47 Market Street, Wellingborough, Northamptonshire, NN8 1AE
Guide Price*
£595,000+
-
Rare Substantial Mixed Use Building Measuring Approximately 10,000 sq. ft. - HMO Potential for 16 to 24 Rooms or 12 Flats (Subject to Obtaining Relevant Consents )
Addendum
There is an additional buyers premium of 1.5% Plus VAT applicable on this lot. This is in addition to the buyers admin fee of £1,500 Plus VAT. Both fees are payable to the auctioneers.
Description
A substantial 10,000 sq. ft. mixed-use freehold in the heart of Wellingborough town centre, presenting both an approved residential/commercial scheme and a significant opportunity for large-scale HMO conversion.
Planning consent is in place for five self-contained flats in the upper parts, together with permission to subdivide the ground floor into two commercial units — delivering an immediate mixed-use investment base.
Beyond the consented scheme, the building’s size and configuration provide clear scope for expansion. A front infill extension and a substantial rear build (as demonstrated by neighbouring properties) could increase capacity to 12 self-contained flats (STPP). Alternatively, the property is exceptionally well suited to a large licensed HMO conversion of 16 to 20 rooms, with potential to extend this further to 20 to 24 rooms with the additional floorspace.
* Illustrative Rental Potential Subject to Consents *
12 flats (with extensions): approx. £95,000–£110,000 p.a. gross rent.
16 to 20 room HMO (straight conversion): approx. £103,500–£130,000 p.a. (gross yield ~17–22%).
20 to 24 room HMO (with extensions): approx. £126,500–£143,000 p.a. (gross yield ~21–24%).
This rare town-centre freehold offers both a secure investment via the approved flat scheme and exceptional yield potential via HMO reconfiguration — providing multiple exit strategies for investors and developers.
Commercial Space (with potential to split into 2 units, STPP)
First Floor
Approved Planning Permission:
1 x Two-Bedroom Flat
2 x One-Bedroom Flats
Second Floor
1 x One-Bedroom Flat (unmodernised)
Third Floor
1 x One-Bedroom Flat (unmodernised)
Proposed Accommodation Schedule
Ground Floor
2 x Commercial Units (subject to approved split)
Potential conversion of ancillary/rear space for HMO communal facilities (STPP)
First Floor
Approved for 1 x Two-Bedroom Flat
Approved for 2 x One-Bedroom Flats
Alternatively convertible to 6 to 8 HMO rooms with shared kitchens/bathrooms
Second Floor
1 x One-Bedroom Flat (unmodernised)
Alternatively convertible to 4 to 5 HMO rooms
Third Floor
1 x One-Bedroom Flat (unmodernised)
Alternatively convertible to 4 to 5 HMO rooms
Total
5 x Residential Flats (consented scheme)
2 x Commercial Units
OR up to 12 flats with extensions (STPP)
OR 16 to 20 HMO rooms (straight conversion)
OR 20 to 24 HMO rooms with extensions (STPP/licensing)
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A buyer's administration charge of £1,800 (including VAT) applies unless otherwise stated in the addendum. The legal pack and addendum contain details on any additional buyer's premium and disbursements that may be payable upon completion. *Starting price estimates ("guides") are subject to change before the auction. These are not guaranteed selling prices. Each property has a reserve price, the minimum acceptable selling amount, which we expect to be within the guide range or up to 10% above.
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