2 Mount Folly, Bodmin, Cornwall

Description

A three-storey Grade II listed mid-terrace commercial building, prominently situated in the heart of Bodmin town centre. The accommodation is arranged over three floors and currently provides a range of office and ancillary accommodation. The ground floor comprises three ancillary offices together with a kitchen area, whilst the first floor provides a further three offices. The basement offers additional storage rooms together with WC facilities. The property was previously utilised as a chiropractic practice and, subject to obtaining the necessary planning and listed building consents, may offer potential for conversion to residential use. This property provides an opportunity for purchasers seeking a refurbishment and redevelopment project within an established town-centre location.

Accommodation

Lower ground floor: Storage (3.82m x 3.35m), Storage (3.57m x 3.04m), Utility (2.37m x 1.99m), WC. Ground floor: Office (5.33m x 3.27m), Office (6.57m x 4.19m), Office (4.07m x 2.13m), Utility (2.31m x 2.10m). First floor: Office (5.59m x 2.73m), Office (6.54m x 4.42m), Office (4.79m x 3.39m).

Location

Prominently situated in the heart of Bodmin town centre.

Tenure / Property Information

Investment Analysis

The £50,000 guide is below the supplied historic Mount Folly comparables (£95,000 in 2017 and £230,000 in 2020), but those sales are described only as “Other” and are not sufficiently comparable to support a current market value or residential GDV. The £750 pcm rental listing is not confirmed as suitable for this commercial property. Known buyer premium and admin charge total £2,200, excluding possible disbursements and other special-condition costs.

Investment Snapshot

Strategy Recommendation

Proceed only as a specialist commercial refurbishment or consent-led redevelopment opportunity, subject to legal, planning, listed-building and cost due diligence.

Works Required

Refurbishment of the existing office, ancillary, storage, utility and WC accommodation. Any residential conversion would require planning and listed building consents; the scope and cost of works are not evidenced.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

BRRR analysis cannot be supported because no residential consent, GDV, refurbishment budget, refinance value or reliable rent is provided. The Grade II listing and required consents add uncertainty.

Buy-to-Let Analysis

BTL analysis cannot be established. The property is commercial, no passing rent or commercial rental evidence is supplied, and the £750 pcm listing is not confirmed as applicable to this building or any consented residential use.

Flip Analysis

A flip appraisal cannot be calculated. The supplied historic comparables are insufficiently similar and no supported GDV, works budget or selling allowance is available.

Investor Risks & Due Diligence

• Grade II listed status may restrict alterations and increase professional and construction costs.

• Residential conversion is subject to planning and listed building consents and is not guaranteed.

• No current occupancy or passing rent is provided.

• No refurbishment budget or detailed condition survey is supplied.

• Potential disbursements, search fees, seller costs, legal fees and transfer fees may be payable under the special conditions.

• The EPC rating is E125.

• Historic comparables are limited and not sufficiently comparable to establish current value.

Recommendation

Proceed only as a specialist commercial refurbishment or consent-led redevelopment opportunity, subject to legal, planning, listed-building and cost due diligence.

Strategy Rating

Analysis Confidence

The description, tenure, guide and fees are supplied, but current value, condition, works costs, occupancy, rent, consents and directly comparable evidence are incomplete.