Initial price	£640,000
07/06/24	£610,000
Price Change	-4.69%

The site is located in High Heworth, a popular residential area, and offers potential for residential development. Previously occupied by a building materials supplier, the site could also provide industrial/warehouse plus office accommodation. The site area is around 0.84 acres, and a positive pre-application response has been received from Gateshead MBC planning department. The vendor did submit a pre-application for the construction of 16 townhouses, and while there is no current planning permission, the Council Officer stated that redevelopment of the site for residential use would be acceptable in principle. The site has some service connections but no enquiries have been made regarding services suitable for the proposed development. The current buildings will remain on the site, and the drawings submitted with the pre-application show three blocks of townhouses in an L-shaped layout. The site is to be conveyed upon a freehold basis, and there is currently a covenant in place over a small section of the land in favour of Gateshead MBC. The vendor has agreed terms with the council for the release of the covenant, but this has not yet been processed. VAT will be payable at 20% on the purchase price, and VAT registered buyers can reclaim this but must take specialist advice before proceeding.