10 High Street, West Cornforth, County Durham, DL17 9HR

Description

Substantial freehold mixed-use investment comprising a former takeaway and spacious two-bedroom flat, extending to approximately 114 sq. m (1,227 sq. ft.), prominently positioned on the High Street in West Cornforth. Offered with full vacant possession.

Accommodation

Ground floor: large retail frontage, former takeaway premises, spacious customer area, commercial kitchen/preparation room, additional storage areas, WC facilities, rear yard and useful outbuilding. First-floor apartment: independent access, generous open-plan lounge/kitchen, two double bedrooms and modern shower room. Enclosed rear yard with additional outbuilding and separate WC.

Location

Located within an established village centre with good transport links to Ferryhill, Spennymoor and the A1(M).

Tenure / Property Information

Investment Analysis

No HM Land Registry completed-sale evidence, commercial rental evidence or formal valuation is supplied. The £60,000–£90,000 auction guide is not sufficient to establish GDV. The only rental evidence is an advertised £625 pcm asking rent for a two-bedroom property in Ferryhill, which is only an indicative proxy for the flat and does not value the vacant former takeaway unit. A property-level investment yield therefore cannot be established reliably.

Investment Snapshot

Strategy Recommendation

Proceed only subject to inspection, legal review, confirmation of commercial-use history and a clear valuation for both the flat and former takeaway. Do not rely on the flat rent alone to justify a bid; obtain commercial rental or resale evidence before bidding.

Works Required

No specific defects are evidenced. Allow for inspection, cleaning and any required redecoration, together with checks on the former takeaway kitchen and services, flat condition, outbuilding, rear yard, statutory compliance and EPC position. No reliable works cost can be calculated from the supplied evidence.

Rental & Market Context

Potential BRRR Position

BRRR analysis is not supportable because no evidence-based GDV, refurbishment budget or commercial income is supplied. A 75% refinance figure and cash-left-in calculation cannot therefore be calculated. The £3,600 admin charge is known, but other fees and any works remain unquantified.

Buy-to-Let Analysis

Using the lower £60,000 guide as the analysis purchase figure, the supplied £625 pcm asking-rent proxy produces £7,500 annual rent and a 12.50% gross yield. Including the known £3,600 admin charge gives 11.79% on £63,600 before works, finance, tax and other auction costs. This relates only to the flat; no rent is supplied for the commercial unit, so the whole-property BTL yield cannot be established.

Flip Analysis

A flip surplus cannot be calculated because there is no completed-sales evidence, supported GDV, works budget or selling-cost allowance. The property is vacant, but the former takeaway/commercial element adds valuation and resale uncertainty.

Investor Risks & Due Diligence

• No completed-sale comparables or formal GDV evidence supplied.

• No rental evidence for the former takeaway/commercial unit.

• The £625 pcm figure is an advertised asking rent for nearby Ferryhill, not achieved rent for this property.

• Property condition and refurbishment requirements are not evidenced or costed.

• EPC, heating, parking, council tax and other property particulars are unavailable.

• Additional auction, legal, search and completion costs may apply beyond the known £3,600 admin charge.

• Former commercial/takeaway use may create valuation, compliance and resale uncertainty.

Recommendation

Proceed only subject to inspection, legal review, confirmation of commercial-use history and a clear valuation for both the flat and former takeaway. Do not rely on the flat rent alone to justify a bid; obtain commercial rental or resale evidence before bidding.

Strategy Rating

Analysis Confidence

The evidence confirms tenure, vacancy, accommodation and guide range, but omits completed sales, commercial rent, condition, EPC outcome, works costs, full fees and a formal valuation.