29 Chywoone Avenue, Newlyn, Penzance, Cornwall

Description

A two bedroom mid terrace house. Externally the property benefits from front and rear gardens. In need of modernisation. Vacant.

Accommodation

Ground Floor - Reception Room, Kitchen, Bathroom/WC. First Floor - Two Bedrooms.

Location

The property is situated on Chywoone Avenue in Newlyn, near Penzance, Cornwall. Local shops and everyday services are available within Newlyn and nearby Penzance, along with schools, healthcare facilities and community amenities. Recreational amenities include nearby coastal walks and beaches, with access to a wide range of outdoor leisure opportunities throughout the surrounding Cornish coastline. Transport links include Penzance railway station and road access via the A30. Transport Penzance - CrossCountry, GWR.

Tenure / Property Information

Investment Analysis

The strongest evidence is 3 Chywoone Avenue at £240,000 in January 2022, with other same-street terraced sales ranging from £127,500 to £157,950 in 2017–2018. The comparables do not provide bedroom counts, condition, floor area or specification, and the subject is described as needing modernisation. An indicative post-works GDV range of £200,000–£240,000 is therefore used, with a £220,000 base estimate. This is not a formal valuation and requires inspection and updated local evidence.

Investment Snapshot

Strategy Recommendation

Proceed only conditionally after viewing, survey and review of the Special Conditions. The guide appears attractive against the supplied sales and advertised rent, but the unknown refurbishment budget and auction charges make a firm bid or strategy recommendation premature.

Works Required

Modernisation is required, but the evidence does not specify the condition or scope of works. A survey should establish the required works, including any kitchen, bathroom, decoration, services or external repairs before a refurbishment budget is set.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

Using the indicative £220,000 base GDV, 75% refinancing would be approximately £165,000. However, total acquisition and refurbishment costs cannot be calculated because the works scope, buyer fee, VAT and any seller charges are unspecified. Cash left in and refinance viability therefore remain unquantified.

Buy-to-Let Analysis

The advertised rental evidence is £1,000 pcm for a two-bedroom property in Penzance, producing an indicative £12,000 annual rent. Against the £75,000 guide this is a 16.0% gross yield, but the guide excludes the buyer fee and potentially VAT, while refurbishment costs are unknown. The rent is advertised rather than achieved and is not a passing rent because the property is vacant. Yield on total cost cannot be established without works and fee information.

Flip Analysis

The indicative post-works GDV is £200,000–£240,000, based mainly on dated same-street sales. A flip surplus cannot be calculated because refurbishment costs, buyer charges, VAT, selling costs and the actual condition are not supported by the evidence. The 2022 £240,000 comparable may not be directly comparable in size, condition or specification.

Investor Risks & Due Diligence

• The property is vacant and described as needing modernisation, but the works scope and cost are unknown.

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

• The rental figure is an advertised asking rent, not an achieved or passing rent.

• The sold comparables are dated and do not state bedroom count, floor area, condition or specification.

• No formal valuation, survey or current comparable evidence is supplied.

• The guide price excludes the buyer fee and potentially VAT, so the headline yield overstates the net acquisition position.

Recommendation

Proceed only conditionally after viewing, survey and review of the Special Conditions. The guide appears attractive against the supplied sales and advertised rent, but the unknown refurbishment budget and auction charges make a firm bid or strategy recommendation premature.

Strategy Rating

Analysis Confidence

There is useful same-street sold evidence and an advertised rental figure, but the sales are dated and lack size, bedroom and condition details. Works, auction fees, VAT, selling costs and key property specifications are also unknown.