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The premises are situated approximately midway along Priory Road with impressive views both to the rear and to the front of the premises. The location is within almost level walking distance to Malvern town centre with easy access also to Great Malvern railway station.Within the immediate vicinity are a number of similar sized large period properties in a much sought after location in Malvern. Priory Road is considered to be one of the primary residential areas within Malvern.
Malvern is approximately 10 miles from Worcester city centre and approximately 37 miles from Birmingham, with easy access to the M5 which in itself affords access to the West Midlands motorway network
The premises comprise a double fronted, three storey, period property (built circa 1850s) which has been extended to the rear.The premises are of traditional solid brick construction under a pitched slate roof, with ornate sandstone finishings and sandstone mullion windows.The premises are situated on a sloping site and are arranged over lower ground, ground floor, first floor with a mezzanine floor towards the rear.The current accommodation briefly comprises the following:
Lower Ground Floor - Nine habitable rooms together with a wet room, Ground Floor - Sitting room, Store Room, Laundry, Pantry, Morning Room, Kitchen, Dining Room, Bar, Drawing Room, Mezzanine Floor - Bedroom, Bathroom, Sitting Room. First Floor - Five Bedrooms, Television Room, Bathroom, Shower Room. We were advised by the applicant that prior to their purchase of the premises in July 2001 the property had previously been used as a fourteen bedroom hotel and prior to that as a nursing home.
The property occupies a roughly rectangular shaped site with a frontage to Priory Road with an approximate site area of 0.301 hectares (0.746 acres).In deriving our valuations of the individual apartments we have based these upon recent transactions, the details of which are set out below:
Woodgate, 7 Albert Road North, Malvern
This property comprises a completely refurbished period residence situated in a similar position to the subject premises.
Apartment 2 - Ground Floor
Sitting/dining room with French doors to the garden. Kitchen/breakfast room, two bedrooms both with French doors, study/third bedroom, bathroom and en suite bathroom - recently sold for £375,000.
Apartment 3 - First Floor
Living/dining room, kitchen, two bedrooms, bathroom, en suite bathroom and study/ third bedroom - recently sold for £385,000
Apartment 4 - Second Floor
Living/dining room, kitchen, three bedrooms, bathroom and two en suite bathrooms - recently sold for £395,000
Although these three apartments are substantially larger than the subject apartments it does indicate that there is currently a market for period up market apartments in a good location close to Malvern town centre.
Parkview, Abbey Road, Malvern
The property is a substantial Grade II Listed building divided into a many flats of varying sizes, close to Malvern town centre. There have been a number of recent transactions as follows:
Number 36
Sold subject to contract May 2007 - two bedroom flat which requires a lot of upgrading work - sold for £131,000
Number 38
Sold subject to contract May 2007 - two bedroom flat in reasonable condition - sold for £138,000
Number 24 (top floor flat)
Sold subject to contract June 2007 - two bedroom flat which requires decoration, new kitchen and bathroom - sold for £175,000
Market Value - We are of the opinion that the re-sale value for the fourteen new apartments is £2,500,000. This figure has been estimated by looking at comparable eveidence throughout the Malvern and surrounding areas market to include available properties, properties that are Sold Subject to Contract and properties that have completed. Any interested purchaser is advised also to make there own enquries regarding the re-sale values..
Directions
From our office in Great Malvern proceed down Church Street and through the traffic lights. Take the first turning on the right into Priory Road
Notice
Please note we have not tested any apparatus, fixtures, fittings, or services. Interested parties must undertake their own investigation into the working order of these items. All measurements are approximate and photographs provided for guidance only.
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