York Street, Luton, LU1

Prime Residential Development Opportunity

Indigo Residential are delighted to offer for sale this exceptional residential development opportunity situated within the heart of Luton town centre.

The site benefits from detailed planning consent for the construction of Full Planning Permission for 57 Private Apartments

57 private apartments, comprising:

·       7 x Three-Bedroom Apartments

·       32 x Two-Bedroom Apartments

·       18 x One-Bedroom Apartments

This represents a rare opportunity to acquire a fully consented town centre development site in one of the South East's fastest-evolving regeneration locations.

The scheme is ideally suited to both a traditional build-for-sale developer and a Build-to-Rent (BTR) investor seeking long-term income growth in a strategically important commuter location.

Investment Highlights

·       Full Planning Permission Granted

·       57 Private Residential Apartments

·       Planning Reference: 22/00400/FUL

·       Section 106 Agreed

·       Conditions Discharged and Submitted

·       Excellent Build-to-Rent Potential

·       Strong Rental Demand

·       Central Luton Location

·       Walking Distance to Luton Railway Station

·       Direct Access to London St Pancras from 22 Minutes

·       Approximately 1 Miles from the Proposed New Luton Town Stadium

·       Approximately 2.6 Miles from London Luton Airport

·       Significant Regeneration and Infrastructure Investment Underway

Strategic Location

The site occupies a highly accessible position within Luton town centre, benefiting from excellent transport connections and substantial ongoing investment throughout the area.

Key connectivity benefits include:

·       Approximately 0.3 miles from Luton Railway Station

·       Direct rail services to London St Pancras in approximately 22 minutes

·       Luton DART connection providing rapid access to London Luton Airport

·       Easy access to Junctions 10 and 11 of the M1 motorway

·       Walking distance to retail, leisure and employment amenities

Luton is currently undergoing one of the most significant regeneration programmes in the region, with over £1.7 billion of public and private investment planned or underway.

Major projects include:

London Luton Airport Expansion

·       Passenger capacity increasing from 18 million to 32 million annually

·       Up to 11,000 new jobs expected

·       Estimated contribution of £1.5 billion per annum to the local economy

New Luton Town Football Club Stadium

·       Proposed 25,000-capacity stadium

·       Significant associated residential, retail and leisure development

·       Expected to generate over 1,000 permanent jobs

Town Centre Regeneration

·       Major mixed-use redevelopment projects

·       New residential neighbourhoods

·       Enhanced public realm and infrastructure improvements

·       Increased residential demand within the town centre

Economic Growth

Luton Borough Council's Economic Strategy aims to deliver:

·       £500 million annual economic growth

·       23,000 new jobs

·       150,000 sq m of new commercial space by 2032

Planning & Technical Information

Full planning permission was granted on 24th April 2024.

The vendor has undertaken the necessary work to discharge planning conditions and implement the consent. Supporting documentation will be made available to interested parties.

The development is arranged in two adjoining blocks with independent entrances and cores, allowing phased delivery if required.

For a scheme of 57 private apartments in Luton town centre, a rough rental appraisal can be made using current market rents for modern apartments in central Luton.

·       Build for sale: GDV £15.52 Million | 38,733 sq ft | Average Value £401 per sq ft

·       The development demonstrates a highly consistent pricing profile, with apartment values ranging from approximately £323 per sq ft to £467 per sq ft, producing a blended average of £401 per sq ft across the entire scheme.

Typical monthly rents (2026 market assumptions):

·       1-bed: £1,000–£1,250 pcm

·       2-bed: £1,350–£1,650 pcm

·       3-bed: £1,700–£2,100 pcm

Using mid-range figures:

Unit Type: Quantity: Assumed Rent pcm: Monthly Income

1-bed x 18 £1,100 = £19,800

2-bedx 32 £1,500 = £48,000

3-bed x 7 £1,900 = £13,300

Total 57 £81,100 pcm

Gross annual rental income: approximately £973,000 per year.

Sensitivity range

·       Conservative estimate: £870,000/year

·       Mid-market estimate: £970,000/year

·       Optimistic estimate: £1.1 million/year

Services

The site benefits from:

·       Existing Water Connection

·       Existing Gas Supply

·       Existing Three-Phase Electricity

·       Communications Infrastructure Available

No known third-party easements or service constraints run through the development site.

This is an opportunity to acquire a fully consented residential development site in a location undergoing transformational change.

With planning certainty, extensive technical due diligence completed, strong rental demand, excellent transport connectivity and significant future regeneration benefits, York Street represents an outstanding opportunity for developers and investors seeking exposure to one of the region's most compelling growth stories.

Further information, technical reports and planning documentation are available upon request.

Garden

Communal Landscaped gardens