171-173 Gladstone Road, Wimbledon, London

Description

A freehold single storey office building comprising 828 sq ft (76.9 sq m) internal area on a site of 1,561 sq ft (145 sq m). Planning granted for the construction of a 3 storey building containing 3 x 2 bed flats. Vacant.

Accommodation

Proposed floor plans: Ground floor - 2 bed with parking and patio - 100.70 sqm - 1084 sq ft; First floor - 2 bed - 92.70 sqm - 998 sq ft; Second floor - 2 bed - 80.20 sqm - 863 sq ft. Existing building: 828 sq ft (76.9 sq m) internal area on a site of 1,561 sq ft (145 sq m).

Location

Situated at 171-173 Gladstone Road, Wimbledon, within the London Borough of Merton. The property is close to Wimbledon town centre, shops, restaurants, cafés, leisure facilities and other amenities. Wimbledon Station and South Wimbledon Underground Station are within easy reach. Wimbledon provides National Rail, District Line and Tramlink services, while South Wimbledon offers Northern Line connections. Local bus services and access to the A3 provide further connectivity.

Tenure / Property Information

Investment Analysis

The £470,000 guide is the only evidence directly relating to this property. Nearby completed sales on Gladstone Road range from £980,000 to £1,430,000, but these are terraced houses and are not sufficiently comparable to the proposed three 2-bedroom flats or the existing office building. No flat comparables, development costs, professional fees, finance costs, selling costs or completed GDV evidence are supplied, so a supported GDV or maximum bid cannot be established.

Investment Snapshot

Strategy Recommendation

Treat as a development opportunity requiring independent verification of the planning consent, build cost, flat GDV and finance before bidding. The supplied evidence is insufficient to justify a development or flip purchase decision.

Works Required

Development of the granted scheme for a three-storey building containing three 2-bedroom flats, comprising the stated ground-, first- and second-floor accommodation. The scheme includes parking and a patio for the ground-floor flat. Construction and associated professional requirements are evidenced, but no cost allowance is supplied.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

A BRRR appraisal cannot be supported from the supplied evidence. The purchase guide is £470,000, but development costs, finance costs, completed residential GDV and supported post-completion rents are unavailable. A 75% GDV refinance figure and cash position cannot be calculated.

Buy-to-Let Analysis

The property is currently a vacant office and is not evidenced as lettable residential accommodation. The supplied rental evidence comprises advertised asking rents for 1-bedroom properties at £1,750 and £1,950 pcm, which cannot reliably establish rents for the proposed 2-bedroom flats. BTL yield cannot therefore be calculated.

Flip Analysis

The proposed development may provide a resale opportunity, but no supported GDV is available because the sold comparables are terraced houses rather than flats. No works budget or selling-cost allowance is supplied, so a flip surplus cannot be calculated.

Investor Risks & Due Diligence

• The supplied sold comparables are terraced houses and may not represent values for the proposed flats.

• No construction, professional, finance or selling-cost evidence is supplied.

• The current building is a vacant office, so residential income is not established.

• The supplied rental evidence relates only to advertised 1-bedroom rents and does not support 2-bedroom flat rents.

• Planning is stated as granted, but the consent details, conditions and deliverability have not been supplied.

Recommendation

Treat as a development opportunity requiring independent verification of the planning consent, build cost, flat GDV and finance before bidding. The supplied evidence is insufficient to justify a development or flip purchase decision.

Strategy Rating

Analysis Confidence

The property description and planning-led accommodation are clear, but there are no directly comparable flat sales, development costs, professional or finance costs, supported 2-bedroom rents, or auction fees.