Development Site, Holme Farm, Main Street, Sturton

Description

A significant and versatile development site in the heart of Sturton village. The site extends to approximately 2.16 acres with planning permission for conversion of existing buildings and new builds on the site.

Accommodation

Planning permission for 9 units in total, comprising 3 x 4-bedroom new-build properties; 3 x Dovecote conversion units including 1 x 4-bedroom and 2 x 2-bedroom units; and 3 x Barn conversions including 1 x 3/4-bedroom and 2 x 2-bedroom units. Total developed area of circa 18,444 sq ft / 1,714.87 sq m. Planning reference numbers: PA/2024/1371, PA/2010/1250, PA/2024/565, LBC PA/2024/719, PA/2024/146, PA/2024/142 and LBC PA/2024/247.

Location

The site is situated in the sought-after village of Sturton, near Scawby, with access to surrounding towns and villages, open countryside, and local road networks including the A15 and M180.

Tenure / Property Information

Investment Analysis

A 2.16-acre freehold development site with permission for 9 residential units and approximately 18,444 sq ft of developed area. The £400,000–£500,000 guide is subject to a 1.2% buyer premium, £1,800 admin charge and possible additional disbursements. The supplied sold comparables do not provide sufficient directly comparable evidence to establish GDV or residual land value.

Investment Snapshot

Strategy Recommendation

Undertake a full residual appraisal and legal/planning due diligence before bidding. The opportunity is development-led rather than suitable for immediate BTL analysis.

Works Required

Deliver the permitted scheme: 3 new-build four-bedroom properties, 3 Dovecote conversions and 3 barn conversions, subject to planning, building-control, access and legal requirements. No construction or conversion cost evidence was supplied.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

A BRRR assessment is unsupported without build/conversion costs, completed-unit values, achievable rents, finance costs and programme information. Refinance proceeds cannot be calculated.

Buy-to-Let Analysis

BTL performance cannot be established because the site is undeveloped, no completed-unit rents were supplied, and the single rental listing is for unrelated land. Development and stabilisation costs are also unavailable.

Flip Analysis

A flip/resale assessment cannot be quantified because no GDV evidence, development budget, professional costs, finance costs or selling allowance was supplied. The scheme has stated planning consent for 9 units, but profitability remains unproven.

Investor Risks & Due Diligence

• GDV cannot be established from the supplied evidence.

• No construction, conversion, infrastructure or professional-cost budget is provided.

• Planning permissions, conditions and implementation requirements require verification.

• Buyer premium, admin charge and possible legal, search, transfer and other disbursement costs apply.

• The legal pack should be reviewed for tenure terms and any applicable charges or obligations.

Recommendation

Undertake a full residual appraisal and legal/planning due diligence before bidding. The opportunity is development-led rather than suitable for immediate BTL analysis.

Strategy Rating

Analysis Confidence

The site size, permitted unit mix, floor area, guide and selected comparable sales are supplied, but there is no unit-level GDV, development cost, rent, finance, programme or selling-cost evidence.