This property presents a compelling renovation and investment opportunity in the heart of South Molton, previously serving as a bank. The premises encompass a substantial nine-bedroom layout that can be transformed into a mix of residential and commercial spaces, offering multiple avenues for income generation.
Recent planning consent has been granted for an ambitious conversion plan that includes transforming the former bank into a retail unit alongside two residential flats, while also retaining and refurbishing an existing flat. This configuration boasts significant potential for both rental yields and capital appreciation.
The proposed ground floor will feature a two-bedroom apartment complete with one designated parking space and access to communal gardens, encompassing approximately 106 m² (742 ft²). On the first floor, another apartment offers flexible living arrangements with either two or three bedrooms, alongside similar parking provisions and garden access, extending to 94 m² (1,011 ft²). The highlight of this conversion is the rear-facing duplex/maisonette spanning the first and second floors, which could serve as a spacious three to four-bedroom family home with approximately 145 m² (1,560 ft²) of living space.
In terms of commercial viability, the ground floor retail space measures around 106 m² (1,140 ft²), ideal for businesses looking to capitalize on foot traffic in this vibrant area. Based on projected rental assessments post-renovation, total income could reach upwards of £40,000-£42,000 per annum when combining both residential apartments and the commercial unit.
Additionally, the property is sold with no onward chain, making it easier for savvy investors or developers to start their project immediately. Mains water and electricity connections are already established at the site. Moreover, the current rateable value stands at £13,250 annually for the entire premises; however, this may be reassessed if portions are converted to residential use.
This freehold property not only represents a sound investment but also offers flexibility in design and function to cater to current market demands in housing and retail sectors in South Molton.
