Normoss Farm, Normoss Road, Normoss, Lancashire FY3 0AL

Description

A substantial green-belt site extending to approximately 4.2 acres, located on the north side of Normoss Road (B5266), around half a mile south of Poulton-le-Fylde town centre and approximately 2½ miles east of Blackpool town centre. The site previously benefitted from full planning consent granted 24 April 2017, application no. 15/00297/FULMAJ, for the redevelopment of the site to create 21 residential units. Planning was subsequently refused in June 2021 for 28 dwellings, including 8 affordable units, with associated landscaping, open space, attenuation lake and vehicular access onto Normoss Road, reference 20/01314/FULMAJ, and for 21 new dwellings, reference 23/00624/FULMAJ, in February 2024.

Accommodation

Previous full planning consent was for 21 residential units: 3 x 4 bed, 8 x 3 bed and 10 x 2 bed.

Location

Located on the north side of Normoss Road (B5266), around half a mile south of Poulton-le-Fylde town centre and approximately 2½ miles east of Blackpool town centre.

Tenure / Property Information

Investment Analysis

A substantial 4.2-acre green-belt site. The evidence confirms previous consent for 21 units in 2017, but applications for 28 and 21 dwellings were refused in 2021 and 2024. Nearby sales are not sufficiently comparable to support a current land GDV. No current consent, development valuation, works budget or sales evidence for the proposed units is supplied.

Investment Snapshot

Strategy Recommendation

Only consider as a planning-led land acquisition after specialist review of the legal pack, planning history and development viability. Do not rely on the previous 2017 consent as current value evidence.

Works Required

Planning and redevelopment of the approximately 4.2-acre site, potentially reflecting the previously consented mix of 21 dwellings, subject to obtaining acceptable current planning permission. Detailed construction, infrastructure, landscaping, attenuation and access costs are not supplied.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

BRRR is not supportable from the evidence. There is no current GDV, refurbishment or construction budget, rental evidence, or confirmed planning consent on which to base refinance calculations.

Buy-to-Let Analysis

BTL analysis is not supported because this is development land, no completed dwellings exist in the evidence, and no sufficiently specific rental comparables or auctioneer rent estimate are supplied.

Flip Analysis

A development flip cannot be reliably underwritten. The prior 21-unit consent and refused applications indicate planning history, but no current consent, unit values, build costs, professional costs or selling allowance is supplied.

Investor Risks & Due Diligence

• The site is described as green belt.

• Planning applications for 28 dwellings in 2021 and 21 dwellings in 2024 were refused.

• The previous full consent for 21 units was granted in 2017 and no current consent is confirmed.

• Development costs, infrastructure costs and end values are not supplied.

• Additional search, seller, legal, transfer and legal-pack disbursement costs may apply.

• No sufficiently specific rental comparable or auctioneer rent estimate is supplied.

Recommendation

Only consider as a planning-led land acquisition after specialist review of the legal pack, planning history and development viability. Do not rely on the previous 2017 consent as current value evidence.

Strategy Rating

Analysis Confidence

Planning history is provided, but current planning status, GDV, development costs, market evidence for the proposed units, rental evidence and full acquisition costs are absent.