126 Victoria Road, Wallasey, Merseyside, CH45 9LD

Description

Exciting chance to purchase and convert an old sport education facility into contemporary modern apartments. Planning permission has been granted under ref: A88/25/00262 for the conversion into five apartments excluding the basement. The basement is currently fitted with a gym, changing room and W/C’s, offering further developmental potential. Preplanning application is currently in place and ongoing for the property to be converted into seven units, however this is unlikely to be agreed before the auction. Externally there is provision for off street parking, rear garden and outside stores.

Accommodation

Proposed development for five units: Lower Ground Floor: Gym, Changing Room, Plant Room, Store and W/C. Ground Floor: Communal Entrance Hall, Mail Room, Cleaner Room, Staircase. Ground Floor Apartment 1: Hall, Lounge/Kitchen, Two Bedrooms, En Suite and Bathroom. Ground Floor Apartment 2: Studio, Living Room/Bedroom, Kitchen, Bathroom. First Floor Apartment 3: Hall, Lounge/Kitchen, Two Bedrooms and Bathroom. First Floor Apartment 4: Hall, Living/Kitchen, Utility, Bedroom and En Suite. Second Floor Apartment 5: Hall, Lounge, Kitchen, Two Bedrooms and Bathroom. External: Parking, Bicycle Store, Bin Store, Rear Gardens, Two outside Stores.

Location

The property is in the popular seaside resort of New Brighton, which sits at the entrance to the River Mersey, with a long promenade, seafront bars, major supermarket and restaurants. Victoria Road runs through the heart of New Brighton shops, with over twenty colourful street-art-painted buildings, modern bars and restaurants. The property is set just up the road from the centre and within walking distance of New Brighton train station, giving access to Liverpool city centre and other popular districts.

Tenure / Property Information

Investment Analysis

The £450,000 guide is not supported by sufficient valuation evidence. The only supplied completed sale is a £90,000 flat sale from 2008 and is not a reliable comparable for a proposed five-apartment conversion. No GDV, refurbishment budget, completed comparable sales or full rental schedule is supplied.

Investment Snapshot

Strategy Recommendation

Do not bid at the guide without an independent development appraisal, detailed cost plan, planning review and apartment-by-apartment valuation. Treat the five-unit permission as the only stated scheme and regard the seven-unit proposal as speculative.

Works Required

Convert the former sports education facility into the five apartments permitted under planning reference A88/25/00262, including the proposed apartment layouts, communal entrance, plant/storage areas, parking, bicycle store, bin store and external works. The basement is excluded from the five-unit permission but contains a gym, changing room and W/Cs. The possible seven-unit scheme remains uncertain and should not be relied upon.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

BRRR viability cannot be quantified because GDV, construction costs, professional costs, finance costs and achievable post-completion rents are not supplied. The permitted five-unit scheme provides a defined planning basis, but the basement treatment and proposed seven-unit alternative require further due diligence.

Buy-to-Let Analysis

A BTL appraisal cannot be completed reliably. Rental evidence is limited to advertised asking rents of £725 pcm for one- and two-bedroom properties, with no evidence for the studio or the full five-unit scheme. Total rent, operating costs, financing costs and completed conversion costs are unavailable, so portfolio yield cannot be established.

Flip Analysis

A flip appraisal cannot be completed because there is no supported GDV or refurbishment budget. The £1,800 inclusive-of-VAT contract documentation fee is known, while seller-charged completion fees may also apply. Any resale surplus would therefore be speculative.

Investor Risks & Due Diligence

• No supported GDV or current comparable sales evidence for the proposed apartments.

• No refurbishment, conversion, professional, finance or contingency budget is supplied.

• The seven-unit pre-planning proposal may not be agreed before auction and is not a reliable basis for valuation.

• The basement is excluded from the granted five-apartment scheme, so its development potential is uncertain.

• Rental evidence consists only of advertised £725 pcm asking rents for one- and two-bedroom properties and does not cover the complete proposed accommodation.

• The £1,800 contract documentation fee is payable, and additional seller fees may apply under the special conditions.

• EPC, council tax, heating and detailed parking information are unavailable.

Recommendation

Do not bid at the guide without an independent development appraisal, detailed cost plan, planning review and apartment-by-apartment valuation. Treat the five-unit permission as the only stated scheme and regard the seven-unit proposal as speculative.

Strategy Rating

Analysis Confidence

Planning and proposed accommodation details are supplied, but there is no reliable current GDV evidence, refurbishment cost, full rental evidence, EPC, council tax, heating information or complete fee schedule.