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Lot 10

Grecian Mills Redevelopment Site – Guide £850k

Guide price £ 850,000

Type of Sale

for sale under auction terms and conditions

Key Features

  • Approved planning consent for Class C3 & E3
  • Dedicated cycle storage & car parking
  • Detailed architects’ plans & S106-free title
  • Ground-floor commercial/shop units
  • Guide Price: £850000 (auction T&C)
  • Site area ~0.4 ha with landscaping
Property for sale A construction site on Worsley Road shows the old brick mill and a modern structure rising. A small excavator is parked on dirt, with signs for "GRECIAN MILLS REDEVELOPMENT SITE" and details of its C3/E3 planning consent. Presented by Palace Auctions
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Property for sale A construction site on Worsley Road shows the old brick mill and a modern structure rising. A small excavator is parked on dirt, with signs for "GRECIAN MILLS REDEVELOPMENT SITE" and details of its C3/E3 planning consent. Presented by Palace Auctions
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Description

Grecian Mills redevelopment site

Grecian Mills redevelopment site on Worsley Road, North Worsley, offers an exceptional investment opportunity with approved planning consent for new residential accommodations (Class C3) and flexible commercial floor space (Class E3). Spanning approximately 0.4 ha, the freehold parcel includes detailed drawings for multiple housing units, ground-floor retail or office space, landscaped amenity areas, dedicated cycle storage and car parking provision.

Situated within the M28 3 postcode, this site benefits from strong local fundamentals: gross rental yields in North Worsley range from 6.1% to 7.7% for residential properties, while average monthly rents in the area reach £1,076. Moreover, the average price per square meter in M28 3 is £2,670, indicating room for value growth once developed. Investors can tap into both immediate commercial lettings and long-term residential income streams, diversifying risk and maximising returns.

The surrounding neighbourhood features excellent transport links—Walkden station is under 1 mile away, and the M61/M60 motorway network provides quick access to Manchester city centre. Local amenities include shops, cafés, parks and school catchments that support strong tenant demand. Furthermore, Trafford Council’s strategic plans for North Worsley emphasize sustainable growth, making this scheme well-aligned with regional policy.

Offered under auction terms and conditions with a guide price of £850,000, Grecian Mills represents a turnkey development site. Prospective bidders should review the full legal pack and planning schedules to capitalise on this mixed-use opportunity.

Key Takeaways

  • Guide Price: £850,000 under auction terms
  • Planning Consent: Class C3 residential & Class E3 commercial granted
  • Site Area: Approx. 0.4 ha with landscaping, retail frontage, cycle & car parking
  • Local Yields: 6.1%–7.7% gross rental yield potential
  • Average Rent: £1,076 per month in M28 3 postcode
  • Transport & Amenities: Walkden station, M61/M60, shops, schools & parks

Analysis

This mixed-use scheme aligns with Greater Manchester’s trend for sustainable urban living, combining new homes with active ground-floor commercial units. Comparable projects—such as Brunswick Place and NOMA District—highlight strong demand for flexible work-live environments and robust capital appreciation. By securing planning consent in advance, Grecian Mills de-risks the entitlement phase and accelerates time-to-market. Investors can choose to develop and hold for yield, or complete shell and sell forward, capturing uplift driven by regional regeneration.

Grecian Mills redevelopment – Gross development value

Firstly consider the Income table showing estimated end Gross Development Value (GDV) and high-level net profit. Based on a land guide price of £850,000. Together with benchmark development-cost ratios of 45%–60% of GDV. Development costs typically represent 45%–60% of GDV for mixed-use schemes. 

Scenario GDV (£) Dev Cost (% of GDV) Dev Cost (£) Land Cost (£) Total Cost (£) Net Profit (£) Net Profit Margin (%)
Conservative 4,000,000 60% 2,400,000 850,000 3,250,000 750,000 18.8%
Base Case 4,250,000 55% 2,337,500 850,000 3,187,500 1,062,500 25.0%
Optimistic 4,500,000 50% 2,250,000 850,000 3,100,000 1,400,000 31.1%

 

Notes:

  • Secondly GDV is modeled at £4 to 4.5 million based on local values per sqm and comparable schemes.
  • Thirdly Development Cost includes construction, professional fees and finance, at 50–60% of GDV.
  • In addition Land Cost is fixed at the auction guide price of £850,000.
  • Finally Net Profit Margin is worked out as Net Profit ÷ GDV.

This table illustrates a net profit range of £750K–£1.4 M. That is (18.8%–31.1% of GDV). Under different cost scenarios—well above typical developer targets of 15%–20%. 

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Page Last Updated: Saturday, August 09, 2025 11:54

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