3 Pilgrims Way, Lovington, Castle Cary, Somerset, BA7 7PT

Description

Three bedroom semi-detached house benefiting from a rear garden, well located for the amenities of Castle Cary, and in need of modernisation.

Accommodation

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

Location

Situated in the rural village of Lovington, close to the market town of Castle Cary, offering a quiet countryside setting while remaining within easy reach of local amenities. Local facilities are available nearby, with a broader selection of shops, cafes and restaurants in Castle Cary. Castle Cary Railway Station is also within easy reach. Transport: National Rail - Castle Cary (GWR & South Western Railway).

Tenure / Property Information

Investment Analysis

The strongest evidence is the completed £275,000 sale of 8 Pilgrims Way, a freehold semi-detached house in the same street, dated 15 August 2022. Earlier same-street sales were £165,000 in 2017 and £156,000 in 2011. This supports an indicative base GDV of £275,000, but the evidence is limited to one recent comparable and does not establish current market value or account for differences in condition, size or specification. The £165,000 guide is before an unspecified buyer fee and possible VAT or other charges.

Investment Snapshot

Strategy Recommendation

Proceed only subject to a detailed survey, services/heating investigation, works quotation and confirmation of all buyer and seller charges. At present, treat it as a potential refurbishment-led resale or refinance opportunity rather than an underwritten BTL investment.

Works Required

Modernisation is required, but no detailed schedule or cost evidence is supplied. Obtain a full inspection and confirm the condition of the disconnected services and heating system before pricing works. Do not assume specific repairs beyond the stated need for modernisation.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

A potential BRRR structure is suggested by the indicative £275,000 base GDV, implying 75% of GDV of £206,250. However, purchase costs, buyer premium, VAT exposure, refurbishment cost and finance costs are unknown, so required equity and cash left in cannot be calculated. The disconnected services and unspecified modernisation requirement increase due-diligence importance.

Buy-to-Let Analysis

BTL viability cannot be established. The only rental evidence is an advertised £1,900 pcm listing in Thame, which is not sufficiently comparable to this Lovington property. No local achieved or asking rent, refurbishment cost, buyer fee or full project cost is supplied, so rent and yield calculations would be unsupported.

Flip Analysis

The same-street 2022 completed sale supports an indicative £275,000 resale benchmark. A flip surplus cannot be calculated because refurbishment costs, buyer charges, VAT and selling costs are not provided. The apparent difference between the £165,000 guide and the benchmark should not be treated as profit.

Investor Risks & Due Diligence

• Modernisation requirements are not quantified.

• Heating and services are disconnected and their condition is not warranted or guaranteed.

• Buyer premium is unspecified.

• VAT may apply and other seller charges may be stated in the Special Conditions of Sale.

• Current GDV is inferred from a single 2022 same-street comparable.

• No sufficiently comparable local rental evidence is supplied.

Recommendation

Proceed only subject to a detailed survey, services/heating investigation, works quotation and confirmation of all buyer and seller charges. At present, treat it as a potential refurbishment-led resale or refinance opportunity rather than an underwritten BTL investment.

Strategy Rating

Analysis Confidence

There is one relevant recent completed sale in the same street and clear basic property details, but no current rental evidence, refurbishment budget, buyer fee, VAT position, selling costs, occupancy information or detailed condition report.