Development Site @ Weston Mews, Weston, Honiton, Devon, EX14 3GE

Description

A parcel of freehold development land with detailed planning consent for the erection of 3 dwellings. The property sits adjacent to a recently completed development of 5 dwellings, which it shares an access with. The site is approximately 0.16 hectares/0.4 acres, with access onto Weston Lane. The approved scheme is for 3 detached dwellings in a countryside setting on the fringe of Honiton.

Accommodation

Approved scheme comprising: Plot 1 – 3 Bedroom Detached House with Garage, 110sqm/1,184sqft, including kitchen diner, living room, utility, WC, 3 bedrooms, ensuite and bathroom. Plot 2 – 4 Bedroom Detached House with Garage, 138sqm/1,485sqft, including kitchen diner, living room, utility, WC, 4 bedrooms, ensuite and bathroom. Plot 3 – 3 Bedroom Detached Bungalow, 106sqm/1,144sqft, including open plan kitchen diner living room, utility, 3 bedrooms, ensuite and bathroom.

Location

Nestled on the edge of the East Devon Area of Outstanding Natural Beauty, the hamlet of Weston is a short drive from Honiton. Honiton railway station provides services to Exeter and London Waterloo. The A30 is nearby, with access to Exeter, the M5 and the wider South West. Exeter Airport is also within easy reach.

Tenure / Property Information

Investment Analysis

The site has detailed planning consent for three dwellings totalling approximately 354 sqm (3,813 sqft), comprising two detached houses and one detached bungalow. Nearby completed-sale evidence includes £440,000 for 1 Weston Mews (detached, January 2025), £540,000 for 3 Weston Mews (semi-detached, January 2025), and £750,000 for 2 Weston Mews (recorded as Other, 2023). These sales are not sufficiently specific or consistently described to allocate reliable values to each approved plot or establish a defensible GDV. The £69,251.03 CIL liability and £1,800 including VAT buyer premium are known costs, but construction, professional, finance, disposal and other project costs are not supplied. At the £300,000 top guide, the guide plus stated CIL and buyer premium would be £371,051.03 before construction and other costs.

Investment Snapshot

Strategy Recommendation

Treat as a development-land opportunity requiring a full residual appraisal. Obtain verified planning documents, plot-specific GDV evidence and a detailed build-cost tender before bidding; do not rely on the guide price alone.

Works Required

Develop the approved scheme of three dwellings: a 3-bedroom detached house with garage, a 4-bedroom detached house with garage, and a 3-bedroom detached bungalow. Works would include construction and connection/access requirements associated with the consent; no detailed specification, condition survey, abnormal works or infrastructure cost information is supplied.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

A BRRR appraisal is not currently supportable. GDV cannot be reliably allocated from the mixed and differently dated nearby sales, while construction, professional, finance, disposal and abnormal costs are absent. The CIL liability is material and must be included in any full development appraisal.

Buy-to-Let Analysis

BTL appraisal cannot be established because no sufficiently specific rental evidence or auctioneer rent estimate is supplied. The site is vacant and requires development before any rental income could arise.

Flip Analysis

A development resale strategy may be possible because detailed consent is stated, but no reliable project surplus can be calculated. The available nearby sales provide some local value context but do not establish values for all three approved plots, and no build-cost or selling-cost evidence is supplied.

Investor Risks & Due Diligence

• The stated £69,251.03 CIL liability is payable to East Devon Council and materially increases project cost.

• No construction cost, professional fee, finance, disposal, abnormal ground or infrastructure allowance is supplied.

• The comparable sales have different property descriptions, dates and values, so plot-specific GDV remains uncertain.

• The approved planning documents, conditions and any obligations are not supplied for review.

• The scheme shares access with the adjacent development, and the evidence does not detail access rights, construction arrangements or associated costs.

• A £1,500 plus VAT buyer premium is payable on exchange, and a £6,800 security deposit is required for registration to bid.

Recommendation

Treat as a development-land opportunity requiring a full residual appraisal. Obtain verified planning documents, plot-specific GDV evidence and a detailed build-cost tender before bidding; do not rely on the guide price alone.

Strategy Rating

Analysis Confidence

Planning, accommodation, tenure, guide, CIL and several nearby completed sales are supplied, but the comparables are not sufficiently comparable for a reliable GDV and there are no construction, professional, finance, disposal or rental cost inputs.