The former Jewson builders’ site in Bangor is on the market for £2.2 Million, as a development opportunity with planning for luxury apartments and penthouses.
Plans to build 4 blocks of flats incorporating 70 living units on the site at the lower end of Bangor High Street, were rejected initially rejected by Gwynedd Council, but developers successfully appealed against the decision in 2019.
Gwynedd planning committee said the appearance and scale of the development would be out of character with the surrounding area and the impact of proposed balconies would infringe on the privacy of the surrounding residential properties, taking into consideration a petition signed by local residents.
The plot is now for sale under the new project – called Menai Reach – and is described as a “luxury development of 70 apartments and penthouses arranged within 4 blocks in a secure gated community”.
They added: “As a long established University City, Bangor has a substantial requirement for rental properties. Despite the developments of ‘student pod’
“Bangor suffers a significant shortfall of good quality rental accommodation, estimated currently to be in excess of 5,000 units.
“In particular, second & third year undergraduates along with foreign students, post graduates and junior university staff demand private high quality.”
“With Menai Reach fully meeting this criteria, the development also offers the potential of solid rental yields with low void periods and long term capital growth – a recipe for successful buy-to-let investment.”
Planning History
The plot has been at the centre of controversy since 2011, when Llangefni-based Hughes Bros Ltd put in a bid to develop the site.
Outline planning was secured in 2015 and detailed planning given the go ahead at appeal in 2019 after the planning committee at Gwynedd council had rejected the proposal.
The plot is now on the market with eXp UK for £2.2m, marketed by Gavin Morgan
https://www.exp.uk.com/property/bangorll57-1pj-2200000/
