32 Sandgate, Penrith, Cumbria CA11 7TJ

Description

One bedroom, Grade II listed, end of terrace cottage in the popular market town of Penrith. Centrally situated close to shops, local amenities and transport links. Auction house has not carried out any internal inspection and there will be no internal viewings. The measurements we have are indicative. Currently let to a longstanding tenant at £400pcm which is well below the market rental figure.

Accommodation

Ground Floor: Entrance hall; Living room 4.1m x 3.8m; Kitchen 1.8m x 3.7m; Washhouse and outside alley 2.6m x 2.2m. First Floor: Bedroom 3.7m x 4m; Bathroom 1.8m x 3m.

Location

Popular market town of Penrith; centrally situated close to shops, local amenities and transport links.

Tenure / Property Information

Investment Analysis

The available sold evidence is limited to nearby Sandgate transactions and is inconsistent: £90,000, £135,000, £140,000 and £208,000. These properties are not confirmed to match the subject in size, condition, listing status or accommodation. An indicative base GDV of £135,000 is used, with a broad evidence-based range of £90,000–£208,000. The £208,000 sale is the latest but relates to a different property number and cannot be treated as a direct valuation.

Investment Snapshot

Strategy Recommendation

Potentially suitable as a low-cost income investment only if the legal pack, tenancy, condition and listed-building position are acceptable. Do not rely on a market-rent uplift or refurbishment value without inspection and further evidence; set any bid only after allowing for the unknown buyer premium, disbursements and works.

Works Required

No specific works allowance can be supported because the auctioneer has not inspected internally and no internal viewings are available. Confirm condition, tenancy requirements, listed-building requirements and any necessary repairs through the legal pack and permitted enquiries before bidding.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

Using the indicative £135,000 base GDV, 75% refinance would be approximately £101,250. However, refurbishment cost, buyer premium, disbursements, legal costs and the property’s actual condition are unknown, so total project cost and cash left in cannot be calculated reliably. The strategy depends on confirming the legal pack, condition, tenancy position and achievable rent.

Buy-to-Let Analysis

The property is currently let at a supported passing rent of £400 pcm, producing £4,800 per year. This equates to 7.38% gross yield against the £65,000 guide price before fees, works, finance, tax and operating costs. Market rent cannot be established from the supplied rental evidence: the two £50 pcm listings are not reliable comparables for this property. The rent is stated to be below market, but no supported market figure is provided.

Flip Analysis

A flip appraisal cannot be completed reliably because there has been no internal inspection, refurbishment costs are unknown, buyer and selling costs are incomplete, and the sold comparables vary materially from £90,000 to £208,000. The £135,000 base GDV is only an indicative scenario and should not be treated as a formal valuation.

Investor Risks & Due Diligence

• No internal inspection or internal viewings are available, and measurements are indicative.

• The property is Grade II listed; the scope and cost of any works and required consents are unknown.

• The longstanding tenant is paying £400 pcm, stated to be below market, but no reliable market-rent evidence is supplied.

• Tenure and tenancy terms require verification in the legal pack.

• Buyer premium, disbursements, legal costs and other purchaser charges are not quantified.

• Nearby sold prices vary materially and are not confirmed to be directly comparable in size, condition or specification.

• The £1,500 minimum administration charge applies at the £65,000 guide price and is not included in the yield-on-guide calculation.

Recommendation

Potentially suitable as a low-cost income investment only if the legal pack, tenancy, condition and listed-building position are acceptable. Do not rely on a market-rent uplift or refurbishment value without inspection and further evidence; set any bid only after allowing for the unknown buyer premium, disbursements and works.

Strategy Rating

Analysis Confidence

There is a current passing rent and several nearby completed sales, but there is no internal inspection, no market-rent evidence, no refurbishment estimate, incomplete fee information and tenure remains subject to the legal pack.