- Planning Approved for construction of 10 flats with further 3 flats under permitted development
- Estimated GDV of £2.9m+ (with current Planning Permission)
- Direct Transport links by rail to Central London in under 40 mins and is just 5 mins walk from Luton Train Station
Luton Town Centre Development Opportunity. Planning Permission granted for the conversion of 10 residential units plus 3 further units by way of permitted development fronting the prestigious George Street in Luton.
We have been instructed on the sale of the long leasehold interest in the Property on a 999-year lease basis. The Property being offered consists of 741 sqm of space on the second and third floors of the Mall in Luton with planning permission for the conversion of 10 residential dwellings and 3 further dwellings by way of permitted development. We are marketing the Property based on the following considerations and the Property area being the Second Floor and Third Floor of the Mall - 741* m2 of space with planning for residential dwellings and 99.3m2* of D1 space.
The vendor has confirmed that the Property will be sold with the benefit of the current planning permission reference: 19/01498/FUL. The planning has been approved by the local authority however the local authority and vendor are finalising the terms of a s106 agreement which the sale will also take place subject to.
The Property is located on the main high street in Luton Town Centre and has excellent, direct transport links by rail to central London in under 40 mins and is just 5 mins walk from Luton Train Station. The development is in close proximity to Junction 10 of the M1 Motorway and London Luton Airport.
The current planning comprises of 2x one bedroom, 6x two bedroom and 2x three-bedroom flats with the addition of 3 further dwellings under permitted development on the second and third floors. We estimate that the current GDV of the Second and Third Floors for the total of 13 units being in the region of £2.9m+.