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iews across to Penzance Harbour towards St Michaels mount seduced our buyers who fell in love with the location having completed multiple site in and around the London area.  Getting off the train at Penzance Station having taken in the beautiful coastline coming in around Mounts Bay our property developer buyers The Naked Property Group, quickly decided that they we’re going to take the sow West and create their own brand of living in this thriving Cornish Town.

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The Project

This project started when the previous land owner obtained an outline planning consent to build 38 x apartment’s on a tight urban site of 1.34 acres in a prime town centre location just behind Market Jew Street and not far from the infamous Chapel Street with its diverse selection of period architecture which defines the character of Penzance.  The site itself was an area of land which is elevated above the harbourside but surrounded by a mixture of new residential apartments and the back of the main retail street which is made up of period buildings and untidy service areas.  There is a detached commercial building which dates back to the 1950’s with an asbestos roof which will all need to be demolished along with other remediation works that will be required to make way for a new build apartment scheme.

The site was included in the Penzance Town Centre Spatial Strategy Report 2018 and has been subject to a larger urban regeneration project of up to 86 units along with some adjoining landowners known as Market Jew back lands. This scheme shows the aspiration to create a through street with potential for a mixed urban housing scheme in an attractive setting.

Marketing

We decided right from the outset that because of the superb location that it would be the right method to go to the ‘Open Market’ as well as working with a ‘Select Developers List’ as we always felt that it would be a developer from out of area that would be the ultimate buyer.  We did have interest from local development companies, one of which made a formal offer to purchase the site, but the terms offered by The Naked Property Group where preferred.

Design

The newly constructed building will constitute a rare and special opportunity: beautiful, stylish, high-end apartments in a harbourside location, near the centre of the charming Penzance. The materials used will blend into the local aesthetics and the apartments will all enjoy outside balconies which the front facing upper floors enjoying the best views out across the bay towards St Michaels Mount.  

Project Outcome

The Naked Property Group purchased the site outright in March 2021 and have since taken their detailed designs back into planning to seek final approval which is now imminent.  The urban regeneration project remains ongoing and once completed it will create a number of new homes including some well needed affordable properties that will benefit the wider community as a whole.