Former Social Housing Blocks Put Up For Sale

Posted on: 28 July 2021

Former Social Housing Blocks Put Up For Sale

Offers are being invited for four disused residential blocks at Neil Street in Greenock, totalling 48 flats as a potential development opportunity or demolition. 

The subjects comprise two parcels of land, lying to either side of Fergus Road, upon which there are in total four blocks of flatted dwellings, three on the west side and one on the east side made up of 12 x 1 bedroom flats.

The surrounding area is of a residential character, principally in the form of former local authority stock in the immediate vicinity, comprising terraced and semi-detached housing as well as Ravenscraig Court, although detached and semi-detached private housing has been developed in recent decades nearby.

Due to the existence of steel security shutters to the main ground-floor entrances of each block, interested parties will be unable to gain access to the buildings and should consider this as part of any offer.

Existing floor plans of the blocks note that each block provides 12 x 1 bedroom flats of an identical style over four floors. Our calculations show that each of the 48 flats spread across the four blocks extends to approximately 65 sq.m. (700 sq.ft.) on a Gross Internal basis, including the balcony areas.

The blocks appear to be of traditional construction, with external cavity walls principally rendered with a harled finish, under multi pitched roofs clad with concrete interlocking tiles.

Each block has suffered vandalism to varying degrees and we expect each flat will require comprehensive refurbishment including the re-installation of services, fixtures and fittings. Several windows have also been smashed and would need replacing. 

The main external fabric of the buildings is in reasonable order where visible, with a look of having been refurbished in the past 15-20 years. 

The subjects lie to the north of Neil Street and both the east and west of Fergus Road in Greenock. We are constrained to assume that each of the four blocks is identical in terms of scale and layout to that depicted on the floor plan drawing.

Interested parties should note the below conditions before making an offer:

- An expressed end-use of the site is required to accompany all offers.
- Any 'development for rent' offers will not be accepted.
- A sale to a Registered Social Landlord (RSL) will not be accepted.
- A 50/50 profit-share clause will be inserted into any sale for all profits exceeding £750,000 (excluding VAT).

Andrew Bowman, Director of Bowman Rebecchi said:

"This is a fantastic refurbishment or development opportunity for investors, as well as creating further housing opportunities for the local market where supply is scarce currently.

"It is very rare for this type and size of land to become available in Inverclyde and Bowman Rebecchi is happy to assist with any enquiries."

Offers are invited for the purchase of our client's heritable interest in the properties and land. Parties should register their interest in writing to Bowman Rebecchi by 17:00 on the closing date of Monday 23 August 2021. 

For full details, click here.

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