29-35 Chestnut Hill, Carlisle, Cumbria

Description

An unbroken block of four one bedroom self-contained flats over two storeys. The development benefits from garden areas to the front, sides and rear. The first floor flats benefit from balconies. In need of modernisation. Development potential subject to requisite consents. Vacant.

Accommodation

Flat 29 (First Floor) - Reception Room, Kitchen, Bedroom, Bathroom/WC, Balcony. Flat 31 (Ground Floor) - Porch, Reception Room, Kitchen, Bedroom, Bathroom/WC. Flat 33 (Ground Floor) - Porch, Reception Room, Kitchen, Bedroom, Bathroom/WC. Flat 35 (First Floor) - Reception Room, Kitchen, Bedroom, Bathroom/WC, Balcony.

Location

Located on Chestnut Hill, accessed off Newlaithes Avenue. Amenities are available locally on Langrigg Road with Carlisle city centre approximately 2.7 miles. A broad range of recreational amenities are available at The Copse and Morton Park. Transport Carlisle - Avanti West Coast / ScotRail / Transpennine Express / northern.

Tenure / Property Information

Investment Analysis

The property is a vacant freehold block of four self-contained one-bedroom flats offered at an £85,000 guide, equivalent to £21,250 per flat before buyer fees and other costs. The only supplied comparable sales are for Flat 24 and date from 2000–2001, so they are not reliable evidence of current market value. No current comparable sales, rental evidence, buyer fee or refurbishment budget is supplied. Accordingly, a supported GDV, yield or maximum bid cannot be established.

Investment Snapshot

Strategy Recommendation

Do not bid on the supplied evidence alone. Obtain current flat comparables, rent evidence, a detailed refurbishment survey, auction fees and special conditions before considering the block as a refurbishment, hold or resale project.

Works Required

Modernisation of the four flats is indicated by the description. The evidence does not specify the required works, condition of individual elements or any refurbishment cost allowance. Any development potential remains subject to the requisite consents.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

A BRRR assessment cannot be completed reliably. The purchase guide is £85,000, but refurbishment cost, current or post-works value, achievable rents, financing costs and buyer charges are unsupported. Refinance proceeds therefore cannot be calculated.

Buy-to-Let Analysis

BTL viability cannot be established because no sufficiently specific rental evidence or auctioneer rent estimate is supplied. The block is vacant and comprises four self-contained flats, but achievable rents, operating costs, buyer fees and refurbishment costs are unknown.

Flip Analysis

A flip assessment cannot be completed reliably. The supplied sold comparables are over 25 years old and no current GDV evidence, refurbishment allowance, selling costs or buyer fees are provided. Development potential is expressly subject to requisite consents.

Investor Risks & Due Diligence

• Current market value cannot be supported by the supplied evidence.

• No sufficiently specific rental evidence or passing rent is available.

• The refurbishment scope and cost are unspecified despite the property being described as in need of modernisation.

• Buyer fees and any seller charges or VAT are not supplied.

• Any development potential is subject to requisite consents.

• The supplied comparable sales date from 2000–2001 and may not reflect current values.

Recommendation

Do not bid on the supplied evidence alone. Obtain current flat comparables, rent evidence, a detailed refurbishment survey, auction fees and special conditions before considering the block as a refurbishment, hold or resale project.

Strategy Rating

Analysis Confidence

The property description, guide price, tenure and vacancy are supplied, but current valuation evidence, rental evidence, refurbishment scope and costs, fees, and financing assumptions are absent. The available sales evidence is historic and not suitable for current appraisal.