2 Colbert Hall Mews, Tar Lane, Ottery St. Mary, Devon

Description

An opportunity to acquire this partially converted two storey reversed level, mid-terrace property, part of The Former Colbert Hall, with Planning Permission for conversion into a dwelling. Works have already commenced and now requires completion. Interest is likely to come from builder developers for post works onward sale.

Accommodation

Ground Floor: Entrance porch, hallway, two bedrooms (master with en-suite) and bathroom. First Floor: Open-plan living room/kitchen with balcony and cloakroom. Outside: Amenity space/balcony on the first floor.

Location

The property is located in the heart of Ottery St Mary town centre, close to all local amenities.

Tenure / Property Information

Investment Analysis

The only supplied completed-sale evidence is for 3 Colbert Hall Mews: £161,000 in March 2020 and £230,000 in August 2022. These provide an indicative evidence range for the subject, but the sales relate to a different property and no floor-area or specification comparison is supplied. A midpoint-based base GDV of £195,500 is therefore indicative only, not a formal valuation. The £95,000+ guide is materially below the indicative completed-sale range, but remaining works, fees and resale costs are unknown.

Investment Snapshot

Strategy Recommendation

Proceed only if outstanding conversion works, planning compliance and all buyer charges can be verified and costed. Subject to that due diligence, a completion-and-resale strategy appears more supportable than BTL because no rental evidence is supplied.

Works Required

Complete the already-commenced conversion in accordance with the stated planning permission, including completion of the described two-bedroom accommodation, en-suite, bathroom, open-plan living/kitchen, cloakroom, balcony and amenity-space elements. The evidence does not identify the outstanding works or their cost.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

The property has potential for a buy-refurbish-refinance strategy because it is a partially converted freehold dwelling with planning permission and vacant possession. However, the outstanding works, total project cost, fees and achievable rent are unknown. The indicative 75% refinance of the base GDV is £146,625, but cash left in cannot be calculated.

Buy-to-Let Analysis

BTL cannot be underwritten from the supplied evidence because no sufficiently specific rental comparable or auctioneer rent estimate is provided. Yield, debt coverage and purchase-plus-works economics cannot therefore be established.

Flip Analysis

A builder-developer resale strategy is consistent with the description. Supplied completed sales for another unit in Colbert Hall Mews range from £161,000 to £230,000, supporting an indicative base GDV of £195,500. No flip surplus can be calculated because completion costs, buyer/admin fees, other non-optional fees, selling costs and taxes are not quantified.

Investor Risks & Due Diligence

• Outstanding conversion works and total refurbishment cost are unspecified.

• The completed-sale evidence relates to No. 3 rather than the subject No. 2 and covers different dates and recorded property types.

• Planning permission is mentioned but its conditions, validity and compliance status are not supplied.

• Buyer administration and other non-optional fees may be payable but are unquantified.

• No sufficiently specific rental evidence is available for BTL assessment.

• Resale value may differ materially from the indicative range because subject size, specification and completion standard are not provided.

Recommendation

Proceed only if outstanding conversion works, planning compliance and all buyer charges can be verified and costed. Subject to that due diligence, a completion-and-resale strategy appears more supportable than BTL because no rental evidence is supplied.

Strategy Rating

Analysis Confidence

There are two relevant completed sales in the same mews and clear evidence of planning permission, vacant possession and partially completed conversion. However, the comparables are for a different unit, while works scope, costs, rental evidence, EPC, parking, fees and planning details are unavailable.