Gordon Brothers in conjunction with Watling Real Estate is offering for sale by informal tender, on behalf of the Fixed Charge Receiver, the freehold interest in residential development Freshford Mill.
The combined freehold interest for Phases 1 and 2 extends to 5.82 acres, of which 4.38 acres are net developable land and 1.44 acres are designated nature reserve. The two-phase development is part complete.
Located in Freshford, near Bath, Somerset the site lies within the Cotswold Area of Outstanding Natural Beauty (AONB), approximately five miles south-east of Bath and 17 miles south-west of Bristol.
The freehold assets include but are not limited to the following:
- Phase 1 is complete and consists of ten units sold on long leasehold, a feature lake and hard and soft landscaping. Maintenance costs re recoverable via service charge to residents via by a retained managing agent. Additional works completed included the construction of a packaged sewage treatment plant with capacity for both phases as well mains gas, electric, water, an access road and nine carports for Phase 2 accommodation.
- Phase 2 is part-built, with implemented planning for 16 units comprising a mix of new build and conversions of mill buildings. These include eight two-bed apartments and eight three- and four-bed houses. The developable area of Phase 2 is estimated to extend to approximately 1.8 acres with an estimated GDV is in excess of £13.1m.
Planning permission for the proposed Phase 2 development was permitted via planning application ref: 20/02020/VAR on November 11, 2021 subject to a S106 Agreement. This application was a variation to a previous planning permission (application ref: 05/02563/FUL). It is understood that the financial obligations under the Section 106 Agreement have been discharged; however, all other obligations remain outstanding.
The property is offered for sale on behalf of Fixed Charge Receiver who offers no title or collateral warranties associated with this property or transaction.
The Receiver acts without personal liability.
The property will be sold by way of informal tender unless sold prior. Offers are invited for the freehold interest.
Floor plans and elevations for the permitted development are available in the data room which can be accessed upon request.
Scaffolding currently erected on Fulling Mill is owned by the appointing lender and can be acquired by separate negotiation.
Each party will be responsible for their own professional costs incurred during the transaction.
Viewings are strictly by appointment only through the joint selling agents.
Contact Information
Ben Lovell
+44 (0)7769 886 681 | blovell@gordonbrothers.com
Chris Davies
+44 (0)7949 375 722 | chris.davies@watling.com