Blake & Thickbroom says ..

Property Oracle says ..

This property is a vacant development site in Frinton-on-Sea, Essex, formerly occupied by Elm Tree Residential Care Home. The site has been cleared and planning permission (C2) has already been granted for the construction of a new 64-bed care home. The location is good, offering proximity to amenities and transport links, though the immediate visual appeal of the currently vacant site is low. The absence of a building and the presence of only debris and some overgrown vegetation means the property is in poor condition, requiring considerable further investment. However, the site size is significant, offering substantial development potential. The property’s high price may reflect the value of its planning permission, but a full appraisal and feasibility study would be needed to determine if the asking price represents good value for money. Buyers should also factor in the considerable cost of construction and any potential delays or issues during the development process. The nearby residential properties give an indication of the housing market in the area, however, the listed price is far above those, and requires significant future investment in building works, that is not guaranteed to be profitable.

Therefore, we give this property 5 / 10. *Disclaimer: This is our option and does constitute a recommendation or financial advice. Do your own research. *

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