37 High Street, Cleator Moor, Cumbria CA25 5LA

Description

Detached three-storey stripped shell with planning consent dated 5 June 2026 for conversion to four flats plus a single-storey rear extension (planning ref 4/26/2019/OF1).

Location

37 High Street, Cleator Moor, Cumbria CA25 5LA. The full postcode CA25 5LA is used for mapping. Local investment evidence is drawn from the Cleator Moor market rather than a generic Cumbria average.

Investment Analysis

Investment Snapshot

Works Required

• Professional surveys and design / planning work

• Site, structural or fit-out works specific to the intended use

• Services, compliance and access works

• Contingency for legal/planning/site-condition risks

HB working allowance: £180,000–£280,000. This is an appraisal allowance based on the auctioneer's condition description and property type, not a contractor quotation.

Rental & Market Context

HB's working market-rent range is £2,200–£3,000 pcm (£26,400–£36,000 p.a.). This reflects current/recent rental evidence for the Cleator Moor market and is adjusted for the subject property's size, condition and strategy. At the guide, the gross yield range is approximately 66.0%–90.0%; on the full purchase-and-works range it is approximately 7.9%–16.4%. Actual rent should be checked against a current local letting appraisal before exchange.

Sold within 5m radius

• 47 Threaplands, Cleator Moor – 2-bed terrace – sold 18 May 2026 – £165,000

These are local-market comparables rather than guaranteed like-for-like matches. Allowing for condition, size and micro-location, HB uses an indicative end-value range of £320,000–£420,000 for this lot where a GDV is applicable.

GDV Assessment

HB indicative GDV/end value is £320,000–£420,000. This range is informed by the auctioneer's property facts, the current condition and the verified Cleator Moor sold-market evidence above. It is an investment appraisal, not a RICS valuation; the lower end should be used for bid sensitivity.

Strategy Recommendation

Preferred strategy: Four-Flat Development. The working acquisition range is £40,000–£55,000. The main reason is the relationship between the guide, required works and the achievable exit/income evidence. Risk is rated high because of the property-specific condition, tenure, planning or market factors noted above.

Potential BRRR Position

Standard BRRR is not the appropriate metric. Development finance, build-cost drawdowns, planning conditions and completed-scheme valuation should be modelled separately.

Flip Analysis

Working scenario: purchase £47,500, works £230,000, plus approximately £11,200 as an illustrative allowance for acquisition, finance/holding and selling costs. Total working cost is therefore about £288,700 against a mid-point GDV of £370,000, producing an indicative pre-tax margin of about £81,300 (22.0% of GDV). This is viable on the current assumptions and is highly sensitive to sale price and refurbishment overspend.

Investor Risks & Due Diligence

• Read the full legal pack, title and special conditions before bidding

• Confirm auction administration/buyer's fees and completion period

• Verify the scope and cost of works with a survey and contractor pricing

• Check planning/building-regulation status, access and services where relevant

• Confirm finance and insurance acceptability for the specific property type

• Re-check current rental and sold evidence immediately before setting a maximum bid

Maximum Bid Analysis

HB bidding sensitivity: guide £40,000+. The deal is strongest around £40,000–£40,000; above approximately £40,000 the margin/capital-recycling position begins to weaken on the conservative £320,000 GDV assumption. This is an investment-based bid indicator, not a valuation or bidding instruction.

Recommendation

Overall HB view: Four-Flat Development. At the working purchase range of £40,000–£55,000, the opportunity can be attractive if the property-specific risks are resolved and the works remain within £180,000–£280,000. Confidence is medium; the principal sensitivity is end value and refurbishment cost.

Strategy Rating

Development: ★★★★☆ | Income: ★★☆☆☆ | Resale: ★★★☆☆

Research Sources

https://www.auctionhouse.co.uk/cumbria/auction/lot/151746 | https://www.rightmove.co.uk/house-prices/cleator-moor.html