173-175 Greenstead Road, Colchester, Essex

Description

Two freehold houses with planning permission granted for an additional dwelling to be erected between them. A vacant two bedroom semi-detached house with planning permission to erect a new dwelling to the party wall plus a two bedroom end terrace house currently let and achieving a rental income of £950 per calendar month. The properties are located close to Essex University and Colchester Hythe Station. It is considered that the finished properties would make excellent buy to let investments or first time buyer homes. For more information relating to the approved planning permission please visit Colchester City Council planning portal using reference 250378.

Accommodation

173 Greenstead Road: Ground floor: Lounge 11'5" x 10'5", Dining Room 11'5 x 10'5", Kitchen 9'2" x 6'9", Bathroom 7'9" x 6'9". First floor: Landing, Bedroom One 11'5" x 10'5", Bedroom Two 11'5" x 10'5". 175 Greenstead Road: Ground floor: Lounge 12'8" x 9'2", Kitchen 9'5" x 6'9", Lobby, Bathroom 5'9" x 5'4". First floor: Landing, Bedroom One 9'5" x 9'5", Bedroom Two 10'5" x 6'9". Proposed dwelling, 173a Greenstead Road: Ground floor approximately 330 square feet comprising lobby, open plan kitchen diner, WC and living room. First floor approximately 296 square feet comprising landing, bedroom, office/2nd bedroom and bathroom.

Location

Located close to Essex University and Colchester Hythe Station.

Tenure / Property Information

Investment Analysis

The supplied completed sales show 173 Greenstead Road selling for £200,000 in January 2025 and a nearby 165 Greenstead Road selling for £214,000 in April 2025. These provide some evidence for an existing comparable house, but there is no sufficiently specific evidence for the value of 175 Greenstead Road, the approved new dwelling, or the completed three-property scheme. A reliable GDV cannot therefore be established from the supplied evidence.

Investment Snapshot

Strategy Recommendation

Proceed only after reviewing the full planning consent and legal pack, obtaining a detailed construction/refurbishment quotation and establishing supported end values and rents for all three dwellings. On the current evidence, do not rely on the guide price as a viable BTL, BRRR or flip basis.

Works Required

Review and implement the approved planning scheme for 173a, comprising the approximately 626 sq ft two-storey dwelling with kitchen/diner, living room, WC, bedroom/office and bathroom. Any works to the existing vacant house and the required construction, services, external works and compliance costs are not specified and require contractor quotations and legal/planning review.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

A BRRR assessment cannot be completed because refurbishment/construction costs, completed GDV and refinance evidence are unavailable. The scheme benefits from stated planning permission for an additional dwelling, but the planning documents, conditions, build costs and end values must be verified before bidding. The disclosed £950 pcm rent applies only to 175.

Buy-to-Let Analysis

The only stated passing rent is £950 pcm for 175 Greenstead Road, equating to £11,400 annually. Against the £360,000 guide, this is 3.17% gross, before costs and before considering the vacant 173 and proposed 173a. No sufficiently specific rental evidence supports rents for those properties, so a stabilised portfolio yield cannot be established. The known buyer premium and admin charge add £2,400, with possible further disbursements under the legal pack.

Flip Analysis

A flip appraisal cannot be reliably calculated. The supplied sales support a broad indication for an existing comparable house, but there is no supported value for the second house or completed new dwelling and no works budget. Selling costs and any planning or construction risks are also not quantified.

Investor Risks & Due Diligence

• Construction and refurbishment costs are not supplied.

• GDV evidence is insufficient for the two-house and additional-dwelling scheme.

• The planning permission and any conditions or obligations have not been reviewed.

• Only 175 is stated to produce rent; 173 is vacant and the proposed dwelling has no supported rent.

• Buyer disbursements, seller-cost reimbursements, legal fees or transfer fees may be payable under the special conditions.

• The disclosed rent produces only a 3.17% gross yield against the guide before costs and voids.

Recommendation

Proceed only after reviewing the full planning consent and legal pack, obtaining a detailed construction/refurbishment quotation and establishing supported end values and rents for all three dwellings. On the current evidence, do not rely on the guide price as a viable BTL, BRRR or flip basis.

Strategy Rating

Analysis Confidence

Evidence includes two relevant recent completed sales, one stated passing rent and planning reference, but lacks the planning documents, construction costs, end-value evidence and rental evidence for the other properties.