10th July 2015
Alder King markets South Molton income-producing development site
Property consultants Alder King have been instructed to market a town centre development site of 1.437 acres (0.58 hectares) in South Molton, Devon.
The site, known as Mill Street/Southley Road, is currently occupied by South Molton Recycle Limited for a term expiring on 7 February 2016 at an annual rental of £4,000. Additional income comes from Tower View, a bungalow on site, currently held by way of an assured shorthold tenancy at a rent of £650 per calendar month.
The site offers opportunities for a variety of residential and commercial uses. In the adopted local plan, the site is allocated under a retail extension area policy which seeks to enhance the vitality and viability of the town. The emerging plan continues to identify the site as part of a wider site for a mix of retail, leisure and community uses, potentially including a food store.
Scott Rossiter, partner in Alder King’s Exeter office, is inviting proposals for the freehold purchase of the site.
He says: “Interested parties are invited to make either an offer with an overage secured for the first 15 years in relation to the residential redevelopment of the site or alternatively, subject to planning, offers will be considered for the ownership where the title is currently split into three separate constituent parts.”