11, Bradley Lakes, Rugeley, Staffordshire

Description

By order of a major housing association. Freehold two floor semi-detached house requiring updating. Rural location with countryside views and development potential. Full vacant possession. The property may be suitable for a rear extension or loft/mansard conversion for additional accommodation, subject to all consents where necessary.

Accommodation

First floor: Three bedrooms, bathroom/WC. Ground floor: Entrance hall, reception room, kitchen. Outside: Front driveway, front and rear gardens.

Location

Situated on Bradley Lakes, a popular semi-rural location which is well positioned for the surrounding countryside and amenities of Longdon village, Rugeley and Birmingham to the south. Transport options include local bus routes, rail connections at Rugeley or Litchfield or road links via the A51 and M6.

Tenure / Property Information

Investment Analysis

The five supplied Bradley Lakes sales range from £162,000 to £315,000. The most recent comparable, No. 2, sold for £315,000 in September 2023, while No. 15 sold for £280,000 in November 2021 and No. 16 sold for £162,000 in September 2021. Given the subject property requires updating and its precise condition and floor area are not supplied, a cautious evidence-based GDV range of £200,000–£280,000 is adopted, with a base GDV of £240,000. This is an estimate rather than a formal valuation.

Investment Snapshot

Strategy Recommendation

Proceed only subject to inspection, legal review and a firm refurbishment budget. The property shows a potentially attractive headline BTL yield at the guide, but the asking rent is unverified and total project cost is unknown. Do not rely on extension, loft or flip value without consents and detailed appraisal.

Works Required

Update the house in line with its existing three-bedroom layout, including only works identified after inspection. The evidence supports updating but does not specify defects, finishes, services or structural requirements. Any rear extension or loft/mansard conversion would require appropriate consents and cannot be costed from the supplied evidence.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

At the £138,000 guide plus the known £1,800 contract documentation fee, the acquisition cost is at least £139,800 before works and other applicable charges. A 75% refinance against the £240,000 base GDV would be £180,000, but cash left in cannot be calculated without a supported refurbishment allowance, full purchase costs and finance assumptions. The strategy depends on confirming condition, achievable rent and refinance valuation.

Buy-to-Let Analysis

The supplied rental evidence is one advertised asking rent of £1,500 pcm, equivalent to £18,000 annually; it is not an achieved rent or passing rent. Against the £138,000 guide, the headline gross yield is 13.04%, before finance, voids, management, maintenance, tax and purchase costs. A yield on total project cost cannot be established because refurbishment costs and any additional seller fees are unknown.

Flip Analysis

The base GDV estimate is £240,000, but the resale surplus cannot be calculated reliably because refurbishment costs, selling costs and any additional completion charges are not supplied. The wide comparable range and the subject’s requirement for updating make inspection and detailed costing essential before considering a flip.

Investor Risks & Due Diligence

• The property requires updating, but the scope and cost of works are not supplied.

• The £1,500 pcm figure is an advertised asking rent rather than achieved or passing rent.

• The comparable sales show a wide range of £162,000–£315,000.

• Any rear extension or loft/mansard conversion is subject to required consents.

• The seller may charge additional completion fees under the Special Conditions of Sale.

• Parking and heating information is unavailable from the supplied evidence.

Recommendation

Proceed only subject to inspection, legal review and a firm refurbishment budget. The property shows a potentially attractive headline BTL yield at the guide, but the asking rent is unverified and total project cost is unknown. Do not rely on extension, loft or flip value without consents and detailed appraisal.

Strategy Rating

Analysis Confidence

There are several same-location completed sales, one advertised rental and a stated guide price, but no detailed condition report, floor area, refurbishment costs, achieved rent, finance costs or full fee schedule.