16-17 Larkstone Terrace, Hillsborough Road, Ilfracombe, Devon, EX34 9NU

Description

A Pair of Vacant Terraced Buildings Arranged to Provide Seventeen Flats. The property comprises a pair of terraced buildings arranged to provide seventeen flats arranged over two lower ground, ground and four upper floors. The property requires a program of refurbishment and structural repairs.

Accommodation

The building consists of seventeen units (3 x self-contained flats, 14 x shared units).

Location

The property is situated on a residential road close to local shops and amenities. The open spaces of St. James' Park are within easy reach. Transport links are provided by Barnstaple rail station.

Tenure / Property Information

Investment Analysis

The £20,000–£60,000 guide is the only pricing evidence supplied and is not a formal valuation. No completed sales, specific rental comparables, auctioneer rent estimate or GDV evidence is available. The property is vacant and requires refurbishment and structural repairs, while 14 of the 17 units are described as shared units. Known additional cost includes the £1,800 inc VAT admin charge; disbursements and other possible special-condition charges are unknown.

Investment Snapshot

Strategy Recommendation

Do not bid on current evidence. Proceed only after reviewing the legal pack, commissioning structural and building surveys, confirming the lawful and practical status of the 17 units, and obtaining priced works, valuation and rental advice.

Works Required

Obtain a professional structural survey and prepare a detailed specification and cost plan for the stated structural repairs and refurbishment. No specific repair items, services condition or finish standard are evidenced, so a reliable works allowance cannot be calculated.

Rental & Market Context

Potential BRRR Position

A BRRR analysis cannot be completed without a supported post-works GDV, refurbishment budget, rent evidence and finance assumptions. The stated structural repairs create material cost and valuation uncertainty, so refinancing at a percentage of GDV cannot be calculated.

Buy-to-Let Analysis

BTL viability cannot be established because no sufficiently specific rental evidence or auctioneer rent estimate is supplied. The vacant status, required structural repairs and 14 shared units also prevent reliable assessment of the likely lettable configuration and operating economics.

Flip Analysis

A flip surplus cannot be calculated because there are no completed sales, supported GDV, quantified works allowance or selling-cost allowance. The guide price alone is insufficient to assess resale viability, particularly given the stated structural repairs and refurbishment requirement.

Investor Risks & Due Diligence

• Structural repairs are expressly required, but their scope and cost are unknown.

• The property is vacant, with no passing rent evidenced.

• Fourteen units are described as shared units, but no detailed configuration, management or compliance information is supplied.

• No supported GDV or completed-sale comparables are available.

• No sufficiently specific rental evidence or auctioneer rent estimate is available.

• Disbursements and other charges under the legal pack or special conditions may be payable but are not quantified.

Recommendation

Do not bid on current evidence. Proceed only after reviewing the legal pack, commissioning structural and building surveys, confirming the lawful and practical status of the 17 units, and obtaining priced works, valuation and rental advice.

Strategy Rating

Analysis Confidence

The evidence provides only a guide range, property description, vacancy status and one known admin charge. There are no comparable sales, rental evidence, GDV, quantified works, EPC, council tax, service information or complete purchaser-cost schedule.