10 Lansdown Place, Cheltenham, Gloucestershire

Description

Investment/vacant freehold Grade II* Listed mid terrace building, internally arranged as six self-contained flats: five one-bedroom flats and one studio flat. Five flats are subject to Assured Periodic Tenancies and one flat is vacant. Total GIA approximately 273.78 sq m (2,947 sq ft). Off-street parking for up to six vehicles to the front and communal rear garden. The property is within walking distance of Cheltenham town centre, its rail station, Cheltenham General Hospital and the University of Gloucestershire.

Accommodation

Six self-contained flats: five one-bedroom flats and one studio flat. Total GIA approximately 273.78 sq m (2,947 sq ft). There is also a ground-floor store room, off-street parking for up to six vehicles to the front and a communal rear garden.

Location

Situated on the north side of Lansdown Place, to the east of its junction with Lansdown Walk, within easy walking distance of Cheltenham town centre. Cheltenham Spa station, Cheltenham General Hospital, the University of Gloucestershire Park Campus, Montpellier Gardens, Court Gardens and Hatherley Park are nearby. The nearby A40 provides access to the M5 motorway and the A417 is accessible to the south.

Tenure / Property Information

Investment Analysis

The only relevant completed sale evidence is 7 Lansdown Place at £450,000 in August 2010; the subject property itself sold for £352,800 in 2001 and £130,000 in 1995. These historic transactions do not support a reliable current GDV, particularly for a six-flat Grade II* listed building. No current valuation, rental evidence or auctioneer rent estimate is provided.

Investment Snapshot

Strategy Recommendation

Do not set a bid or pursue a flip/BRRR strategy until current flat-by-flat rents, tenancy documents, legal/planning status, condition, listed-building constraints and a current valuation are obtained.

Works Required

No specific physical defects or refurbishment scope are evidenced. Allow for detailed inspection and review of listed-building requirements, flat layouts, communal boiler arrangements, EPC position, tenancy documentation and council tax records before specifying works.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

A BRRR assessment cannot be quantified without a supported current GDV, passing or market rents, refurbishment budget, acquisition costs and finance assumptions. The listed status, communal heating arrangement and unresolved layout/council-tax information require investigation before refinancing assumptions are made.

Buy-to-Let Analysis

A BTL yield cannot be established because no sufficiently specific rental comparables or auctioneer rent estimate are supplied. Five flats are stated to be subject to Assured Periodic Tenancies and one is vacant, but passing rents, tenancy terms and occupancy status are not provided.

Flip Analysis

A flip surplus cannot be calculated. The available comparable evidence is historic and no supported current GDV, works budget, selling allowance or transaction-cost detail is provided. The building is Grade II* listed and arranged as six flats, which may constrain or complicate resale strategy.

Investor Risks & Due Diligence

• No reliable current GDV evidence is supplied.

• No passing rents, market rents or auctioneer rent estimate are supplied, preventing yield analysis.

• Five flats are stated to have Assured Periodic Tenancies but tenancy terms, arrears and actual occupancy are not provided.

• The building is Grade II* listed, so alteration and refurbishment requirements require specialist review.

• Four flats are EPC D and two are EPC E; implications for letting and improvement requirements require investigation.

• Council tax bandings reportedly do not reflect the current layout.

• A communal boiler serves most flats, creating shared-system management and maintenance considerations.

• Buyer, administration and other seller or third-party charges are unspecified.

Recommendation

Do not set a bid or pursue a flip/BRRR strategy until current flat-by-flat rents, tenancy documents, legal/planning status, condition, listed-building constraints and a current valuation are obtained.

Strategy Rating

Analysis Confidence

Historic sales evidence is limited, with no current GDV, rental, condition, works, buyer-fee or seller-charge information. The tenancy, council-tax and listed-building details also require verification.