This property presents a significant development opportunity, ideal for those looking to invest in residential real estate. The existing semi-detached house is poised for a transformation, with potential plans in place to extend and convert the current structure into five self-contained flats. The project also includes provisions for four designated parking spaces, enhancing its appeal to future tenants.
Situated in a quiet cul-de-sac off Phipps Bridge Road, this location offers the benefits of a residential neighborhood while remaining conveniently close to local amenities. Residents will find a variety of retail shops and dining options within easy reach, catering to everyday needs and enhancing rental attractiveness.
Transport links are readily accessible; Tramlink services are only 0.2 miles away, providing convenient connections from Wimbledon to New Addington. Additionally, Colliers Wood Underground Station is approximately 1.1 miles from the property, facilitating commuting into central London.
Planning permission was granted by Merton Borough Council on February 2, 2023. The approved plans include a part single-storey and part two-storey rear extension, alongside a two-storey side extension and rear dormer roof extension. This groundwork allows for the conversion of the house into five flats, complete with associated refuse and cycle storage, outdoor amenity space, and ample off-street parking.
With a total plot size of 364 sqm and the existing gross internal area (GIA) measuring 71 sqm, the proposed redevelopment aims to increase usable space significantly to 330 sqm across the five units. This growth in square footage aligns well with market demand for quality rental properties in the area.
The financial considerations include a Community Infrastructure Levy (CIL) liability estimated at £65,735 with no Section 106 obligations currently noted. This could provide an advantageous starting point for potential investors.
The property is available with vacant possession, allowing for immediate commencement of redevelopment activities upon acquisition. Viewing arrangements can be made by appointment as the house is now vacant and ready for exploration by serious buyers looking to capitalize on its investment potential.
