21 Garages Dagnall Crescent, Uxbridge, Middlesex, UB8 2HA

Description

Twenty one single storey lock up garages situated on a site measuring approximately 646 sq m (6,953 sq ft), part let producing £9,651.20 per annum. ERV of £25,334 per annum once fully let. Potential for development subject to obtaining all relevant consents.

Accommodation

Twenty one single storey lock up garages.

Location

The garages are situated on a residential road close to local shops and amenities. The open spaces of Cowley Recreation Ground are within easy reach. Transport links are provided by West Drayton rail station.

Tenure / Property Information

Investment Analysis

The £150,000+ guide equates to approximately £7,143 per garage before fees, but no garage-specific sold comparables or formal valuation evidence is supplied. The eight occupied garages produce £9,651.20 per annum, while the auctioneer estimates £25,334 per annum at full occupancy. The 13 currently unlet garages and the development potential may provide upside, but development value cannot be assessed without planning, consent, scheme and valuation evidence.

Investment Snapshot

Strategy Recommendation

Income-led hold, subject to legal-pack review of the eight lettings, rent collection and site condition. Do not underwrite development or a flip until planning, consents and a site-specific valuation are available.

Works Required

No refurbishment defects or required works are identified in the evidence. The practical opportunity is to maintain the garages, review the existing lettings, and seek tenants for the 13 unlet units. Any development proposal remains subject to obtaining all relevant consents.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

BRRR cannot be reliably assessed because no GDV, refurbishment allowance, refinance valuation or finance terms are supplied. The current income provides some support for an income-hold strategy, but the unlet garages and uncertain development value make refinance proceeds and cash left in unsupported.

Buy-to-Let Analysis

At the £150,000 guide, the current stated income of £9,651.20 per annum represents approximately 6.43% gross before finance, management, maintenance, voids and other costs. The auctioneer's full-occupancy ERV would represent approximately 16.89% gross, but it is an estimate rather than passing rent and there are no sufficiently specific external rental comparables. Eight of 21 garages are let, leaving material occupancy risk.

Flip Analysis

A flip appraisal cannot be completed. No evidence-supported GDV, refurbishment cost, development scheme, selling allowance or planning consent is supplied. The nearby residential sold comparables are not directly comparable to a site of lock-up garages.

Investor Risks & Due Diligence

• Thirteen of the 21 garages are currently unlet, creating void and reletting risk.

• The £25,334 annual ERV is an auctioneer estimate and is not passing rent or independently evidenced achieved rent.

• Development potential is expressly subject to obtaining all relevant consents and has no quantified GDV.

• Garage condition, repair requirements and operating costs are not supplied.

• Buyer disbursements, search fees, sellers' costs, legal fees and transfer fees may be payable under the legal pack or special conditions.

• The supplied sold comparables are residential semi-detached houses and are not directly comparable to the garages.

Recommendation

Income-led hold, subject to legal-pack review of the eight lettings, rent collection and site condition. Do not underwrite development or a flip until planning, consents and a site-specific valuation are available.

Strategy Rating

Analysis Confidence

Current and estimated rental income, garage count, tenure, guide price and local residential sales are supplied, but there is no garage-specific valuation, rental comparable evidence, condition report, planning information, refurbishment budget or complete fee schedule.