113 Austin Street, Nottingham, Nottinghamshire, NG6 9HE

Description

The property comprises of a living room with an opening into the kitchen downstairs whilst the bathroom sits at the rear of the ground floor, separated from the kitchen by a small room that provides access to the rear garden. The main door to the house is at the side of the property, next to the basement entrance. The property has an enclosed alley way that connects it to the garage. The access to this is via the street door. The garage is split into sections and is currently used as storage space. The stairs are located in the kitchen and lead to a small landing at the top with both bedrooms accessed from there. Previous planning permission was granted in 2022 to extend to a 3-bedroom property. Planning Application Reference no: 22/01587/PFUL3.

Accommodation

Living room, kitchen, bathroom, small room providing access to the rear garden, two bedrooms, basement entrance, enclosed alleyway and garage split into sections currently used as storage space.

Location

Situated in the town of Bulwell, a short drive to Nottingham City centre and in close proximity to the M1.

Tenure / Property Information

Investment Analysis

Recent same-street completed sales range from £102,000 to £155,000 for nearby terraced houses, while the subject property previously sold for £85,000 and £91,000 in 2023. The £155,000 sale is materially higher than the other recent evidence and may not be directly comparable. A cautious base GDV of £108,000 is supported by the £108,000 nearby sale, with £102,000 as a low scenario and £155,000 as an upper evidence point only. These are indicative HB estimates, not formal valuations. The 2022 planning permission for a three-bedroom extension may support upside, but current planning status, implementation and build costs are unverified.

Investment Snapshot

Strategy Recommendation

Do not bid on current evidence alone. Proceed only after legal due diligence, inspection, confirmation of the planning position and a supported rental or resale appraisal; otherwise retain as a conditional owner-occupier or development opportunity rather than an underwritten BTL/BRRR project.

Works Required

No specific defects or required works are evidenced. Obtain a full inspection and verify the condition of the house, basement, garage/storage sections, kitchen, bathroom, roof, services and rear access before budgeting. Separately verify whether planning permission reference 22/01587/PFUL3 remains implementable and establish the specification and cost of any three-bedroom extension.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

At the lower guide, £75,000 purchase plus the known £3,600 administration charge gives a partial base cost of £78,600, excluding unknown works and other charges. A 75% refinance against the indicative £108,000 base GDV would be £81,000, leaving an indicative £2,400 surplus before finance, tax, works and other costs. Because condition, rent, tenure, refinance terms and full costs are unknown, this is not a dependable BRRR case.

Buy-to-Let Analysis

No sufficiently specific rental comparable or auctioneer rent estimate is supplied, so rent and gross yield cannot be established. Using the £75,000 lower guide only, the known £3,600 administration charge produces a stated partial acquisition cost of £78,600 before other possible auction, legal, finance and works costs. BTL viability therefore cannot be assessed reliably.

Flip Analysis

The indicative base GDV is £108,000 against a partial cost of £78,600 based on the lower guide and known administration charge only. This leaves £29,400 before refurbishment, selling costs, finance, tax and other charges. A reliable flip surplus cannot be calculated because works and selling allowances are unsupported. The £155,000 upper evidence point should not be relied on without better comparability and inspection evidence.

Investor Risks & Due Diligence

• Property condition and required refurbishment costs are not supplied.

• Tenure, occupancy and title information are blank.

• The 2022 planning permission status, conditions and implementability are unverified.

• No specific rental evidence is available, preventing a reliable yield assessment.

• Additional auction, legal, search, transfer, finance, tax and selling costs are unknown.

• The comparable sales vary significantly, including a £155,000 upper outlier and different stated property types.

Recommendation

Do not bid on current evidence alone. Proceed only after legal due diligence, inspection, confirmation of the planning position and a supported rental or resale appraisal; otherwise retain as a conditional owner-occupier or development opportunity rather than an underwritten BTL/BRRR project.

Strategy Rating

Analysis Confidence

There are several same-street completed sales and a stated planning reference, but tenure, occupancy, condition, EPC, rent, full costs, planning status and comparable-property specifications are missing.