Arts Tower - Luton  
  • Comprising Site Of 0.8 hectares
  • Ideal Location
  • Consent For 214 dwellings
  • 5 Minute Walk To Convenience Shops
  • 10 Minute From Luton Town Centre
  • Gross Development Value = 42,732,003.60
Price  £4,400,000  

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Full Description
This new amalgamated site comprises 0.8 hectares, formally in three separate ownerships and uses.

The site is located between the corners of Dallow Road, Dunstable Road and Hatters Way. The cleared land has consent for 214 dwellings and the Guru Nanak Gurdwara building has consent for demolition and replacement with a large temple and associated parking.

The site is located within a mixed area. To the South-East is St Mary's Nursing Home and to the North-East a pedestrian bridge over a roundabout at the junction of Dunstable Road, Hatters Way and Telford Way. There is another Pedestrian bridge from Hatters Way to the North of the site, providing access to Sainsbury's.

The site occupies an enviable and very sustainable location. It is within a 5 minute walk to convenience shops and local services to the west on Dallow Road, including Brentwood Park and Dallow Primary School. Luton Town Centre with its numerous shops, services and employment opportunities lie within a 10-15 minute walk to the east and south.

The site is located outside a conservation area and does not contain any listed building or protected trees. Rothesay Road Conservation Area lies further to the south-west and has been given due consideration in the development of these proposals.

-PLANNING PERMISSION-
A further application for the redevelopment of the site was approved on the 14th August 2018 as follows: 'Erection of 183 flats, comprising 122 one bedroom flats, 50 two bedroom flats, within a part 5,8 and 12 storey building with associated access, car parking and landscaping-resubmission' (REF: 17/02130/FUL)

*PROJECT OVERVIEW*
Type of development: Greenfield new build
Units: 183 units/flats
Net Internal Area: 8,822 SQM
Net External Area (Ancillary Spaces): 2,822 SQM
Build duration: 24 Months

*DEVELOPMENT COMPOSITION* (5,8 & 12 storey building)
1 Bedroom units: 133
2 Bedroom units: 50
Total units: 183
"Affordable housing" Units percentage: 13.0%
"Affordable housing" Units: 24 units/flats

*ACUISITION COST/LAND COST APPRAISAL*
Land value price: 5,600,000.00 (GDV based on this figure on land value)
Stamp duty & legal cost: 334,320
Total land cost: 5,934,320.00

*PLANNING CHARGES APPRAISAL*
S106: 884,797

*NET INTERNAL CONSTRUCTION COST*
Net internal area: 8,822 SQM
Build cost/SQM: 1,991
Gross internal construction cost: 17,564,602.00

*NET EXTERNAL CONSTRUCTION COST*
Net external area (Ancillary spaces): 2,822 SQM
Build cost/SQM: 1,200
Gross external construction cost: 3,386,400.00

*INTERNAL & EXTERNAL CONSTRUCTION COST
Total internal & external construction cost: 20,951,002.00
Construction contingency: 1,047,550.10
Total construction cost: 21,998,552.10

*PROFESSIONAL FEES APPRAISAL*
Total professional fees: 2,199,855.21

*FINANCE COST (TO BE USED AS EXAMPLE ONLY)9

Interest rate/year: 8%
Interest Cost: 2,021,680.88
Repayment of exit fees and legal fees: Month 31
Exit costs (Legal + Fees): 640,980

*PROFITABILITY*
6,594,728.21 NET

Gross Development Value = 42,732,003.60

For further info please contact our Open House Burnley team! (reference: 168)


Disclaimer
These particulars are intended to give a fair description of the property but their accuracy cannot be guaranteed, and they do not constitute an offer of contract. Intending purchasers must rely on their own inspection of the property. None of the above appliances/services have been tested by ourselves. We recommend purchasers arrange for a qualified person to check all appliances/services before legal commitment.

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Contact Details
To view this property or request more details, contact

Open House Burnley
45a
Hammerton Street
Burnley
Lancashire
BB11 1LT

Tel : 01282 786606
Email : burnley@localagent.co.uk
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