2 Rectory Mews, Church Road, Egginton, Derby DE65 6HS

Description

An opportunity to purchase a bungalow in need of upgrading and finishing works. A superb project property offering potential as a blank canvas to renovate in your own style, positioned in a lovely exclusive small development setting with a drive, double garage and layout including two generous bedrooms, living room, conservatory and kitchen/diner. Currently stripped back, the property offers potential to be refitted and improved to create a village home on a garden plot with a double garage and drive to the rear. Rectory Mews is a private development with shared private access to a handful of properties.

Accommodation

Welcoming hall; two generously sized front-facing bedrooms; wet room-style shower room in need of modernisation; kitchen removed ready for refitting, with a door and window opening to the rear garden and a wall-mounted gas central-heating boiler; spacious rear living room with fireplace and patio doors opening into the conservatory. Outside are gardens, parking and a double garage.

Location

Lovely exclusive small development setting in Egginton. Rectory Mews is a private development with shared private access to a handful of properties.

Tenure / Property Information

Investment Analysis

The strongest evidence is 6 Rectory Mews at £525,000 in April 2022, but its size, condition and specification are not supplied. 1 Rectory Mews sold for £335,000 in 2010, while the subject sold for £81,250 in 1995. These sales do not provide a sufficiently reliable current GDV for this stripped-back two-bedroom bungalow, particularly without current local comparables or detailed specification evidence. The £220,000 guide is subject to a 4.8% buyer premium, calculated at £10,560 on the guide, with further costs potentially payable.

Investment Snapshot

Strategy Recommendation

Treat as a potential refurbishment and resale project only. Obtain a survey, detailed works quotation, title and private-access review, and current local valuation evidence before bidding; do not rely on the guide or the historic £525,000 sale as a GDV.

Works Required

Refit the removed kitchen; modernise and finish the wet-room-style shower room; complete the stated upgrading and finishing works; and assess the existing gas central-heating installation, boiler, electrical systems, windows, doors and general finishes before committing to a budget. No cost allowance is supported by the evidence.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

A BRRR assessment is not supportable without a defensible post-works GDV, refurbishment budget, rent and finance assumptions. The stripped-back condition and unknown tenure or lease position require due diligence before bidding.

Buy-to-Let Analysis

BTL cannot be assessed reliably because no sufficiently specific rental comparable or auctioneer rent estimate is provided. Gross yield, operating costs and debt-service coverage therefore cannot be established.

Flip Analysis

A resale analysis cannot be quantified. The £525,000 same-development sale is potentially relevant but is from 2022 and lacks comparable size, condition and specification details; the £335,000 sale is from 2010. Selling costs and a supported current GDV are also unavailable.

Investor Risks & Due Diligence

• The property is currently stripped back and requires kitchen, shower-room, upgrading and finishing works, but no cost estimate is supplied.

• Tenure and lease information are not provided.

• Rectory Mews has shared private access, creating a need to verify rights, maintenance obligations and charges.

• Additional fees may be listed in the Special Conditions of Sale and other costs will apply.

• No sufficiently specific rental evidence is available.

• The key same-development comparable sold in 2022 and its size, condition and specification are not supplied.

• The 4.8% buyer premium is payable on the purchase price, subject to a £6,000 minimum, with a 5% deposit payable immediately on exchange.

Recommendation

Treat as a potential refurbishment and resale project only. Obtain a survey, detailed works quotation, title and private-access review, and current local valuation evidence before bidding; do not rely on the guide or the historic £525,000 sale as a GDV.

Strategy Rating

Analysis Confidence

The evidence confirms the layout, stripped-back condition and guide terms, but omits tenure, lease, EPC, current rental evidence, refurbishment costs, detailed comparable specifications and a reliable current GDV.