Presenting a significant opportunity for developers and investors in Derby's City Centre, this parcel of land, spanning approximately 0.2 acres, features the remnants of the previously demolished plots at Mount Street along with adjacent garage structures. Originally granted full planning consent in 2016 (ref: 03/14/00427), the site is poised for the construction of a three-story mixed-use development comprising ground-floor retail space alongside residential units above. The first floor is allocated for two one-bedroom apartments and ten studio flats, while the second floor will accommodate an additional eight studio flats. The commercial space, measuring 251m2, includes dedicated staff parking and a bicycle store, enhancing its operational appeal.
The anticipated Gross Development Value (GDV) is estimated between £2.4 million and £2.5 million. With potential selling prices around £100,000 to £110,000 for each studio and approximately £120,000 to £140,000 for the one-bedroom flats, along with a retail unit projected to yield between £300,000 and £400,000 upon completion, this development is expected to generate strong returns.
The area benefits from excellent proximity to local amenities including universities and transport links crucial for attracting future tenants. Current market estimates suggest that the annual rental income could reach about £175,000 based on competitive rents: studios at £600 pcm each and one-bed apartments at £650 pcm.
With planning permissions readily accessible via the Derby Planning Portal (ref 24/00914/ful), this project stands as a prime investment not to be overlooked.
