194 West Street, Fareham, Hampshire

Description

Vacant freehold commercial premises with potential. The property was most recently used as a commercial investment and would be well suited to continued use as a commercial premises. Alternatively, the property is considered ideal for conversion to residential, subject to all necessary consents being obtainable.

Accommodation

Ground floor: customer trading area, open plan office rooms and storage space, with smaller office room to rear. First floor: landing, open plan office and storage space, additional office room, kitchen and W.C. Bathrooms: 1.

Location

Situated on West Street, a short distance from Fareham railway station and close to the A27/M27 road networks, offering access to public transport links and major roads. Fareham town centre is a short distance away with local and national retailers close by.

Tenure / Property Information

Investment Analysis

The £170,000–£190,000 guide is the only current pricing evidence supplied. The two Land Registry comparables are historic 2003 and 2008 sales, with differing property descriptions, so they do not support a reliable current market value or GDV. No rental evidence, EPC, condition survey, measured area or confirmed residential consent is supplied.

Investment Snapshot

Strategy Recommendation

Proceed only after confirming commercial value, planning position, condition, EPC, measured area, fees and achievable rent. Do not underwrite residential conversion or a flip on the current evidence.

Works Required

Obtain condition, measured-area, EPC and services information. Assess continued commercial use and investigate residential conversion, including planning and all other necessary consents. No works allowance can be quantified from the supplied evidence.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

A BRRR analysis cannot be quantified because GDV, refurbishment cost, rent and finance-related inputs are unsupported. Residential conversion is only described as a possibility subject to consents; the commercial alternative also lacks rental and operating evidence.

Buy-to-Let Analysis

BTL yield cannot be established because no sufficiently specific rental comparable or auctioneer rent estimate is supplied. The property is commercial, and any residential letting strategy would depend on obtaining the necessary consents and establishing compliant accommodation.

Flip Analysis

A flip surplus cannot be calculated. There is no supported current GDV, refurbishment budget, measured area or selling-cost allowance. The historic comparables are insufficiently current and not sufficiently consistent to establish resale value.

Investor Risks & Due Diligence

• Residential conversion requires all necessary consents, which are not confirmed.

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

• The EPC is to be confirmed.

• Condition, measured area, services and refurbishment requirements are not evidenced.

• An administration fee and other non-optional fees may be payable in addition to the bid price, alongside potentially applicable taxes and registration costs.

• The supplied comparable sales date from 2003 and 2008 and have differing property descriptions.

Recommendation

Proceed only after confirming commercial value, planning position, condition, EPC, measured area, fees and achievable rent. Do not underwrite residential conversion or a flip on the current evidence.

Strategy Rating

Analysis Confidence

Current evidence is limited to the auction guide, two historic sales, a general description and vacant freehold status; key valuation, condition, consent, rental and cost inputs are absent.