2 Kingsland Close, West Mersea, Colchester

Description

This one-bedroom detached cottage for demolition sits on an approximately 0.06 hectare (0.14 acre) parcel of land and is conveniently located within easy reach of the beach front in West Mersea, an island known for its colourful beach huts, coastal walks and charm. Situated within a quiet cul-de-sac in a residential area, this lot offers the opportunity to add value, subject to all necessary consents being obtainable.

Accommodation

One-bedroom detached cottage; 1 bathroom. The property was not safe to enter for internal inspection.

Location

Coastal location in a quiet cul-de-sac in a residential area, within easy reach of the beach front in West Mersea.

Tenure / Property Information

Investment Analysis

The available evidence does not support a formal GDV or maximum bid. The closest evidence is a £305,000 completed sale of a detached freehold property at 10 Kingsland Close in March 2023, but no details confirm its size, condition, specification or development similarity. Older sales on the road range from £32,000 to £175,000 and are not reliable current comparables. The subject is described as a cottage for demolition, with no replacement scheme, planning consent, build cost, valuation or sufficiently specific rental evidence supplied.

Investment Snapshot

Strategy Recommendation

Treat as a high-risk development opportunity only. Do not rely on the £250,000+ guide as a viable bid level without planning, demolition/build-cost advice, a supported end value and full buyer-cost information.

Works Required

Demolish the existing one-bedroom detached cottage and pursue a replacement residential scheme, subject to all necessary planning and other consents. No internal inspection was possible because the building was unsafe to enter, so the scope of demolition and any associated site works cannot be quantified from the evidence.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

BRRR is not assessable on the supplied evidence. Purchase price, demolition/rebuild costs, achievable post-development value, finance costs and rent are not sufficiently supported. Refinancing at 75% of GDV cannot be calculated without a supported GDV.

Buy-to-Let Analysis

BTL is not assessable. The existing cottage is stated to be for demolition, no sufficiently specific rental comparable or auctioneer rent estimate is provided, and refurbishment or redevelopment costs are unavailable. A rental yield cannot therefore be established.

Flip Analysis

A flip appraisal cannot be completed. Although a £305,000 2023 sale exists for a detached property on the same close, the evidence does not establish that it is comparable to a demolition site or indicate the value of a consented replacement dwelling. Build, demolition, professional, finance, selling and fee costs are also unavailable.

Investor Risks & Due Diligence

• Existing cottage is described as being for demolition and was unsafe to enter for internal inspection.

• Any replacement development is subject to all necessary consents being obtainable.

• No demolition, construction, professional, finance or selling costs are supplied.

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

• The closest recent comparable is a different property with no supplied details confirming development or specification similarity.

• Administration, other non-optional fees, search costs, Stamp Duty, Land Registry fees and VAT may apply in addition to the bid price.

Recommendation

Treat as a high-risk development opportunity only. Do not rely on the £250,000+ guide as a viable bid level without planning, demolition/build-cost advice, a supported end value and full buyer-cost information.

Strategy Rating

Analysis Confidence

The property is unsafe to inspect and requires demolition, while planning status, replacement design, costs, rental evidence, fees and a directly comparable current valuation are not supplied.