23 Park Road, Fowey, Cornwall

Description

Arranged to provide a commercial unit with living accommodation. Rear garden and garage. GIA approximately 156.07 sq m (1,680 sq ft). Vacant possession. By order of a Housing Association.

Accommodation

Ground floor: retail unit, reception room, kitchen, two rooms, conservatory and shower room. First floor: four bedrooms and bathroom.

Location

Situated on the north side of Park Road. The shops and amenities of Fowey are to the south east. Par railway station is approximately 3.5 miles to the north west. The A390 is to the north west. Readymoney Cove is to the south west.

Tenure / Property Information

Investment Analysis

Same-road sold evidence ranges from £389,000 (2018) to £439,000 (2025). The latest comparable is a semi-detached freehold sale at 1 Park Road, but the subject includes a commercial unit with living accommodation, so it is not directly like-for-like. A provisional evidence-based GDV range of £389,000–£439,000 is used, with a £414,000 midpoint. No condition or refurbishment information is supplied.

Investment Snapshot

Strategy Recommendation

Conditional investigation only: obtain a survey, confirm planning and lawful use of the commercial and residential accommodation, establish refurbishment and acquisition costs, and obtain specialist valuation and rental advice before bidding.

Works Required

No specific refurbishment works are evidenced. A full survey and checks on the commercial and residential accommodation, services, statutory compliance and any requirements for the intended use are essential before establishing a works budget.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

A potential BRRR case is indicated by the low guide relative to same-road sold evidence, with 75% of the midpoint GDV equating to £310,500. However, refurbishment costs, acquisition costs, finance costs, valuation treatment of the commercial element and lender acceptability are unknown, so cash required and residual equity cannot be calculated reliably.

Buy-to-Let Analysis

The £1,136 pcm figure is an advertised asking rent for another four-bedroom Fowey property, not achieved rent and not a direct valuation of this mixed-use property. It implies £13,632 annual rent and a mathematical 11.36% gross yield against the £120,000 guide, before costs, but the commercial unit and configuration make the estimate unreliable without specialist letting advice and confirmation of lawful residential use.

Flip Analysis

The evidence suggests a substantial gap between the £120,000 guide and the £389,000–£439,000 same-road sold evidence. Nevertheless, no condition report, refurbishment allowance, buyer or seller fees, finance costs, resale costs or directly comparable mixed-use sale are supplied. A reliable flip surplus therefore cannot be calculated.

Investor Risks & Due Diligence

• Mixed-use configuration may affect valuation, mortgageability, insurance and resale demand.

• The rental evidence is an advertised asking rent for another property and may not apply to this property.

• No condition, EPC, heating or services information is supplied, preventing a reliable refurbishment budget.

• No buyer premium, administration charge or other acquisition costs are stated.

• Planning, lawful use and compliance of the commercial unit and living accommodation are not evidenced.

• The same-road sold comparables are not confirmed to have the same mixed-use configuration or condition.

Recommendation

Conditional investigation only: obtain a survey, confirm planning and lawful use of the commercial and residential accommodation, establish refurbishment and acquisition costs, and obtain specialist valuation and rental advice before bidding.

Strategy Rating

Analysis Confidence

There is useful same-road sales evidence, a guide price and one local four-bedroom asking-rent benchmark, but the subject is mixed-use, condition and compliance information are absent, and buyer/admin fees and refurbishment costs are not supplied.