This is a substantial development opportunity with outline planning for a 4 storey building providing 60 student beds spaces and circa 2,000 square feet of commercial space situated approximately 1.5 miles from the new Bristol University Temple Quarter Campus next to Temple Meads train station and 0.7 miles to the nearest UWE bus stop. The accommodation comprises 12 x studio flats and 8 x 6 bed flats. Alternatively there may be scope for changing the planning to 6 town houses or other alternative uses subject to planning.
The property is situated in a prominent position on Lower Ashley Road between Gordon Road & Conduit Road. It benefits from close proximity to Junction 3 of the M32 putting the city centre within easy reach. Eastville shopping centre is close to hand together with the popular St Marks Road and Stokes Croft. There are good public transport links near by with local train stations in Montpelier and Stapleton Road.
Bristol University announced in November 2016 that they will be building a new "Temple Quarter Campus" next to Bristol Temple Meads train station, approximately 1.5 miles from the site and is planned to be opened for the 2021/22 academic year. The main Bristol campus is approx. 1.4 miles away making this an ideal location to cover bother campuses. The main UWE Frenchay campus has a regular bus service from nearby Bond Street (0.7 miles approx.)
This is an opportunity to redevelopment a site of a approximately 0.25 acres. On site at the moment is a single storey office building dating from the 1980's and car parking. Planning permission has been passed for the demolition of the existing building and the erection of a 4 storey building providing student accommodation and office space.
Application 15/05530/P provides Outline Planning Permission for the proposed removal of the existing single storey office building and provision of a four storey mixed used development, comprising office areas to the ground floor and student accommodation above. The full planning file can be viewed at http://planningonline.bristol.gov.uk/online-applications/applicationDetails.do?activeTab=summary&keyVal=NWXLIHDNGO200
- Planning History
The site has been subject to a previous successful application for residential development on a similar scale. Approved as an outline application in 2007. The previous application contained 24No. flats, office accommodation to the ground floor and an underground parking facility. Refer to application ref: 06/04740/P
- Proposed accommodation
The proposed accommodation details 8 x 6 bedroom flats and 12 studio flats with ground floor office space
- Ground Floor Proposed Accommodation
The ground floor consists of:
Office unit 1: 88 sqm
Office Unit 2: 95 sqm
2 x 6 ensuite bedroom flats
- First Floor Proposed Accomdation
3 x 6 ensuite bedroom flats
- Second Floor Proposed Accommodation
3 x 6 ensuite bedroom flats
- Third Floor Proposed Accommodation
12 x self contained studio flats
- Potential Commercial Rents
The commercial units are likely to rent for between £12 - £15 per sqft, giving a total annual rent of circa £25,000 - £30,000. They may be scope for going back into planning for a change of use to residential. For further advice on commercial rents we recommend you contact Nigel K Hicks & Co on 0117 961 0099
- Potential Residential Rents
The 6 bedroom flats are likely to rent for between £450 - £500 PCM plus bills, giving a total annual rent of £259,200 - £288,000.
The studio flats are likely to rent for circa £600 PCM plus bills, giving a total annual rent of £86,400.
For advice on student letting we recommend you contact Purple Frog on 0117 370 3330.
- Total Predicted Annual Rent
The total predicted annual rent is in the region of £370,600 - £404,400
The property is currently being let on an ad-hoc basis, however, will be sold with vacant possession.