29 Severn Street, Chopwell, Newcastle upon Tyne, Tyne and Wear, NE17 7BY

Description

Spacious three-bedroom terraced property offering approximately 902 sq. ft. of accommodation, a generous rear yard and excellent scope for refurbishment and value enhancement. Offered for sale by auction, the property is situated on Severn Street in the popular village of Chopwell. It provides approximately 83.6 sq. metres (902 sq. ft.) of accommodation and offers generous room sizes throughout, with scope to add value. The property would benefit from a programme of cosmetic improvement and modernisation in areas.

Accommodation

Ground floor: spacious living room, generous kitchen/dining room, useful storage, hallway and separate utility room to the rear. First floor: three bedrooms, family bathroom and landing. Externally, the property benefits from a substantial enclosed rear yard. The property has approximately 83.6 sq. metres (902 sq. ft.) of accommodation.

Location

Severn Street is situated within the established village of Chopwell, with access to local amenities, schooling and transport connections. The property is well positioned for access towards Newcastle, Gateshead and the wider North East. The traditional stone-built frontage overlooks a pleasant grassed area.

Tenure / Property Information

Investment Analysis

Completed sales on the same street range from £42,000 to £78,000, with a median of £60,000 and average of £59,600. Because the comparable sizes and condition are not supplied, a cautious evidence-based scenario is £50,000 low, £60,000 base and £70,000 high. The subject's stated refurbishment requirement may place it below better-presented comparables, but the extent and cost of works are not quantified.

Investment Snapshot

Strategy Recommendation

Potential value-add purchase only if the legal pack is satisfactory and a contractor confirms modest works. Bid discipline is essential because the GDV evidence is limited and total project cost is unknown.

Works Required

Cosmetic improvement and modernisation in areas, as described by the auction particulars. No specific items, quantities or contractor costs are supplied, so a reliable works allowance cannot be calculated.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

Using the £60,000 base GDV scenario, 75% refinance would be approximately £45,000. However, total acquisition and refurbishment cost cannot be calculated because the works allowance and additional auction charges are not supplied. The refinance outcome and cash left in are therefore unconfirmed.

Buy-to-Let Analysis

The only rental evidence is an advertised asking rent of £395 pcm, equivalent to £4,740 annually; no achieved rent or auctioneer estimate is supplied. Using the £40,000 upper guide as the analysis purchase figure gives an indicative gross yield of 11.85% before works, the known £3,600 administration charge and other possible fees. Yield on total cost cannot be established because refurbishment and additional charges are unknown.

Flip Analysis

At the £40,000 upper guide, the base GDV scenario implies £20,000 of gross value headroom before the known £3,600 administration charge, refurbishment, selling costs and other possible fees. Since works and selling allowances are unsupported, a reliable flip surplus cannot be calculated.

Investor Risks & Due Diligence

• Refurbishment scope and cost are not quantified.

• Additional fees may include search fees, seller cost reimbursement, legal fees and transfer fees.

• The £395 pcm figure is an advertised asking rent rather than achieved rent.

• Comparable sale sizes, condition and specification are not supplied.

• The property is offered by auction and the legal pack may contain additional obligations or costs not stated in the summary.

Recommendation

Potential value-add purchase only if the legal pack is satisfactory and a contractor confirms modest works. Bid discipline is essential because the GDV evidence is limited and total project cost is unknown.

Strategy Rating

Analysis Confidence

Same-street completed sales and one advertised rental are available, but comparable condition and size, detailed legal charges, refurbishment costs, achieved rent and total acquisition costs are not supplied.