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(Lowestoft)
Purchase Price: £495,000
Development Cost: £976,000
Total Costs: £1,471,000
GDV: £2,320,000
Located in the town centre, 23 Alexandra Road is well placed for easy access to the coast and beaches, local amenities, pubs, cafes and restaurants. Lowestoft Railway Station and Lowestoft Bus Station are both close by providing travel links to the wider area, making the development a desirable residential offering in a town with an historic shortage of housing.
Formerly the headquarters of a prominent local law firm, we acquired the attractive late Victorian Villa in December 2024 and subsequently set about obtaining planning permission for a change of use to residential to provide 11 x 1 Bedroom apartments via permitted development rights and a separate planning application for a further 8 x 1 Bedroom apartments in a detached building located at the rear of the site.
Once complete the proposed development will provide 19 x 1 Bedroom apartments.
Lying on the North Sea coast, Lowestoft is the most easterly town in the UK with Ness Point being the easternmost point in the British Isles which is the first place to see the sunrise before anywhere else in the UK.
Being a coastal town and the largest in the East Suffolk District of Suffolk, Lowestoft boasts 2 piers and wide sandy Blue Flag beaches as well as many other attractions such as Africa Alive Zoological Reserve, and the award winning Pleasurewood Hills Family Theme Park. The Royal Philharmonic Orchestra has its principle residency at the Marina Theatre in Lowestoft. Lowestoft is also the birthplace of Benjamin Britten, composer, conductor and pianist.
Following the decline in the fishing industry, the town turned its focus to developing Lowestoft as a centre for renewable energy in the east of England. The first major renewable energy project was the Greater Gabbard offshore wind farm located around 20km off the Suffolk coast. It is operated and maintained from its Operations and Maintenance base in Lowestoft. Greater Gabbard was a pioneering project for the UK offshore wind industry and for many years the 140-turbine site was the largest wind farm under development in the world. Lowestoft is poised to benefit from the next phase known as the Greater Gabbard Extension Project or more specifically the North Falls Offshore Wind Farm. This, coupled with the under-construction Sizewell C Nuclear Power Station located on the Suffolk coast south of Lowestoft, will bring at least 2,600 – 3,000+ new jobs to the region giving Lowestoft a much needed shot in the arm fuelling growth and an increase in the demand for housing.
If you would like to speak to one of our property fund experts for further advice or guidance, please get in contact with us today.