3 King Street, Whitehaven, Cumbria CA28 7LA

Description

A three storey mid-terraced property beneath a pitched slate roof. The ground floor comprises a traditionally furnished, open plan rectangular shaped Lounge Bar with a bar servery, a mechanically cooled upland Beer Store, and Ladies & Gents customer toilets. The first floor provides private living accommodation comprising Lounge, Kitchen, Bathroom and WC. The second floor has two bedrooms. The property is not Listed and is not in a flood zone, but is situated in an Area of Outstanding Natural Beauty (AONB). The EPC states that the total floor area measures 177 sq.m (1,905 sq.ft). The total building footprint is 922 sq.ft and the overall plot is circa 0.024 acres.

Accommodation

Ground floor: open plan Lounge Bar with bar servery, mechanically cooled upland Beer Store, and Ladies & Gents customer toilets. First floor: Lounge, Kitchen, Bathroom and WC. Second floor: two bedrooms.

Location

The Royal Oak occupies a prominent position within the main pedestrianised shopping retail area on King Street in Whitehaven’s town centre. The premises are surrounded by shops and cafes, are very close to Whitehaven Marina, and near Lowther Street where there are other bars and pubs forming a drinking circuit. Whitehaven is a town and port on the northwest coast, near to the Lake District National Park.

Tenure / Property Information

Investment Analysis

The guide of £60,000+ is close to the £65,000 completed sale of the same property on 22 October 2024. Other King Street sales range from £41,000 to £205,000, but they are different property types and sizes, so they provide limited direct support. A cautious evidence-based scenario range is £60,000–£70,000, with £65,000 as the base GDV. This is not a formal valuation. The 2-bed rental evidence of £750 pcm is an advertised asking rent and appears relevant only to the residential accommodation; no commercial trading income, passing rent or lease information is supplied.

Investment Snapshot

Strategy Recommendation

Proceed only as a cautiously priced mixed-use acquisition after reviewing the legal pack, condition, services, EPC, commercial income evidence and any special-condition fees. Do not rely on the residential rent alone; the commercial operating position is decisive.

Works Required

No specific defects or refurbishment requirements are evidenced. Allow for inspection and verification of the bar, beer store, toilets, kitchen, bathroom, WC, services, roof and upper-floor accommodation before bidding; no works budget can be supported from the supplied data.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

At the £65,000 base GDV, 75% refinance equates to £48,750. At the £60,000 guide, the 2.4% buyer premium is subject to the stated £3,600 minimum, making the purchase price plus known buyer premium £63,600 before works and any other fees. Because condition, works, finance costs, lease/occupancy and commercial income are not supplied, total project cost and cash left in cannot be calculated reliably.

Buy-to-Let Analysis

The £750 pcm figure is an advertised asking rent for a 2-bed property, producing an indicative £9,000 annual rent and a 15.0% gross yield against the £60,000 guide. However, the subject is a mixed-use commercial property with a bar and residential accommodation, and there is no passing rent, tenancy or commercial income evidence. A whole-property BTL assessment cannot therefore be established.

Flip Analysis

The £65,000 prior sale of the same property supports the base GDV, but the evidence does not establish current resale value, refurbishment cost, selling costs or any uplift. A flip surplus cannot be calculated reliably. The guide leaves limited apparent headroom against the prior same-property sale before buyer premium, works, finance and selling costs.

Investor Risks & Due Diligence

• No passing rent, lease or commercial trading-income evidence is supplied.

• The £750 pcm figure is an advertised asking rent, not achieved rent, and may relate only to the 2-bed accommodation.

• Condition and refurbishment requirements are not evidenced, so project cost is unknown.

• Tenure, occupancy and lease details are blank.

• The EPC rating is not provided.

• Additional fees may appear in the Special Conditions of Sale.

• The property is in an AONB, which may be relevant to any future alterations or development proposals.

• The buyer premium is subject to a £3,600 minimum, materially above 2.4% at the £60,000 guide.

Recommendation

Proceed only as a cautiously priced mixed-use acquisition after reviewing the legal pack, condition, services, EPC, commercial income evidence and any special-condition fees. Do not rely on the residential rent alone; the commercial operating position is decisive.

Strategy Rating

Analysis Confidence

The same-property completed sale and guide provide useful value evidence, but condition, tenure, occupancy, lease, commercial income, EPC rating, works cost and full fees are unavailable.