Development Opportunity With FPP, 45-51 William Street

Description
This Development site is ideally situated in center of Lurgan. It benefits from a prime location, surrounded by many retail businesses, cafes, and local amenities. Convenient access to public transportation and ample parking options make it easily accessible for both locals and visitors.
The site is available in 1 or 2 Lots.The property comprises four derelict buildings and a site to the rear which has access off North Street. The buildings are currently in disrepair allowing a developer the opportunity to fully redevelop this site. The properties are arranged across ground, first and second floors and are of traditional construction.We understand from Lurgan Townscape Heritage Scheme that there are substantial grants available for the redevelopment of these four properties. This property has qualified for Substantial Heritage Lottery Funding.The change of use has been passed for 3 no. properties to 4 no. residential apartments and 3 no. tourism apartments, partial demolition and alteration to the premises including two first floor balconies to the rear of the buildings; provision of dedicated parking and amenity place and other associated site works


FPP available for 7 Units at 47,49 and 51 William Street C. 0.15 Acre4 x 2bed Residential Apartments3 x 2bed Tourist/Short Term Rental ApartmentsGuide Price £325,000


OPP for 3 Units at 45 William Street C. 0.2 Acre 3 x 2Bed ApartmentsGuide Price £125,000


From October 2018 an offer of £1.935,000 was made to the Council by the then Heritage Lottery Fund, now renamed The National Lottery Heritage Fund (NLHF), to deliver the Lurgan Townscape Heritage scheme within the Lurgan Conservation Area. This offer was accepted and permission to start was agreed in December 2018. The total value of the scheme is forecast to be £6,700,147. The additional funds being make up with match funding of £2,002,852 from Council funds, £2,162,295 from property owners, with any shortfall coming from other public funds. The funding package will support the restoration of up to 25 key buildings within the Conservation Area, bringing floor space back into commercial and residential use, complementing other existing and planned developments within the conservation area in Lurgan. Only these 25 key buildings can receive a grant from the Lurgan Townscape Heritage scheme and the buildings from 45 to 51 William Street have been identified as four of these key properties. As such, any eligible regeneration scheme/works will be supported at the agreed grant intervention rates.