'Landmark' £1.2m development with sea views on the market

The development site on Whapload Road in Lowestoft which is on the market.

The development site on Whapload Road in Lowestoft which is on the market. - Credit: Arnolds Keys

It has been described as "a fantastically located opportunity to complete a landmark development" by the marketing agent.

And now the partially completed residential and commercial site in the heart of Lowestoft has come on to the market.

With the sellers hoping to achieve around £1.2 million for the development, Lancaster Place, in Whapload Road in Lowestoft, has planning consent for 18 apartments and five commercial units.

It also has approval for the conversion of a listed building for future development.

An impression of what the development site on Whapload Road in Lowestoft may look like.

An impression of what the development site on Whapload Road in Lowestoft may look like. - Credit: Arnolds Keys

According to the agents the first phase of the development - a "significant" four-storey building - is "substantially commenced".

This will provide four commercial units and 12 apartments.

The commercial studios will sit on the ground floor with four apartments per floor sitting in the three storeys above them.

An impression of what the development site on Whapload Road in Lowestoft may look like

An impression of what the development site on Whapload Road in Lowestoft may look like - Credit: Arnolds Keys

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Guy Gowing - managing partner of Arnolds Keys, which is marketing the site - said: "Many apartments have views towards the sea and are planned to be finished into a good standard.

"The conversion is part-complete, up to second fix but some apartments still require windows."

The second phase of the development comprises the conversion of another four-storey building into one commercial studio and six further apartments.

This is part-way through conversion, with much of the structural and external fabric having been completed. 

Phase three of the development - at 314 Whapload Road - has not yet started.

An impression of what the development site on Whapload Road in Lowestoft may look like

An impression of what the development site on Whapload Road in Lowestoft may look like - Credit: Arnolds Keys

This centres around the conversion of "an important historic listed building" that would lend itself and has planning consent for conversion to two ateliers (live/work units) or maisonettes with work studios beneath.

Mr Gowing said: “This is a fantastically located opportunity to complete what will be landmark development opposite The Ness open space, providing an exciting mix of high quality residential development with small-scale commercial and atelier units.

“With full planning consent granted and the conversion work well under way, this would be perfect for an investor who is well-placed to complete the project and take advantage of the considerable resale and/or lettings value once the development is finished.”

Full details are available on its website.