WELL-ADVANCED ‘LANDMARK DEVELOPMENT’ IN LOWESTOFT COMES TO MARKET

A partly completed residential and commercial development opportunity in the heart of Lowestoft has come onto the market – described by the marketing agent as ‘a fantastically located opportunity to complete a landmark development’.

Lancaster Place, on Whapload Road in the town, has planning consent for 18 apartments and five commercial units, as well as the conversion of a listed building into atelier/workshops or live/work units.

The first phase of the development, a four storey building which will provide four commercial units and 12 apartments, is part-completed up to second fix, whilst the second phase, the conversion of another four storey building into one commercial studio and six further apartments, is part-way through conversion, with much of the structural and external fabric having been completed.

Phase Three of the development, the conversion of a listed building into ateliers (live/work units) or maisonettes with work studios beneath, has not yet started.

Offers are invited for the freehold interest, and the sellers hope to achieve around £1.2 million.

“This is a fantastically located opportunity to complete what will be landmark development opposite The Ness open space, providing an exciting mix of high quality residential development with small-scale commercial and atelier units,” said Guy Gowing, managing partner of Arnolds Keys, which is marketing the site.

“With full planning consent granted, and the conversion work well underway, this would be perfect for an investor who is well-placed to complete the project and take advantage of the considerable resale and/or lettings value once the development is finished.”

Full details are available at www.arnoldskeys.com/commercial/property-search/view/7922.