Summary - WATERFALL, MIDLAND RAILWAY INSTITUTE BUILDING, RAILWAY TERRACE DE1 2RU
1 bed 1 bath Commercial Property
Planning-approved 31-unit redevelopment in central Derby, suited to experienced investors.
Full planning permission for 31 apartments (15 x 1-bed, 16 x 2-bed) including ground-floor commercial
Highly prominent corner building in central Derby, excellent public transport access
Very large building — approximately 22,131 sq ft; substantial redevelopment scope
Freehold title; built before 1900 with period features and high ceilings
EPC F (130) and presumed solid brick with no insulation — significant retrofit required
Area is very deprived with very high crime rates — affects lettability and insurance
Medium flood risk; buyers should commission detailed surveys and flood reports
Property is VAT registered; VAT likely payable on the purchase
This substantial freehold property occupies a highly prominent corner position in central Derby and benefits from full planning permission to convert the existing building into 31 apartments (15 x 1-bed, 16 x 2-bed) while retaining commercial space at ground floor. The scheme suits an investor-led residential conversion, offering a city-centre rental product in a location well served by public transport and local amenities.
The building is very large (approximately 22,131 sq ft) and constructed before 1900, with period features and high ceilings that will appeal to renters and purchasers seeking character. There is scope for alternative uses subject to planning (health, education, professional) which increases redevelopment flexibility.
Buyers should factor in material refurbishment and compliance works: the property has an EPC rating of F (130), presumed solid brick walls with no insulation, and mains gas central heating via boiler and radiators. Flood risk is medium and the site sits within a very deprived, high-crime area which will influence tenant demand, security measures and insurance costs.
Commercial and tax considerations include VAT registration (VAT applicable). Broadband speeds are reported slow, though mobile signal is excellent. Overall, this is a planning-led development opportunity for experienced investors or developers able to fund retrofit, energy improvements and targeted management measures to maximise rental and resale value.
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