4-6 Hardcastle Street, Oldham, Lancashire

Description

A two storey brick built workshop building with gross internal accommodation extending to approximately 219 Sq.M (2,361 Sq.Ft). Internally the property incorporates a reception, two private offices and a workshop with service pit. It links to a single storey workshop which has vehicular access via Bow Street. There is a small safe in the office area that is to be sold with the premises. Headrooms range from around 2.20m to around 2.85m. WC facilities are installed.

Accommodation

Ground Floor: 79.62 Sq.M (857 sq ft); Loading Bay to Rear: 60.11 Sq.M (647 Sq.Ft); First Floor: 79.62 Sq.M (857 Sq.Ft).

Location

Well situated in Oldham town centre, tucked away just off Yorkshire Street and accessed via Hardcastle Street. The single storey workshop has vehicular access via Bow Street.

Tenure / Property Information

Investment Analysis

The £150,000+ guide is the only current pricing evidence. The sole supplied comparable is a 2007 sale of 2 Hardcastle Street for £120,000 and is insufficient, without a current date-adjusted or size-specific basis, to establish market value or GDV. No sufficiently specific rental evidence, auctioneer rent estimate, EPC, rates or condition report is supplied.

Investment Snapshot

Strategy Recommendation

Do not bid on the present evidence alone. Obtain a current commercial valuation, rental appraisal, full legal pack and condition/building-services review; only proceed if the lease, access and workshop use are acceptable and the resulting margin supports the purchase price and unknown costs.

Works Required

No specific works are evidenced. Confirm condition, statutory compliance, workshop services, service-pit safety, access arrangements, headroom, WC facilities, utilities and any repairs before bidding. The safe is stated to be included.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

BRRR cannot be underwritten because no current GDV, rent, refurbishment budget or commercial refinance terms are evidenced. The 75% GDV refinance calculation is therefore unsupported. Confirm commercial lending availability, leasehold acceptability, valuation and income before considering this strategy.

Buy-to-Let Analysis

A conventional residential BTL analysis is not applicable to this commercial workshop. No passing rent or sufficiently specific rental evidence is supplied, so income yield and debt-service viability cannot be established. At the £150,000 guide, the stated 1.8% buyer premium is £2,700, giving a known guide-plus-premium cost of £152,700 before any other costs, ground rent or works.

Flip Analysis

A flip/resale surplus cannot be calculated. The 2007 £120,000 sale of 2 Hardcastle Street is too dated and insufficiently specified to support a current resale value, while works and selling costs are unknown. The building is described as a 2,361 sq ft commercial workshop with offices and rear vehicular access, but no current commercial valuation is provided.

Investor Risks & Due Diligence

• No current market valuation or reliable current comparable is supplied.

• No passing rent or sufficiently specific rental comparable is supplied.

• Condition, repair liabilities, services and compliance of the workshops and service pit are unknown.

• Long leasehold ownership may involve nominal ground rent and other lease obligations that require legal confirmation.

• Access via Hardcastle Street and vehicular access via Bow Street require legal and practical verification.

• Additional fees may be listed in the Special Conditions of Sale and are not quantified.

• Commercial finance, refinance availability and lending value are unconfirmed.

Recommendation

Do not bid on the present evidence alone. Obtain a current commercial valuation, rental appraisal, full legal pack and condition/building-services review; only proceed if the lease, access and workshop use are acceptable and the resulting margin supports the purchase price and unknown costs.

Strategy Rating

Analysis Confidence

The property description, lease term, guide and buyer premium are supplied, but there is no current valuation, rent, condition assessment, EPC, rates information, works budget, GDV or commercial finance evidence.