18 Old School Lane, Creswell, Worksop, Nottinghamshire, S80 4BY

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 an entrance hall with a WC adjacent to the front door. To the right of the stairs is a modern fitted kitchen. The first floor contains two spacious bedrooms, a living area and a second bathroom. The main bedroom stretches the length of the upstairs space.

Location

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

Tenure / Property Information

Investment Analysis

The £80,000–£100,000 guide is supported only by mixed local evidence. Leasehold flat/maisonette sales on Old School Lane were £44,000 and £49,500, while terraced sales were £97,500 and £135,000, with transactions dated 2020–2022. The subject is described as a two-bedroom mews house, but its tenure, lease terms and exact comparable specification are unavailable. A reliable GDV range cannot therefore be established from the supplied evidence.

Investment Snapshot

Strategy Recommendation

Do not bid on an investment basis until the legal pack confirms tenure, lease terms, occupancy and all additional charges, and an inspection establishes condition. The available evidence is insufficient to support a reliable BTL, BRRR or flip appraisal.

Works Required

No specific defects or required works are evidenced. The description states that the former school building underwent significant renovation and includes a modern fitted kitchen; the property has an EPC rating of C. Verify condition, statutory compliance, services, title and any outstanding maintenance through inspection and the legal pack before bidding.

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 GDV, refurbishment cost, achievable rent, tenure and refinance assumptions are unsupported. At the low guide, the purchase price plus the stated admin charge would be £83,600 before works and other possible charges, but this is not a complete project cost.

Buy-to-Let Analysis

BTL viability cannot be calculated because no sufficiently specific rental comparable or auctioneer rent estimate is supplied. Tenure, lease terms, occupancy and property running costs are also unknown. The £3,600 non-refundable admin charge is payable in addition to the purchase price, with further possible legal, search, seller-cost reimbursement and transfer charges.

Flip Analysis

A flip surplus cannot be calculated reliably. Local terraced sales range from £97,500 to £135,000, but the evidence is dated and not sufficiently specific to establish the subject's resale value. Works, selling costs and applicable tenure-related constraints are unknown.

Investor Risks & Due Diligence

• Tenure, lease terms and occupancy are not supplied.

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

• Comparable sales are mixed between leasehold flats/maisonettes and freehold terraced properties and are dated 2020–2022.

• Refurbishment requirements and costs are not evidenced.

• Additional search, legal, seller-cost reimbursement and transfer charges may apply under the Special Conditions of Sale.

• The £3,600 buyer administration charge is non-refundable and payable on exchange.

Recommendation

Do not bid on an investment basis until the legal pack confirms tenure, lease terms, occupancy and all additional charges, and an inspection establishes condition. The available evidence is insufficient to support a reliable BTL, BRRR or flip appraisal.

Strategy Rating

Analysis Confidence

Key valuation inputs are missing or uncertain, including tenure, lease details, occupancy, condition, rent, exact comparable specification, refurbishment cost and potential additional auction charges.