Land, Higher Grants, Exebridge, Dulverton, Somerset, TA22 9BE

Description

A freehold site situated to the north of the A396, just off the junction with Grants Hill in Exebridge, which lies approximately 25 miles north of Exeter on the Devon/Somerset border within the heart of the picturesque Exe Valley. Planning Permission has been granted by Mid Devon District Council under ref: 22/02196/FULL, dated 19th October 2023, for the erection of 5 dwellings following demolition of agricultural building using Class Q fallback position (21/00603/PNCOU), subject to conditions. The agricultural building has subsequently been demolished and may have triggered commencement of the development. Prospective purchasers should rely on their own investigations to confirm the development has started.

Accommodation

Planning permission for five dwellings. Houses 1, 2 and 3 each comprise a ground-floor entrance hall, cloakroom/W.C., kitchen/lounge/dining room; balcony; first-floor landing, bedroom 1 with dressing room and en-suite, two further bedrooms and family bathroom/W.C. Houses 4 and 5 each comprise a ground-floor entrance hall, cloakroom/W.C., kitchen/dining room and living room; first-floor bedroom 1 with en-suite and dressing room, two further bedrooms and bathroom/W.C.; and a balcony.

Location

The site is in Exebridge, approximately 25 miles north of Exeter on the Devon/Somerset border within the Exe Valley. It is situated to the north of the A396, just off the junction with Grants Hill.

Tenure / Property Information

Investment Analysis

Freehold development site with planning permission under Mid Devon District Council ref. 22/02196/FULL for five dwellings, subject to conditions. The agricultural building has been demolished, but whether development has legally commenced requires purchaser verification. The £565,000 2023 sale at Exehay, Higher Grants is nearby and relevant geographically, but it is a completed sale of a detached property rather than evidence of the value of the proposed five-unit scheme. No unit floor areas, build costs, individual completed values, professional valuation or sufficiently specific rental evidence are supplied. Accordingly, GDV, works allowance, rental return and maximum bid cannot be reliably calculated.

Investment Snapshot

Strategy Recommendation

Treat as a planning-led development opportunity only. Obtain a planning-condition and commencement review, confirm the five-unit scheme remains implementable, secure a detailed build-cost and completed-value appraisal, and bid only after accounting for the unstated administration, search, tax and other acquisition costs.

Works Required

Progress the permitted scheme for five dwellings in accordance with planning permission 22/02196/FULL and its conditions. Confirm the status of any commencement following demolition of the agricultural building, and establish the remaining demolition, construction, infrastructure, professional and compliance requirements through due diligence.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

BRRR analysis cannot be quantified because the completed GDV, remaining works cost, finance costs, rental income and refinance terms are unsupported. The scheme may offer development potential, but planning commencement, conditions, buildability and total funding requirements require verification before bidding.

Buy-to-Let Analysis

BTL analysis cannot be established. No sufficiently specific rental comparables or auctioneer rent estimate are supplied, and the proposed five dwellings are not existing income-producing units. Construction and total project costs are also unavailable.

Flip Analysis

A flip or development resale appraisal cannot be quantified. The nearby £565,000 2023 detached sale is not a reliable GDV for five proposed dwellings, and no supported construction budget, professional costs, finance costs or selling allowance is provided.

Investor Risks & Due Diligence

• Whether demolition legally triggered commencement of the development is unconfirmed.

• Planning permission is subject to conditions and the purchaser must verify compliance and implementability.

• No construction, infrastructure, professional or finance cost evidence is supplied.

• No sufficiently specific rental evidence is available.

• The nearby £565,000 sale relates to a detached property and cannot on its own establish the value of five proposed dwellings.

• An administration fee and other non-optional costs may be payable, but amounts are unstated.

• Stamp Duty, Land Registry fees and VAT may also become payable.

Recommendation

Treat as a planning-led development opportunity only. Obtain a planning-condition and commencement review, confirm the five-unit scheme remains implementable, secure a detailed build-cost and completed-value appraisal, and bid only after accounting for the unstated administration, search, tax and other acquisition costs.

Strategy Rating

Analysis Confidence

The planning permission, proposed unit count, tenure, location and one recent nearby completed sale are supplied, but there is no reliable GDV evidence for the scheme, build-cost estimate, rental evidence, fee amount or confirmation that planning has commenced.