15 bed property for sale

Empress Drive, Douglas, Isle Of Man IM2

A rare opportunity to acquire a substantial period property in one of Douglas's most recognisable elevated positions, offering extensive accommodation, outstanding views across Douglas Bay and significant potential to create a substantial income-producing residential investment.

Wavecrest is an imposing former guesthouse arranged over multiple floors on Empress Drive, within easy reach of Douglas Promenade, the town centre, financial district and the Island's principal amenities.

Behind its impressive period façade lies an exceptionally substantial building with numerous existing bedrooms and bathroom facilities, generous communal accommodation and ancillary space.

However, it is the property's future potential that makes Wavecrest particularly exciting.

Planning for a 14-Bedroom HMO

Planning has been approved for the change of use of Wavecrest from guesthouse accommodation to a substantial 14-bedroom House in Multiple Occupation (HMO)

The proposed scheme has been designed to provide:

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  14 bedrooms
  
  
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  14 en-suite facilities
  
  
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  2 communal kitchens
  
  
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  2 communal lounges
  
  
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  Manager's accommodation
  
  
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  Secure bicycle storage
  
  
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  Dedicated bin/refuse storage
  
  

The proposed layout makes excellent use of the scale of the existing building and provides an incoming purchaser with a clear route towards creating a sizeable residential investment.

The combination of 14 private en-suite bedrooms and dedicated communal kitchens and living spaces should make the completed accommodation particularly attractive to professional tenants, relocating employees and those seeking high-quality shared accommodation in central Douglas.

A Building With Considerable Potential

Wavecrest is being sold in its current condition and requires modernisation and refurbishment, providing the purchaser with the opportunity to complete the property to their own specification.

Its former guesthouse configuration provides an excellent starting point. The building already benefits from extensive bedroom accommodation and numerous existing bathroom facilities, potentially reducing the degree of alteration compared with converting a conventional residential property of a similar size.

The approved HMO scheme offers an investor the opportunity to reposition the building into a substantial long-term rental asset, subject to completing the necessary works and obtaining all required HMO licensing, building-control, fire-safety and other regulatory approvals.

For purchasers considering other possibilities, the scale and configuration of the building may also offer scope for alternative residential, hospitality or investment uses, subject to obtaining any necessary consents.

Impressive Douglas Bay Views

The elevated position is another of Wavecrest's major attractions.

A number of the principal rooms, particularly those on the upper floors, enjoy far-reaching views across Douglas, the promenade, Douglas Bay and out to sea.

Large period bay windows feature throughout the front elevation, providing excellent natural light and allowing the property to take full advantage of its outlook.

Combined with the imposing architecture of the building, these views have the potential to become a significant feature of any future refurbishment.

Location

Empress Drive provides an excellent position for an investment property of this nature.

Douglas town centre and promenade are within easy reach, together with shops, restaurants, bars, employment centres and public transport connections.

For a future HMO operator, the location provides the important combination of central accessibility and residential accommodation within walking distance of many of Douglas's major employers and amenities.

An Opportunity to Create Something Special

Wavecrest is not being presented as a finished investment.

Instead, it represents an opportunity to acquire a large, characterful and strategically located Douglas property with a defined planning route towards a 14-bedroom en-suite HMO.

For an investor prepared to undertake the refurbishment and compliance works, the combination of 14 en-suite bedrooms, two kitchens, two lounges, central location and exceptional views provides the foundations for an impressive residential investment.

Equally, the sheer scale and character of the building make it worthy of consideration by developers and operators looking beyond the approved scheme.

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