33 Tennant Place, Newcastle, Staffordshire, ST5 8QP

Description

A three-bedroom semi-detached house in a quiet cul-de-sac requiring a comprehensive programme of modernisation and refurbishment. The property occupies an elevated position, has a large rear garden and a single-storey rear extension.

Accommodation

Ground floor: entrance hall, lounge, dining room, rear hall, bathroom, WC and kitchen. First floor: landing and three bedrooms. Lounge: 13'4 x 11'10 (4.06m x 3.61m). Dining room: 8'4 x 7'8 (2.54m x 2.34m). Kitchen: 13'10 x 8'7 (4.22m x 2.62m). Bedroom 1: 13'1 x 10'6 (3.99m x 3.20m). Bedroom 2: 11'6 x 9'2 (3.51m x 2.79m). Bedroom 3: 8'4 x 6'6 (2.54m x 1.98m).

Location

Situated in the quiet cul-de-sac of Tennant Place, Porthill, Newcastle, Staffordshire. The property occupies an elevated position and has a large rear garden.

Tenure / Property Information

Investment Analysis

Same-street HM Land Registry comparables range from £104,000 to £159,950, with the latest supplied sale at 10 Tennant Place for £130,000 in October 2023. The property requires comprehensive modernisation, but no refurbishment budget or condition schedule is supplied. A cautious base GDV of £130,000 is used, with £104,000 low and £149,950 high scenarios reflecting the supplied comparable range. The £65,000 guide is materially below these sales, but the £3,600 stated buyer premium and admin charge are payable in addition, with other legal and disbursement costs unspecified.

Investment Snapshot

Strategy Recommendation

Proceed only subject to legal-pack review, survey and a fully priced refurbishment schedule. The guide appears attractive against supplied same-street sales, but the unknown comprehensive refurbishment cost makes an unconditional bid or fixed maximum bid unsupported.

Works Required

Comprehensive modernisation and refurbishment as described, likely covering the kitchen, bathroom, WC, decoration, flooring and general finishes. The evidence does not specify defects, systems condition or required structural works, so no reliable cost allowance can be calculated.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

At the £65,000 guide, the stated buyer premium and admin charge add £3,600 before other costs. A 75% refinance against the £130,000 base GDV would be £97,500, but the unknown refurbishment budget and other acquisition costs prevent calculation of total cost, equity requirement or cash left in. Refinancing is therefore only a theoretical scenario pending full surveying and costing.

Buy-to-Let Analysis

The supplied advertised asking rents indicate £924–£1,200 pcm for three-bedroom houses, but neither is a passing rent and one is from Cheadle rather than the subject locality. Using the lower £924 pcm figure gives annual rent of £11,088 and a 17.06% gross yield against the £65,000 guide only. A yield on total project cost cannot be established without refurbishment, legal and other costs.

Flip Analysis

The supplied evidence supports a broad resale value range of £104,000–£149,950, with £130,000 used as the base GDV. A flip surplus cannot be calculated because refurbishment costs, legal costs, selling costs and any seller-cost reimbursement are unknown.

Investor Risks & Due Diligence

• Comprehensive refurbishment is required, but its scope and cost are not quantified.

• Additional legal, search, seller-cost reimbursement, transfer and other disbursement charges may be payable.

• Rental figures are advertised asking rents rather than achieved or passing rents, and the higher figure is from a different locality.

• The broad comparable range spans sales from 2018 to 2023 and does not establish the subject property's post-refurbishment value with certainty.

• A single-storey rear extension and elevated position are described, but no structural, planning or building-regulation evidence is supplied.

• Finance, tax, selling costs and refinance terms are not supplied.

Recommendation

Proceed only subject to legal-pack review, survey and a fully priced refurbishment schedule. The guide appears attractive against supplied same-street sales, but the unknown comprehensive refurbishment cost makes an unconditional bid or fixed maximum bid unsupported.

Strategy Rating

Analysis Confidence

Same-street completed sales, property description, guide and stated auction charges are available, but there is no refurbishment cost evidence, detailed condition report, legal-pack cost schedule, confirmed rent or directly comparable post-refurbishment evidence.