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Freehold development site for sale in close proximity to Mile End Station. Measuring almost 5000 square foot this former Chapel which is currently used as a GP surgery and vacant offices represents a fantastic opportunity for a residential or mixed-use development STP (subject to planning).
The site is locally listed but not deemed a site of significance by English Heritage.
Based on our own research, if knocking the building down is permitted, there is an opportunity to build a new scheme over five floors. This could be commercial over ground and basement with nine apartments over the first, second, and third floor. If building without any commercial, the site supports massing for up to sixteen brand new apartments. If knocking the building down is not permitted, there is a relatively straightforward conversion within the existing structure that should generate eight to nine brand new residential apartments arranged over four floors, basement, ground, first, and loft space.
Merchant Street is in the heart of Mile End, which is a sought after district in East London, on the city fringe. The site benefits from excellent transport links, including Mile End Underground (Central, District, and Hammersmith & City) Bow Road (District and Hammersmith & City), and Bow Church DLR all within 5 minutes-walk.
Nearby new sites of comparable interest - Linden Homes have recently converted the former hospital at St Clements (200 meters from Merchant Street) with average prices exceeding £750 per square foot.
Below is a breakdown of how the total amount of SDLT was calculated
IMPORTANT NOTICE
Descriptions of the property are subjective and are used in good faith as an opinion and NOT as a statement of fact. Please make further specific enquires to ensure that our descriptions are likely to match any expectations you may have of the property. We have not tested any services, systems or appliances at this property. We strongly recommend that all the information we provide be verified by you on inspection, and by your Surveyor and Conveyancer.
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