33 Buckingham Drive, Chapel St. Leonards, Skegness, PE24 5UN

Description

A wonderful opportunity to acquire this well proportioned and deceptively spacious detached bungalow, in need of a complete scheme of improvement works throughout following fire damage. The property offers significant scope to add value, and an excellent investment or development opportunity for the purchaser.

Accommodation

Breakfasting Room; Kitchen; Dining Room; Lounge; Bedroom 1; Bedroom 2; Bathroom. Gardens to front and rear.

Location

The property is situate on Buckingham Drive, Chapel – St – Leonards, a popular and well positioned area of this well regarded Lincolnshire coastal town. There are a wide range of facilities and amenities within easy reach, along with good access up the East coast and to the surrounding towns and villages.

Tenure / Property Information

Investment Analysis

Same-street detached freehold sales range from £166,000 to £265,000, with the two latest sales at £205,000 and £224,000. Because bedroom count, condition and specification are not supplied for the comparables, an indicative base GDV of £205,000 is used, with a broad evidence-based range of £166,000–£224,000. This is not a formal valuation and fire damage may materially affect the achievable resale value.

Investment Snapshot

Strategy Recommendation

Proceed only after reviewing the legal pack, inspecting the fire damage and obtaining a detailed refurbishment quotation. Treat as a refurbishment-led resale opportunity rather than underwriting it as BTL.

Works Required

Complete improvement scheme following fire damage, subject to inspection and survey. The evidence does not specify structural, services, finishes or compliance requirements, so no reliable works budget can be calculated.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

Potential BRRR opportunity based on the low guide range and same-street resale evidence, but refurbishment cost, completed condition, rent and finance costs are unknown. The indicative 75% refinance of the base GDV is £153,750, but cash-left-in cannot be calculated.

Buy-to-Let Analysis

BTL cannot be assessed reliably because no sufficiently specific rental evidence or auctioneer rent estimate is provided. The property is vacant and requires complete improvement works after fire damage.

Flip Analysis

A flip may be viable if acquisition remains near the lower guide range and the fire-damage refurbishment is controlled. However, works costs, resale costs and the appropriate GDV adjustment are unsupported, so projected surplus cannot be calculated.

Investor Risks & Due Diligence

• Fire damage may involve extensive or concealed structural and services issues.

• The complete refurbishment scope and cost are unknown.

• No reliable rental evidence is available for BTL underwriting.

• Comparable sales differ in unknown bedroom count, specification and condition.

• Additional legal-pack disbursements and other charges may be payable.

Recommendation

Proceed only after reviewing the legal pack, inspecting the fire damage and obtaining a detailed refurbishment quotation. Treat as a refurbishment-led resale opportunity rather than underwriting it as BTL.

Strategy Rating

Analysis Confidence

Same-street completed sales and auction fees are supplied, but there is no rental evidence, EPC, detailed fire-damage specification, refurbishment budget, legal-pack detail or directly matched bedroom comparables.