About this property
Opportunity to purchase approximately 3.7 acres of brownfield land for residential development.
Location
Located at Berry Hill in Lake, this development opportunity is within walking distance of the shops at Lake and public transport links. These include three bus routes which pass through to the neighbouring towns of Shanklin, Sandown and Newport, and its own Island Line rail station. The village has benefited from recent investment, with new food outlets, supermarkets and hotels. Lake beach is also nearby, accessed by steep steps which lead to the revetment, providing cafes, beach huts and cycle routes. Adjacent to the site is Broadlea Primary School and The Bay Secondary School is nearby.
Description
Offered for sale is this substantial ‘brownfield’ site consisting of approximately 3.7 acres. The site comprises of the remains of the former Island Learning Centre that was demolished following a fire in July 2015. The site is bordered by residential properties and a cemetery to the east, a primary school to the south and arable land to the north and west. To the west of the existing access lies the playing field to Broadlea Primary School and a public footpath.
The site is accessed via an existing bell mouth junction Berry Hill off Manor Road.
It is understood that the site has a low flood risk as it falls into Zone 1 on the Flood Risk Map for planning. The site is covered by a mixture of rough grass and areas of hardstanding including tarmac playgrounds.
Planning
There is no current planning permission on the site however we have been advised that the land is allocated under the new LDF as brownfield land suitable for residential development of between 30 to 45 dwellings, subject to planning permission.
Services
It is understood that all mains services are available to the site although interested parties should make their own enquiries.
BLRF & SCB Funding
The IWC can offer Brownfield Land Release Fund (BLRF) grant towards site preparation and some on-site infrastructure costs including the provision of services to 12 self and custom (SCB) build plots provided affordable housing is delivered.
The maximum BLRF and SCB available for this site is £619,500. Grant terms and conditions apply. Further information can be provided on request.
Terms
The site is for available freehold or leasehold. Offers are invited for the site. All offers will be considered for the site but those delivering housing would be preferential.
Deliverability of housing as soon as possible is key to the IWC aspirations; therefore, bidders are requested to submit details with their proposals as to how the council can be satisfied that purchasers will build out their proposals in a timely fashion.
Given the council’s identified priority of climate change, bidders should also demonstrate how their bids will help meet the net zero ambitions both through demolition, construction and whole life future use.
If proposals received are not considered sufficiently robust, the IWC may offer the freehold disposal via an initial building lease with the freehold interest to transfer to the purchaser for £1 on completion of the agreed development. Terms to be negotiated.
IWC is not required to accept any particular offer made for the site.
Providing more than the 35% affordable housing required by planning policy will be considered to add value to the offer. It is important to the IWC that housing is delivered on this site as soon as possible and therefore bids should contain proposals to ensure this takes place.
Viewing
The majority of the site can be seen by the public domain but access to the site is by appointment only. Please contact HRD Commercial on 01983 527727 to arrange.
