Development Opportunity in Benfleet Essex with Existing Block of Six Apartments
Benfleet, EssexAsking Price: £350,000
Status:
FOR SALE
Date Submitted:
27/04/26
Advert ID:
3860
Reference:
RX771323 / Rightbiz
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Business Details
Prime Freehold Development Opportunity: Existing Block of 6 Apartments (Sold on long leases) with Pl
An exceptional development opportunity to acquire the Freehold of a substantial detached block. This property offers massive potential, featuring six established 2-bedroom apartments sold on long leases with granted planning permission for further expansion.
Existing Accommodation
Residential Units: 6 spacious 2-bedroom apartments (sold on long leases).
Parking: Generous parking area located to the rear of the property.
Garages: 6 private garages, currently designated to the existing long leaseholders.
The Opportunity
This property offers a combination of immediate ground rent/service charge income and a high-yield development play. Located in a sought-after residential area, the site is primed for immediate expansion.
Development Potential: Full Planning Permission Granted for an additional 4 x 1-bedroom apartments, with each new unit designed to include a separate home office/study, specifically catering to the high demand for "work-from-home" flexible living spaces, significantly increasing the site's capital value. The new flats will have the same floor plan as the others below, so can easily be changed to 2 bedrooms.
Lease & Income Profile
The block is managed with a clear and structured leasehold schedule:
Flats 1, 2, 5 & 6 have 199 year leases from 25th Dec 1977 with a ground rent of £25.00 per annum
Flats 3 & 4 Extending to 999 years (In Progress) with a ground rent of £25.00 per annum
Total Ground Rent: £150.00 per annum.
Service Charge & Management
The building operates under a transparent service charge structure, ensuring the fabric of the property is well-maintained:
Budget (YE 31/12/25): £10,150.00
Apportionment: Split equally across the 6 existing units (£1,691.67 per flat).
Investment Highlights
Freehold Interest: Full control over the land and building.
Planning Uplift: Planning to add four modern 1-bed/2-bed units.
Minimal Ground Rent Risk: Low, fixed ground rents make these units highly attractive to mortgage lenders and future leaseholders.
Documentation: Full planning documents, floor plans, and existing lease copies are available upon request.
This is an ideal acquisition for developers looking for a project or long-term investors seeking a freehold block with "built-in" growth.
Contact us today for any further information. RX771323
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