34 and 36 Second Street, Horden, County Durham, SR8 4DU

Description

A substantial and unusual freehold investment/development opportunity comprising a two-bedroom terraced house, a large adjoining vacant site formerly occupied by a public house, together with a separate jitty/access, all included within one freehold title. The existing house requires comprehensive refurbishment and repair, while the adjoining site offers potential for redevelopment or additional accommodation subject to planning permissions and statutory consents.

Accommodation

The existing house extends to approximately 64 sq. metres, is arranged over two floors and comprises a living room and kitchen/dining area on the lower floor, with two bedrooms and a bathroom above.

Location

Situated within an established residential area of Horden, with local amenities and transport connections readily accessible. The wider area benefits from proximity to the Durham Heritage Coast.

Tenure / Property Information

Investment Analysis

The evidence supports a freehold two-bedroom terraced house of approximately 64 sq m together with a substantial adjoining vacant former public house site and separate jitty/access. The guide is £40,000–£60,000, with a known £3,600 administration charge and an unspecified buyer premium and other possible costs. No completed sales, specific rental comparables, GDV evidence or planning information has been supplied, so market value and development value cannot be reliably estimated.

Investment Snapshot

Strategy Recommendation

Treat as a planning-led refurbishment and development opportunity rather than a conventional BTL. Bid only after legal, title, access, condition and planning due diligence, with a full costed appraisal and confirmation of the buyer premium and other charges.

Works Required

Comprehensively refurbish and repair the existing two-bedroom house, subject to inspection and specification. Investigate the former pub site, jitty/access and title boundaries, and obtain planning permission and all required statutory consents before assuming any redevelopment or additional accommodation potential.

Rental & Market Context

Potential BRRR Position

A BRRR assessment is not currently supportable. Refurbishment costs, achievable rent, GDV, planning outcome, finance costs and the buyer premium are unknown. The known £3,600 administration charge and other possible acquisition costs would also need to be included in a complete appraisal.

Buy-to-Let Analysis

BTL viability cannot be established because no sufficiently specific rental comparable or auctioneer rent estimate is provided. The house is vacant and requires comprehensive refurbishment, while the adjoining former pub site adds complexity and cannot be assumed to generate rental income without further evidence and potentially planning consent.

Flip Analysis

A flip appraisal cannot be quantified because there are no completed sales, supported GDV, refurbishment budget or resale-cost allowance. The former pub site may offer development potential, but this is expressly subject to planning permissions and statutory consents and should not be valued speculatively.

Investor Risks & Due Diligence

• The existing house requires comprehensive refurbishment and repair, but no condition report or works budget is supplied.

• Redevelopment or additional accommodation on the former pub site is subject to planning permissions and statutory consents.

• No sufficiently specific rental evidence or auctioneer rent estimate is available.

• The buyer premium amount is unspecified and additional search, seller, legal, transfer and other disbursement costs may apply.

• The property comprises a house, former pub site and separate jitty/access within one freehold title, requiring careful legal and title due diligence.

• The EPC is recorded as ordered, with no result supplied.

Recommendation

Treat as a planning-led refurbishment and development opportunity rather than a conventional BTL. Bid only after legal, title, access, condition and planning due diligence, with a full costed appraisal and confirmation of the buyer premium and other charges.

Strategy Rating

Analysis Confidence

The description, tenure, guide range, occupancy and known administration charge are supplied, but there are no sales comparables, rent evidence, refurbishment costs, planning details, GDV evidence or quantified buyer premium and other costs.