Development Opportunity for sale

Craigton House presents an exceptional opportunity to acquire a substantial mixed-use investment in a prominent town centre location, combining established income with significant asset management and development potential.
Situated on West Terrace in the heart of Redcar, the property currently comprises three ground floor commercial units, nine self-contained residential apartments and car parking for approximately 20 vehicles. The existing residential accommodation currently generates £4,020 per calendar month, equating to £48,240 per annum. In addition, Units 9–10 provide a further £20,000 per annum, whilst the commercial accommodation offers significant scope to increase income, with Units 7–8 potentially generating approximately £20,000 per annum and Unit 11 providing a further £8,000 per annum. Based on the figures provided, the combined current and potential income is approximately £96,240 per annum, subject to occupancy, existing tenancy arrangements and final letting terms.
The property benefits from Outline Planning Permission under Reference R/2025/0437/OOM for the addition of two storeys above the existing building together with a four-storey rear extension and ground floor parking provision. The approved scheme provides for the creation of 30 additional self-contained apartments, increasing the residential accommodation from the existing nine apartments to 39 apartments in total.
The planning consent provides a significant opportunity to unlock further value through the comprehensive enhancement and redevelopment of the property, with the potential to substantially increase both rental income and capital value. The outline nature of the consent, with layout and landscaping reserved, also provides flexibility for the detailed design and delivery of the proposed scheme.
Craigton House therefore offers a compelling combination of existing income, commercial rental growth, substantial residential development potential and a prominent town centre location, making it an attractive proposition for investors, developers and owner-occupiers seeking a significant value-add opportunity within Redcar's evolving coastal and regeneration market.
Unit Name: unit | 11017 sqft |