16 Old School Lane, Creswell, Worksop, Nottinghamshire

Description

We are pleased to bring this spacious mews house to our auction. The site where it is situated was born out of two former schools that were developed and renovated with work starting circa 2011. This property is located in one of the old school buildings that has had significant renovation.

Accommodation

The ground floor has a WC near the entrance and a large open plan kitchen/dining/living area. The first floor contains a bathroom and three separate stairways leading to a bedroom at the end of each one. There is also a third bathroom suite adjacent to one of the bedrooms.

Location

The property is situated in the village of Creswell, with plenty of local amenities nearby. The M1 motorway is a short drive away, providing access to Sheffield, Nottingham, Mansfield and Chesterfield.

Tenure / Property Information

Investment Analysis

Same-lane completed sales range from £44,000 to £148,000, but the lower sales are leasehold flats/maisonettes and the higher sales are older freehold terraced or semi-detached properties. The most relevant supplied evidence is £97,500 for a terraced property in 2020 and £135,000 for another terraced property in 2020. A cautious base GDV of £116,250 is estimated from these two terraced comparables, subject to confirmation of tenure, condition, specification and current market value. The evidence is dated and not directly matched to this mews house.

Investment Snapshot

Strategy Recommendation

Proceed only after confirming tenure, title, legal disbursements, condition and a reliable market valuation. Do not bid on a BTL or BRRR basis until rent and total project costs are evidenced.

Works Required

No specific current defects or required works are identified. The description states that the former school building underwent significant renovation. A full inspection and legal review are required before allowing for any refurbishment, repair or compliance costs.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

Using the estimated base GDV, 75% refinancing would be approximately £87,188. A complete BRRR calculation is not possible because the purchase price, refurbishment requirement, tenure, rent, finance costs and other auction charges are not established. At the midpoint guide of £95,000, the refinance figure would not cover the purchase price alone, before the £3,600 admin charge and other costs.

Buy-to-Let Analysis

No sufficiently specific rental evidence or auctioneer rent estimate is supplied, so rent, annual income and gross yield cannot be established. The missing tenure, occupancy and additional auction charges also prevent a complete BTL appraisal.

Flip Analysis

The estimated base GDV is £116,250, based on limited and dated same-lane terraced comparables. A flip surplus cannot be calculated because the eventual purchase price, works allowance, buyer premium, other fees and selling costs are unknown. The spread over the midpoint guide is not sufficient evidence of profit.

Investor Risks & Due Diligence

• Tenure and title details are not supplied.

• Occupancy status is not supplied.

• No sufficiently specific rental evidence is available.

• Current condition and any required refurbishment costs are not established.

• Buyer premium and other possible auction, legal and disbursement charges are unspecified.

• The comparable sales are dated and include different property types and tenures.

• The estimated GDV is not a formal valuation.

Recommendation

Proceed only after confirming tenure, title, legal disbursements, condition and a reliable market valuation. Do not bid on a BTL or BRRR basis until rent and total project costs are evidenced.

Strategy Rating

Analysis Confidence

There are several same-lane completed sales and a clear accommodation description, but the comparables are mixed in type and tenure, dated, and there is no rent, tenure, occupancy, condition budget or complete fee schedule.