34 & 38-54 (Even Nos.) Upper Orwell Street, Ipswich, Suffolk

Description

Freehold site with lapsed planning permission. The site area is approximately 540 sq m (5,813 sq ft). It was previously the subject of planning permission, granted 14th January 2022, for the erection of nine 3-bedroom town houses; the permission has now lapsed.

Accommodation

The lapsed scheme proposed nine 3-bedroom town houses with accommodation extending to approximately 821.1 sq m (8,838 sq ft).

Location

The property is situated on the west side of Upper Orwell Street, to the north of its junction with Orwell Place. Ipswich Town Centre is within walking distance to the west. Ipswich station is 0.9 miles to the south west. The A137 is within reach, providing access to the A14 at Junction 56. Alexandra Park, Christchurch Park and Holywells Park are within reach. Ipswich Hospital is 2.1 miles to the east.

Tenure / Property Information

Investment Analysis

The property is a vacant freehold development site of approximately 540 sq m with a lapsed planning permission for nine 3-bedroom town houses. The supplied Land Registry evidence records related Upper Orwell Street transactions at £420,000 for several individual entries and £81,500 for another, but the records are classified as “Other” and do not establish a reliable current value for this site or the proposed completed homes. No guide price, current planning position, construction cost, buyer costs or comparable 3-bedroom house sales are supplied. A GDV, market value and maximum bid therefore cannot be supported.

Strategy Recommendation

Treat as a planning-led development opportunity only. Obtain current planning advice, a detailed viability appraisal, construction cost plan and updated comparable evidence before bidding.

Works Required

Seek fresh planning advice and, if viable, submit a new planning application because the previous permission has lapsed. Any subsequent works would comprise construction of the proposed nine 3-bedroom town houses, subject to an updated design, specification, professional-cost plan and statutory approvals. No specific site defects or remediation requirements are evidenced.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

BRRR is not currently underwritable. The scheme has lapsed planning permission, no current GDV or supported 3-bedroom rent, and no acquisition, construction, finance or professional-cost data. Refinance proceeds and residual cash cannot therefore be calculated.

Buy-to-Let Analysis

A BTL assessment cannot be completed. The rental evidence consists of advertised asking rents for one- and two-bedroom properties, whereas the lapsed scheme proposed nine 3-bedroom town houses. There is no supported rent for the proposed units and no purchase or development cost.

Flip Analysis

A development flip cannot be quantified from the supplied evidence. The previous nine-house scheme provides a potential development concept but is no longer consented. The related £420,000 and £81,500 transactions are not sufficiently described to support completed-unit GDV or a site residual, and no selling allowance is supplied.

Investor Risks & Due Diligence

• The previous planning permission for nine 3-bedroom town houses has lapsed.

• A new planning application may not achieve the previous scheme, scale or design.

• No current GDV or completed-unit comparable evidence is supplied.

• No construction, professional, finance, tax or selling costs are supplied.

• Additional seller or third-party charges may apply under the auction special conditions.

• Rental evidence is limited to advertised asking rents for smaller properties and is not directly comparable to the proposed homes.

Recommendation

Treat as a planning-led development opportunity only. Obtain current planning advice, a detailed viability appraisal, construction cost plan and updated comparable evidence before bidding.

Strategy Rating

Analysis Confidence

Key inputs are missing, including guide price, current planning status, completed-house comparables, 3-bedroom rents, development costs, fees and finance assumptions. The supplied transactions are insufficiently described for valuation.