall, located in Stockton-on-Tees. It comes with approved planning permission for the creation of 29 residential units, primarily focusing on addressing the local demand for one-bedroom apartments. Out of the proposed units, 28 are designed as one-bedroom dwellings, with one unit designated as a two-bedroom apartment, catering to various housing needs.
The location holds significant potential, especially considering the council’s acknowledgment of a current shortage in quality, self-contained one-bedroom properties. This gap offers an excellent investment prospect for developers looking to contribute to the community by providing much-needed housing options for individuals such as care leavers and those requiring additional support.
Ownership is structured under a long leasehold arrangement with an original term of 999 years and an annual ground rent of just £1, which adds to the financial attractiveness of this investment. The property is poised for renovation and redevelopment, making it ideal for investors interested in transforming an existing structure into modern living spaces that align with market demands.
Overall, this opportunity not only allows for potential rental income but also positions itself strategically within a growing residential sector in Stockton-on-Tees.
