This property presents a compelling investment opportunity, complete with approved planning permission for the demolition of existing garages and the development of four three-bedroom homes, each featuring front and rear gardens as well as designated parking spaces. The planning reference number is PA25/01601, providing prospective buyers with a clear path to capitalize on this project.
Currently, the property generates an annual rental income of £16,000 from the existing garages, which are fully let. Additionally, there are two further garages that remain unoccupied, offering potential for increased revenue through leasing. This aspect adds immediate cash flow while paving the way for future development.
Located in Heamoor—a quaint village approximately one mile from Penzance—this site benefits from strong local amenities. Residents have access to a primary and secondary school, a village shop, a pub, a church, and a pharmacy all within close proximity. Transportation links are also favorable, ensuring easy travel to Penzance town center in about 10-15 minutes via an underpass.
The property falls under an EPC exemption status and interested buyers should conduct their own inquiries regarding service providers. It’s worth noting that there will be a Community Infrastructure Levy payment of £8,139.69 associated with the planned development.
This unique combination of rental income and redevelopment potential makes this property an attractive prospect for those looking to invest in both immediate returns and long-term growth in an increasingly sought-after location. For viewing arrangements or further information, please reach out to the agent directly.
