Duke Street

PRIME RESIDENTIAL DEVELOPMENT OPPORTUNITY 23 PRIVATE APARTMENTS | FULL PLANNING PERMISSION | CIRCA £6.0M GDV

Indigo Residential are delighted to offer for sale this exceptional residential development opportunity situated in the heart of Luton town centre.

The site benefits from full planning permission for the construction of 23 private residential apartments, providing an attractive opportunity for both residential developers and investors seeking exposure to Luton’s continuing regeneration and strong residential demand.

The approved accommodation comprises:

• 9 × One-Bedroom Apartments
• 11 × Two-Bedroom Apartments
• 3 × Three-Bedroom Apartments

The scheme provides approximately 15,909 sq ft of residential NIA, with a total residential GIA of approximately 20,640 sq ft. The planning accommodation schedule confirms an overall NIA/GIA ratio of approximately 77%.

DEVELOPMENT & INVESTMENT HIGHLIGHTS

• Full Planning Permission Granted

• 23 Private Residential Apartments

• 9 x One-Bedroom Apartments

• 11 x Two-Bedroom Apartments

• 3 x Three-Bedroom Apartments

• Approximately 15,909 sq ft Residential NIA

• Approximately 20,640 sq ft Residential GIA

• Section 106 Agreed to be paid by owner

• Indicative GDV of approximately £6.0 million

• GDV based on approximately £377 per sq ft of residential NIA

• Excellent potential for Build-to-Sell or Build-to-Rent

• Strong rental demand

• Highly accessible town centre location

• Approximately 0.3 miles from Luton Railway Station

• Direct rail services to London St Pancras

• Excellent access to the M1 motorway

• Approximately 2.6 miles from London Luton Airport

• Significant regeneration and infrastructure investment across Luton

STRATEGIC LOCATION

The site occupies a highly accessible position within Luton town centre, benefiting from excellent transport connections and proximity to the town's retail, leisure, employment and civic amenities.

Luton Railway Station is approximately 0.3 miles from the site, providing direct services to London St Pancras, with journey times of approximately 22 minutes.

The location also benefits from the Luton DART connection to London Luton Airport, together with convenient access to Junctions 10 and 11 of the M1 motorway.

The combination of strong transport connectivity, employment opportunities and significant regeneration makes the location particularly well suited to residential development.

LUTON – A GROWING AND REGENERATING LOCATION

Luton is undergoing substantial investment and regeneration, with significant public and private sector investment planned or underway across the town.

Key projects and initiatives include:

London Luton Airport

London Luton Airport is a major economic driver for the area, with planned investment and expansion expected to increase passenger capacity and employment opportunities.

The airport is a significant contributor to the local economy and provides an important source of employment and future residential demand.

Proposed New Luton Town Football Stadium

A proposed new 25,000-capacity stadium forms part of the wider regeneration ambitions for the area, alongside associated residential, retail and leisure development.

Town Centre Regeneration

Luton town centre is benefiting from ongoing investment in:

• Mixed-use redevelopment
• New residential accommodation
• Public realm improvements
• Infrastructure investment
• Retail and leisure facilities
• Employment-generating development

These initiatives are expected to support increased residential demand and contribute to the continued transformation of the town centre.

DEVELOPMENT & GDV

The approved scheme comprises 23 private apartments with a total residential NIA of approximately 15,909 sq ft.

Based upon an indicative residential value of approximately £377 per sq ft, the scheme produces an estimated Gross Development Value (GDV) of approximately £6.0 million.

Total 23 at 15,909 sq ft = £5,997,845

Indicative GDV: £5.998 million (circa £6.0 million).

The above calculation is based upon the NIA figures contained within the planning accommodation schedule.

BUILD-TO-RENT POTENTIAL

In addition to a traditional build-for-sale strategy, the scheme may offer attractive Build-to-Rent potential, subject to detailed investor appraisal.

Indicative market rental assumptions could support gross rental income in the region of £400,00 per annum, based upon the rental assumptions provided for the scheme.

This equates to an indicative gross annual income of approximately £33,400 per month before operating costs, voids, management, maintenance and other deductions.

The rental figures are indicative only and should be independently verified by prospective purchasers.

PLANNING & TECHNICAL INFORMATION

The site benefits from full planning permission for 23 private apartments.

The planning accommodation schedule confirms:

• 23 residential units
• 9 × one-bedroom apartments
• 11 × two-bedroom apartments
• 3 × three-bedroom apartments
• Approximately 15,909 sq ft residential NIA
• Approximately 20,640 sq ft residential GIA
• NIA/GIA ratio of approximately 77%

The planning schedule also identifies ancillary and circulation areas associated with the development.

Further planning, technical and due diligence information is available upon request.

THE OPPORTUNITY

This represents an excellent opportunity to acquire a fully consented 23-unit residential development site in central Luton, offering a combination of planning certainty, attractive residential values, strong transport connectivity and exposure to the town's ongoing regeneration.

The scheme is suitable for a range of development strategies, including traditional build-for-sale, private investment and Build-to-Rent, subject to purchaser appraisal.

With an indicative GDV of approximately £6.0 million, based upon approximately £377 per sq ft of residential NIA, the opportunity should appeal to developers and investors seeking a well-located residential development opportunity within an established and evolving South East commuter location.

Further information, planning documents and technical reports are available upon request.