Development Site adjoining Wella House, Wella Road, Basingstoke, Hampshire

Description

Freehold parcel of land being sold with full planning permission to extend the adjoining block of flats to create 5 x 1-bedroom and 4 x 2-bedroom apartments with associated parking. Planning was granted on appeal on 22nd July 2025 under reference 23/03132/FUL by Basingstoke & Deane Borough Council for a 4-storey extension to the north east of Wella House for 9 flats.

Accommodation

Based on approved plans: Ground Floor: Flats 1 and 2 (40 sq m and 50 m2) – Lounge/Kitchen, Bedroom, Shower Room. First and Second Floor: Flats 3, 4, 5 and 6 (68 m2) – Lounge/Kitchen, Bedroom One, Bedroom Two, Shower Room. Third Floor: Flats 7 and 9 (40 m2) and Flat 8 (50 m2) – Lounge/Kitchen, Bedroom, Shower Room. The approved scheme comprises 5 one-bedroom and 4 two-bedroom flats.

Location

Wella House can be found around 1.5 miles from the centre of Basingstoke, which provides shopping, leisure and dining facilities. Basingstoke mainline train station offers direct services to London Waterloo. Further transport links include nearby connections to the M3 motorway and A33.

Tenure / Property Information

Investment Analysis

The £180,000 guide is not independently assessable from the supplied evidence. The site benefits from full planning permission for 9 flats, but no completed development GDV, build-cost estimate, rental evidence, comparable sales or detailed parking information is provided. The lease/freehold description is internally inconsistent: the buyer is stated to enter a new 999-year headlease from 1 January 2026. The £1,800 inclusive-of-VAT contract documentation fee is known, while seller completion fees and planning-related costs are unspecified.

Investment Snapshot

Strategy Recommendation

Proceed only after obtaining legal confirmation of the tenure, a full development appraisal, verified build-cost and professional-fee estimates, parking and servicing details, and confirmation of all special-condition charges. Do not rely on the guide price as evidence of viability.

Works Required

Construct the approved 4-storey extension to Wella House creating 5 one-bedroom and 4 two-bedroom apartments, together with the associated parking. The evidence does not provide build specifications, costings, utilities information or construction-condition details.

Rental & Market Context

Potential BRRR Position

A BRRR assessment cannot be completed without the total acquisition and construction cost, completed GDV, achievable rents and refinance terms. The approved 9-flat scheme may support a refinance strategy, but the evidence is insufficient to quantify it.

Buy-to-Let Analysis

BTL viability cannot be established because no sufficiently specific rental evidence, completed-unit values, development costs or financing assumptions are supplied. The asset is currently a development site rather than an income-producing completed scheme.

Flip Analysis

A development resale assessment cannot be quantified because no GDV, construction budget, professional costs, finance costs, selling allowance or programme is provided. The planning permission is a positive factor, but does not establish profitability.

Investor Risks & Due Diligence

• The listing describes the land as freehold but also states that the buyer will enter a new 999-year headlease.

• No completed development GDV or comparable evidence is supplied.

• No build-cost, professional-fee, finance-cost or programme information is supplied.

• No sufficiently specific rental evidence is available.

• Seller completion fees under the special conditions are unspecified.

• Buyers are responsible for associated planning application costs, with the amount unspecified.

• Detailed parking information is not provided.

• The £1,800 contract documentation fee is payable, and other acquisition costs may apply.

Recommendation

Proceed only after obtaining legal confirmation of the tenure, a full development appraisal, verified build-cost and professional-fee estimates, parking and servicing details, and confirmation of all special-condition charges. Do not rely on the guide price as evidence of viability.

Strategy Rating

Analysis Confidence

Planning permission and the proposed accommodation are provided, but the key valuation, construction-cost, rental, finance, tenure and additional-fee evidence required for investment calculations is absent or inconsistent.