Mount Street, Derby, Derbyshire, DE1 2HH

This freehold development land is located in Derby's city centre, encompassing approximately 0.2 acres. The site includes the former plots for 45 and 47 Mount Street, along with an adjacent block of demolished garages. There was full planning consent granted in 2016 for a three-storey mixed residential and commercial unit, which includes a ground floor retail space of 251 m² and parking for 10 cars. The first floor is approved for 2 one-bedroom flats, each approximately 34 m², and 10 studio apartments, each around 30 m². The second floor will contain an additional 8 studio apartments. The estimated Gross Development Value (GDV) for the completed unit is between £2.4 million and £2.5 million, with expected sales prices of £100,000 to £110,000 for studio apartments, £120,000 to £140,000 for one-bedroom flats, and £300,000 to £400,000 for the retail unit. Anticipated rental yields include £2,500 per month for the retail space, £650 per month for the one-bedroom flats, and £600 per month for the studio apartments, resulting in a combined annual rental income of approximately £175,000. The previous planning application has lapsed, but the old plans have been resubmitted for approval, with a decision expected in August 2024. The location offers proximity to the city centre, university, and transport links.