Property · TR18 5QE
For saleListed 595 days
Opportunity summary
See Archie’s verdict, returns by strategy and what to check before viewing.
About
THE SITE - Creeping Lane, Newlyn This is a rare opportunity to acquire a potential development site in this extremely sought-after coastal town.
It has previously had the benefit of full detailed planning permission (Ref. PA21/02403) for development of four apartments (2 x one bedroom and 2 x two bedroom) within a new two-storey building.
This planning application was won via appeal and has now lapsed. The spacious apartments are architect designed in this popular residential spot in West Cornwall.
The site currently comprises an area of redundant hard surfaced open ground, having previously been used as a playground, together with the adjoining sub-station which is leased to Western Power Distribution.
It is conveniently located close to the central “level” area of Newlyn and is a short walk from the bustling harbour, shops, pubs, restaurants and cinema, and yet tucked away in a quieter side-street location.
Adjoining the site are old warehouses such as the Old Pilchard Works as this area was once the old industrial heart of Newlyn, but these buildings have mostly been redeveloped into residential properties over recent years, forming a sought after neighbourhood in the heart of Newlyn.
LOCATION Newlyn is a seaside town and fishing port in south-west Cornwall and is home to one of the largest fishing fleets in the United Kingdom.
The industry is one of the most important in the county, contributing millions of pounds to the Cornish economy each year.
There are several interesting old public houses and nice restaurants as well as an independent cinema.
The famous Christmas lights are launched annually to the accompaniment of the Newlyn Male Voice Choir and followed by a firework display.
The Newlyn Fish Festival is held on August Bank Holiday Monday each year, when stalls and cafés take over the quays for the day.
There is a local primary school and the main town of Penzance is nearby, within a short walk along the scenic promenade.
SERVICES There is an electricity sub-station at the northern end of the site (leased to Western Power Distribution/National Grid) with poles on the proposed development site and overhead cables crossing the site.
The owner has signed a wayleave consent with Western Power Distribution for the poles to be removed and the overhead and underground cables to be re-routed to avoid the proposed development.
However, all interested parties should make and rely upon their own services enquiries for the property and any future development.
VIEWING You may view the site at any reasonable time and at your own risk.
Value & comps
No previous sales on record.
Returns
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Archie refurb estimate: a Pro feature
0.0% below asking
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Deal
Properties like this can earn 2–3x BTL yields when converted to HMO, with retrofit costs around £10k/room. Sign in to see the full tier, yield projection, and cost breakdown.
Commercial properties like this can earn 30-50% higher yields when converted to residential under Class MA / Q / P / PA, with prior approval costing ~GBP 96/unit. Sign in to see the recommended route, yield uplift, and cost breakdown.
BRRR-suited properties can recycle 80-100% of investor capital on refi, leaving a high-yielding rental with most of the money out. Sign in to see the refurb cost stack, ARV projection, and refinance maths.
Detached + large garden = sub-division play. Pro tier unlocks the tier badge, plot size, uplift estimate, and regional land benchmark.
Short-lease flats trade at deep discount, but extending under the 1993 Act often costs far less than the discount. Pro tier unlocks the tier badge, premium breakdown, long-lease ARV and arbitrage maths.
See projected short-stay revenue vs a vanilla BTL for this property.
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Area
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FAQ
About Creeping Lane, Newlyn TR18
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