GOING DOWN? GOING UP? Property Loft & Cellar Conversions The last 10 years has seen an increase in cellar and loft conversions and I’m often asked “What value do they add to the subject property?” Like everything else in life it’s about the quality of the finish verses the cost of the exercise, and a […]
The Ash Tea Rooms, 232 Manchester Road
Property SummarySUPERB DEVELOPMENT / INVESTMENT OPPORTUNITY - The Ash Tea Rooms is an elegant Victorian building set in approx 1.25 acres. The site is located on the border of Heaton Norris / Heaton Chapel with great transport links and access to excellent shopping facilities and sought after schools.
THE ASH TEA ROOMS AND GROUNDS The Ash Tea Rooms is a former period public house, bowling green and car park, occupying an area of approximately 1.25 acres. It is currently trading as a tea room with associated businesses. The planning permission has been secured for 11 houses in the grounds and 6 apartments converted from the existing building.
Planning permission doesn't just create value but opportunities and options and so we should mention one of the possibilities; to resubmit planning for 10 houses of greater size and to apply for planning permission for the Tea Room to become a Day Nursery. Day Nursery demands are high in the area and either the buyer could be the end user or an investor who will rent to an end user for an appropriate yield.
Equally, by transitioning the application and reducing the number of housing units which would take the affordable percentage of the project out of the equation. If this strategy is adopted we consider the housing units would each be around 1100/1200 square feet and we anticipate they would retail at £350,000 - £360,000 each.
Also for consideration is the possibility of splitting the title between the grounds and the Ash Tea Rooms so that two parties can treat on the same project. In this respect we would look for offers over £1 million for the residential element and offers over £500,000 for the existing building (obviously the client preference is to sell as a whole). If this possibility proves workable it will be on the basis of synchronised completions dates and action plan.
The location of the site is first class, adjacent to the A626 with side road access to the development. All main services are onsite which is level terrain. The main building, which has a locally listed order to the front elevation, has been brought up to a high standard for its present usage which includes air conditioning and health and safety standards for public usage, this has been achieved whilst retaining the original character of the building.
NB Please note there is a high pressure gas main that runs through the site and the development has been designed to work around that. Our clients are mindful of the National Grid supervisory requirement for building around this facility and we are advised that there is compensation for this enabling element of the project.
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