FULL PLANNING PERMISSION FOR 57 PRIVATE APARTMENTS – LUTON TOWN CENTRE DEVELOPMENT OPPORTUNITY

Sell New Group are delighted to offer for sale this substantial FREEHOLD RESIDENTIAL DEVELOPMENT OPPORTUNITY at 1–9 York Street, Luton, LU2 0EZ, benefiting from FULL PLANNING PERMISSION for 57 private apartments.

Planning permission 22/00400/FUL was granted on 24 April 2024, providing an incoming developer with the opportunity to acquire a significant consented residential scheme within an established and increasingly important regeneration location in central Luton. The previous marketing information states that the Section 106 has been negotiated and that work relating to the discharge of pre-commencement conditions has been undertaken and submitted to the council. Purchasers should satisfy themselves as to the current status of all conditions and obligations.

The approved development comprises 57 apartments arranged across two adjoining blocks, providing an attractive mix of:

18 x ONE-BEDROOM APARTMENTS
32 x TWO-BEDROOM APARTMENTS
7 x THREE-BEDROOM APARTMENTS

The architect’s current Floor Area Schedule records approximately 39,961 sq ft of apartment accommodation, comprising approximately 19,715 sq ft within Block C and 20,246 sq ft within Block D.

BLOCK C – 28 APARTMENTS

Block C comprises 28 apartments arranged over ground, first, second, third and fourth floors.

The accommodation provides a combination of one, two and three-bedroom apartments, with individual units ranging from approximately 538 sq ft to 825 sq ft and approximately 19,715 sq ft of apartment accommodation overall.

BLOCK D – 29 APARTMENTS

Block D comprises a further 29 apartments, also arranged over ground to fourth floor.

The block incorporates a mixture of one, two and three-bedroom accommodation, including larger three-bedroom apartments extending to approximately 1,008 sq ft, and provides approximately 20,246 sq ft of apartment accommodation.

DESIGNED WITH BUILDABILITY IN MIND

The existing vendor’s marketing information states that the scheme has been designed with buildability and phasing in mind, with the two blocks having separate entrances and cores, potentially allowing the development to be constructed or delivered in phases.

The proposed external construction has been designed around traditional brick/block and render rather than external cladding, while the structural design is described as capable of accommodating alternative construction methods subject to the appropriate technical design and approvals.

SITE, SERVICES & GROUND INVESTIGATIONS

According to the information provided within the previous marketing campaign, gas, water and three-phase electricity are currently available on site.

The vendor also reports that extensive ground investigations have already been undertaken, including contamination assessments, ground-bearing investigations, window sampling and dynamic probing.

The previous particulars further state that written consent has been obtained from Thames Water for connection to existing on-site storm and foul sewer infrastructure. All prospective purchasers should independently verify the availability, capacity and suitability of all services and infrastructure before proceeding.

LUTON – MAJOR REGENERATION LOCATION

The development occupies a highly accessible position within Luton, with the previous agent marketing the site as approximately 0.3 miles’ walk from Luton railway station and approximately 2.6 miles by road from London Luton Airport. It also highlights the site’s proximity to the major Power Court regeneration area and proposed new Luton Town Football Club stadium.

The location therefore offers an interesting proposition for residential developers, investors, Build-to-Rent operators and development funds seeking a consented residential opportunity within a well-connected London commuter town.

Luton benefits from direct rail connections towards London St Pancras International, while the Luton DART provides connectivity between Luton Airport Parkway and London Luton Airport.

PLANNING

Planning Reference: 22/00400/FUL

Full Planning Permission Granted: 24 April 2024

57 Private Residential Apartments

Prospective purchasers should make their own enquiries with Luton Borough Council and satisfy themselves regarding the planning permission, discharge of conditions, Section 106 agreement, CIL liability and all other matters relating to implementation of the development.

INVESTMENT / DEVELOPMENT OPPORTUNITY

With 57 consented private apartments, approximately 39,961 sq ft of apartment accommodation, an established planning permission and a substantial mix of one, two and three-bedroom homes, the site represents an exciting opportunity to secure a significant residential development in Luton.

Further planning information, architectural drawings, floor area schedules and supporting technical documentation are available upon request through Sell New Group.

VAT

We understand the property has not been elected for VAT, although purchasers should satisfy themselves through independent professional enquiries.

VIEWINGS

Strictly by appointment through Sell New Group.

LEGAL PACK & RESERVATION TERMS

The seller’s legal pack has already been prepared and is ready for immediate issue, allowing purchasers to undertake due diligence and progress swiftly towards exchange. To secure the opportunity, the successful purchaser will be required to pay a 5% non-refundable reservation fee and work towards exchange of contracts within 28 days of the full legal pack being issued by the seller’s solicitors.

PURCHASER’S FEE

The successful purchaser will be required to pay the seller’s agent a fee equivalent to 2% plus VAT of the agreed purchase price, payable upon exchange of contracts.

For further information, planning documentation, technical information packs or confidential discussions, please contact Sell New Group.

This version speaks directly to developers’ priorities: risk removed, planning certainty, GDV, phased delivery, heritage premium and the Universal Resort growth story, which are the points most likely to generate serious interest.

SALES AGENCY APPOINTMENT

As a condition of any purchase of the site, the successful purchaser shall appoint Sell New Group as the sole selling agent for the disposal of all completed residential units constructed as part of the development.

The agency commission shall be 1.5% plus VAT of the final selling price achieved for each completed unit sold.

The purchaser agrees to enter into a formal agency agreement with Sell New Group prior to the commencement of marketing any completed units.

This provision forms part of the agreed sale terms and shall be binding upon the purchaser and any associated company, subsidiary, joint venture partner, special purpose vehicle (SPV) or successor in title involved in the development or sale of the scheme.

DISCLAIMER

All information is provided in good faith and believed to be correct at the time of publication. Interested parties should rely upon their own inspections, surveys and professional advice. All measurements, planning information, capacities and development potential are subject to verification.

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