2 Pall Mall, Chorley, Lancashire PR7 2LA

Description

Three storey end terrace retail building briefly comprising ground floor open plan retail space with under stairs store, rear office and brew area. Stairs lead to the first floor with front office, store and 2x WCs, the second floor provides a further office, store room and kitchen/staff room. According to the EPC the total floor area is 128 m² / 1,378 sq.ft. The property benefits from gas central heating, double glazing, with the retail area fitted with air conditioning unit and suspended ceiling incorporating recessed lighting. The shop front is also protected by security roller shutters. The upper floors may suit conversion to residential accommodation, subject to the required consents being obtained.

Accommodation

Ground floor: open plan retail space, under stairs store, rear office and brew area. First floor: front office, store and 2 WCs. Second floor: further office, store room and kitchen/staff room. Total floor area: 128 m² / 1,378 sq.ft.

Location

Prominently situated at the junction of Pall Mall with Market Street, opposite Asda Supermarket in the centre of Chorley.

Tenure / Property Information

Investment Analysis

The latest completed sale for the subject property was £90,000 in November 2024. Earlier sales of the same property were £75,000 in 2018, while other Pall Mall evidence ranges from £54,000 to £250,000 but relates to different properties, tenures and/or property types. The £105,000+ guide is above the latest subject-property sale and should not be treated as confirmed market value. Indicative evidence-based scenarios are £75,000 low, £90,000 base and £105,000 high, with the high case aligned to the guide rather than a completed sale.

Investment Snapshot

Strategy Recommendation

Do not bid at the guide on the current evidence. Consider only after confirming tenure, vacant or tenanted status, special-condition costs, condition, planning feasibility and achievable commercial or residential income/value.

Works Required

No specific defects or refurbishment requirements are evidenced, so no works allowance is included. Obtain a full survey and confirm the condition of the retail and office areas. Any conversion of upper floors to residential use would require the necessary consents, and no conversion cost or planning evidence has been supplied.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

Using the latest £90,000 subject-property sale as the base value, 75% refinance would be approximately £67,500. Against a guide-price purchase plus the stated £2,520 buyer premium, and excluding unknown costs and works, indicative cash left in is approximately £40,020. This is not attractive on the supplied evidence and conversion-based refinance cannot be assessed without planning, valuation, cost and rental evidence.

Buy-to-Let Analysis

BTL analysis cannot be established because no sufficiently specific rental evidence or auctioneer rent estimate is provided. The building is described as commercial, and no lease, occupancy, tenure or passing-income information is supplied. The 2.4% buyer premium on the £105,000 guide is £2,520; base total cost of £107,520 excludes any unknown legal, finance, tax, special-condition or refurbishment costs.

Flip Analysis

A flip appraisal cannot be reliably completed because refurbishment costs, selling costs and any residential conversion evidence are unavailable. At the £105,000 guide plus the stated buyer premium, the acquisition cost already exceeds the latest £90,000 completed sale for the same property before works or selling costs. The £90,000 base GDV therefore does not support a positive project margin on the supplied evidence.

Investor Risks & Due Diligence

• The latest completed sale for the same property was £90,000, below the £105,000+ guide.

• No rental evidence, lease or passing income is supplied, preventing yield assessment.

• Tenure and occupancy are not stated.

• Upper-floor residential conversion is only described as potentially suitable and is subject to required consents.

• No condition survey or refurbishment cost evidence is provided.

• Additional fees may be listed in the Special Conditions of Sale and are not quantified.

• Commercial resale and refinance values are uncertain because the available comparable evidence is limited and mixed in type and tenure.

Recommendation

Do not bid at the guide on the current evidence. Consider only after confirming tenure, vacant or tenanted status, special-condition costs, condition, planning feasibility and achievable commercial or residential income/value.

Strategy Rating

Analysis Confidence

The property description, floor area, guide, buyer premium and several completed-sale comparables are supplied, but tenure, occupancy, condition, rent, lease, planning status, refurbishment costs and additional auction costs are absent.