A development site in North Somerset, which has the potential to generate £3 million in Gross Domestic Value (GDV) will go on sale at auction on Wednesday (November 20). The land, approximately just over half an acre in size, is located at Warley Lane near West Wick on the east border of Weston-super-Mare.
The land has already had planning permission granted by North Somerset Council to be developed into a housing complex. A total of nine units, eight semi-detached three bedroom houses and one detached four bedroom house with a garage, have been permitted.
Each of the properties will come with an off-street parking space and an enclosed rear garden. The semi-detached houses will come with an entrance hall, reception room and an open plan kitchen diner on the ground floor. The eight semi-detached houses will contain three bedrooms on the first floor, one of them with an en-suite, and one additional bathroom.
The four bedroom house, which is the biggest property at 1280 sq ft, compared to 979 sq ft for the other eight units, will have the same layout as the other properties, with the addition of a fourth bedroom on the first floor. It means the entire development includes 28 bedrooms, 18 bathrooms and nine reception areas.
The development site will go to auction on Wednesday with a guide price of £500,000, which is expected to rise during bidding. The total GDV, when the properties are built and brought up to standard, of the land could fetch at least £3 million if sold.
Planning permission for the development was first granted in March 2022, but a recent material amendment and update to the plans were submitted earlier this year. This was given approval by the council on November 6.
According to the council’s decision for the November approval, the development must commence prior to March 18, 2025. This means that the prospective new owners on Wednesday will have less than four months to begin work on the site.