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For Sale - Crouch Street, Colchester, Essex, CO3 Guide Price £2,400,000

Building Plot  For Sale Guide Price £2,400,000

Crouch Street, Colchester, Essex, CO3

Unique Development Opportunity

Iconic Art Deco Building

Lapsed planning permission with scope for various commercial and residential development schemes

Excellent Gross Profit Potential

Freehold

Explore a rare opportunity to own a piece of history – an iconic building nestled in the heart of Colchester Town Centre on its most prestigious avenue. Embraced by charming boutiques, cozy cafes, vibrant bars, and exquisite restaurants, this property stands as a testament to timeless elegance, originally gracing the 1950s as the town's cinema, boasting a captivating Art Deco design. Regrettably, the building has remained vacant and untouched for over 15 years, despite several attempts to repurpose it.

Though the previous full planning permission has lapsed, the potential of this landmark remains unparalleled. Imagine transforming this architectural gem into opulent apartments and top-tier retail spaces, perfectly positioned along the bustling street.

The expired planning permission encompasses a visionary concept of 46 luxury apartments and two ground-floor retail units. The plan preserves and transforms the building's distinctive façade while ingeniously utilizing the available rear space for new construction, forming the bulk of this ambitious project. Comprehensive details are available on the Colchester Borough Council's planning portal under reference 151004.

In addition, an appeal has been initiated for a groundbreaking transformation – the demolition of the current structure to give rise to 48 apartments and two or three retail units. This redevelopment envisions a faithful recreation of the façade, paying homage to its original grandeur. The planning portal reference for this visionary endeavor is 202738.

Reach out to us to express your interest or to acquire complete project insights. Our estimations place the total Gross Development Value of the expired scheme at approximately £12.7 million. For a detailed breakdown of valuations, kindly get in touch with us directly or refer to the comprehensive details.

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Please note: This is for illustrative purposes only. The above calculator should not be relied upon when making financial decisions. Please seek advice from a specialist financial provider.

IMPORTANT NOTICE

Descriptions of the property are subjective and are used in good faith as an opinion and NOT as a statement of fact. Please make further specific enquires to ensure that our descriptions are likely to match any expectations you may have of the property. We have not tested any services, systems or appliances at this property. We strongly recommend that all the information we provide be verified by you on inspection, and by your Surveyor and Conveyancer.

Fees

Refundable Holding depositCapped at 1 weeks rent
Security DepositCapped at 5 weeks rent for annual rental under £50,000, or 6 weeks rent for annual rental over £50,000
RentThe agreed monthly rent
Changes to tenancyCapped at £50 inc VAT
Early termination chargeNot exceeding the landlord’s financial losses
Late payment of rentInterest of 3% above BoE base rate for each day the rent is late, once it is 14 days overdue
Replacement keysReasonable costs or give the tenant the option to purchase themselves
Utilities, council tax, communication services, TV Licence etcTenants own responsibility unless otherwise stated in contract
Client Money Protection Scheme Membership detailsThe law requires your membership details
Property Redress Scheme Membership detailsThe law requires your membership details