12 Market Place, Middleham, Leyburn, DL8 4NP

Description

A freehold Grade II listed mixed use property comprising a ground floor fish & chip shop, a one-bedroom flat and a two-bedroom flat. Total area approximately 1,929 sq ft (179 sq m). Investment let at £7,800 per annum plus two vacant flats.

Accommodation

Ground Floor: Fish Bar, approximately 656 sq ft (61 sq m). First Floor: 2-bedroom flat, approximately 816 sq ft (76 sq m). Second Floor: 1-bedroom flat, approximately 457 sq ft (42 sq m). Total area approximately 1,929 sq ft (179 sq m).

Location

Situated in Middleham Market Place, at the heart of the historic North Yorkshire market town. Middleham is renowned for its 12th-century castle, horse-racing heritage and surrounding Yorkshire Dales countryside, with pubs, shops and restaurants nearby. Leyburn is just over 2 miles away and provides a wider range of amenities. The property has road connections via the A6108 and A684, with access towards Leyburn, Richmond and the A1(M).

Tenure / Property Information

Investment Analysis

The supplied sold comparables confirm market activity in Middleham Market Place, but they are materially different property types and no comparable floor areas, condition or use details are provided. They do not support a reliable GDV or market-value estimate for this Grade II listed mixed-use property. The £170,000 guide is an auction guide, not a formal valuation. Buyer fees, VAT and possible seller charges are also unquantified.

Investment Snapshot

Strategy Recommendation

Consider an income-led mixed-use hold only after reviewing the legal pack, lease, listed-building constraints, flat condition and achievable rents. Do not rely on a flip or BRRR strategy without verified valuation and cost evidence.

Works Required

No specific physical defects or refurbishment requirements are evidenced. The vacant one-bedroom and two-bedroom flats should be inspected, with any works subject to the requirements of the Grade II listing. Likely immediate requirements are verification of condition, statutory compliance and preparation for letting, but no cost can be supported from the evidence.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

A BRRR strategy cannot be reliably underwritten because no GDV, refurbishment budget, external flat rental evidence, finance costs or buyer charges are supplied. The Grade II listing may constrain alterations, and the two flats are currently vacant. Refinance proceeds therefore cannot be calculated.

Buy-to-Let Analysis

The fish bar provides stated passing rent of £7,800 per annum under a five-year lease commencing 14 June 2024. The auctioneer estimates total ERV at approximately £21,900 per annum, implying potential income from the two vacant flats, but this is not achieved rent and no external rental comparables were identified. Against the £170,000 guide, the ERV-based gross yield is approximately 12.88% before buyer costs, VAT, finance, operating costs, voids and maintenance. The income case requires verification of the lease, flat condition, lawful use and achievable rents.

Flip Analysis

A flip appraisal is unsupported. The supplied comparables are not sufficiently comparable to establish GDV, and no refurbishment scope, cost allowance, selling costs or buyer charges are available. The property is income-producing through the fish bar but has two vacant flats, creating letting and execution considerations rather than a demonstrated resale margin.

Investor Risks & Due Diligence

• Grade II listed status may restrict alterations and increase approval complexity.

• Two flats are vacant, and no sufficiently specific external rental comparables were identified.

• The £21,900 annual ERV is an auctioneer estimate rather than achieved rent.

• Buyer premium, VAT and possible seller charges are not quantified.

• EPC, council tax, heating, parking and other property compliance information is not supplied.

• The fish bar lease and tenant position require legal-pack verification.

Recommendation

Consider an income-led mixed-use hold only after reviewing the legal pack, lease, listed-building constraints, flat condition and achievable rents. Do not rely on a flip or BRRR strategy without verified valuation and cost evidence.

Strategy Rating

Analysis Confidence

The tenure, accommodation, existing lease and auctioneer ERV are supplied, but valuation evidence is weakly comparable and key cost, condition, compliance, fee and rental details are missing.