Neil Street, Greenock

OVERVIEW

**Closing Date for Bids - 23rd August 2021 at 5pm** 

Offers are being invited for these 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.

DESCRIPTION

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.

CONDITION

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. 

LOCATION

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 attached floor plan drawing.

Greenock is located approximately 20 miles west of Glasgow with a residential population above 50,000 persons and a core catchment population of approximately 270,000 persons.

Branchton Railway Station is an eight-minute walk away that provides regular train services to and from Glasgow Central Station, Wemyss Bay, and Gourock train station a 5 minute drive.

AREA SUMMARY

Based upon the approximate boundaries shown on the attached Ordnance Survey extract, using digital mapping, our calculations show the sites extend to the following approximate areas:-

West Site - 0.385 hectares (0.95 acres)

East Site - 0.155 hectares (0.38 acres)

LOCAL DEVELOPMENT PLAN

The subjects are situated within the administrative area of Inverclyde Council and are therefore covered by the policies within the Inverclyde Local Development Plan.

The maps relating to both of these policy documents appear to zone the land under-report for residential purposes. 

Reference to the Council's online planning portal notes that an application for the Prior notification for the demolition of buildings at 80, 82, 84, and 86 Neil Street was granted on 28 March 2018 under planning ref. 18/0052/IC. 

COUNCIL TAX BAND

Band A.

CONDITIONS OF ANY OFFER

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).

PRICING

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. 

LEGAL COSTS

Each party will be responsible for their own legal costs incurred during the transaction with the purchaser being responsible for any payment of Land and Building Transaction Tax.

For further information concerning the opportunity, please contact Bowman Rebecchi.