10-12 North Avenue, Wakefield, West Yorkshire WF1 3RX

Description

This vacant former care home is offered for sale by traditional auction and benefits from approved planning permission for conversion and redevelopment to create a total of 11 residential units, comprising 9 apartments (2 x two-bedroom and 7 x one-bedroom apartments) together with 2 semi-detached houses (one three-bedroom and one four-bedroom). Planning applications: 23/02293/FUL and 23/02293/SUB01.

Accommodation

Ground Floor: Derelict former care home. First Floor: Derelict former care home. Externally: Land to the front and rear. Approved planning permission is for 11 residential units: 9 apartments comprising 2 two-bedroom and 7 one-bedroom apartments, plus 2 semi-detached houses comprising one three-bedroom and one four-bedroom house.

Location

Conveniently located for access to Wakefield’s mainline railway stations and the regional motorway network, including the M1 and M62. Local amenities and attractions include Pinderfields Hospital, Trinity Walk Shopping Centre and The Hepworth Wakefield.

Tenure / Property Information

Investment Analysis

The £325,000 guide is not independently supportable from the supplied evidence. The sold comparables are older semi-detached transactions from 2000–2017 and do not establish current values for the approved mix of nine apartments and two houses. No GDV, current development comparables or build-cost evidence is supplied.

Investment Snapshot

Strategy Recommendation

Treat as a planning-led development opportunity only after verifying the planning permission, legal pack, build costs, end values and funding requirements.

Works Required

Redevelopment of the derelict former care home in accordance with approved planning permissions 23/02293/FUL and 23/02293/SUB01, creating nine apartments and two semi-detached houses. Detailed construction, compliance and external works costs are not supplied.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

BRRR analysis cannot be quantified without a supported GDV, construction budget, finance costs or completed rental schedule. The 1.5% administration charge would be £4,875 at the £325,000 guide, subject to the stated minimum and other possible legal-pack charges.

Buy-to-Let Analysis

A portfolio-level BTL yield cannot be established because no supported rents are provided for the proposed three-bedroom and four-bedroom houses, and the number of completed lettable units is prospective. Supplied advertised rents indicate £750–£950 pcm for one-bedroom properties and £895 pcm for a two-bedroom property, but these are asking rents, not achieved rents.

Flip Analysis

A flip/development surplus cannot be calculated because no supported GDV, construction costs or selling allowance is supplied. The approved 11-unit scheme may support a development exit, subject to planning, build-cost and valuation due diligence.

Investor Risks & Due Diligence

• Derelict former care home condition may create substantial and currently unquantified conversion costs.

• The approved scheme’s GDV is not evidenced by the supplied comparables.

• No rental evidence is supplied for the proposed three-bedroom and four-bedroom houses.

• The 1.5% administration charge applies at the guide price, with a minimum charge and possible additional legal-pack disbursements.

• Traditional auction purchase creates a need for pre-bid legal, planning and funding due diligence.

Recommendation

Treat as a planning-led development opportunity only after verifying the planning permission, legal pack, build costs, end values and funding requirements.

Strategy Rating

Analysis Confidence

Planning description, guide price, tenure, vacancy and limited rental/sales evidence are supplied, but there is no GDV, detailed cost plan, current relevant comparable evidence or complete rental schedule.