40 Westmorland Avenue, Blackpool, Lancashire FY1 5PG

Description

Former supported living accommodation comprising five non-self-contained flats. Substantial two/three storey mid terraced property which appears to have been most recently used as supported living. The building would appear suitable for its existing use or conversion to flats, single house or HMO, subject to the required consents being obtained.

Accommodation

Ground floor: entrance hall, front communal lounge, office, store, W.C., kitchen and ensuite bedroom. First floor: two ensuite bedrooms to the front, plus lounge, bathroom and bedroom to rear. Second floor: en-suite bedroom. Externally there is a forecourt garden to the front and yard to the rear.

Tenure / Property Information

Investment Analysis

Current market value cannot be established from the supplied evidence. The four Land Registry sales relate to 26 Westmorland Avenue, not this property, and date from 2003 to 2008. They are therefore insufficient as current or directly comparable evidence. The single £475 pcm listing is for one flat and cannot be reliably applied to the whole building.

Investment Snapshot

Strategy Recommendation

Do not bid on the supplied evidence alone. Proceed only after legal, planning and building-condition due diligence establishes a compliant use, realistic works budget, current market value and whole-building income case.

Works Required

Obtain and review the legal pack, inspect the building, establish its current condition and confirm whether the existing supported-living use or any conversion to self-contained flats, a single house or HMO has the required planning and building-control consents. No works allowance is supportable from the evidence.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

BRRR cannot be underwritten because current value, post-works value, refurbishment cost, compliant use and whole-building rent are unsupported. Refinancing at 75% of GDV therefore cannot be calculated. Planning, building-control and operational requirements may materially affect the strategy.

Buy-to-Let Analysis

BTL returns cannot be established. The £475 pcm figure is an advertised asking rent for one flat, while the property comprises five non-self-contained flats; it is not evidence of whole-building passing or achievable rent. The £100,000 guide is also stated to be plus fees. The minimum buyer administration charge is £3,600 including VAT, before any other legal-pack or completion charges.

Flip Analysis

A flip surplus cannot be calculated. No current GDV, condition-based works budget or supported selling-cost allowance is available. The historic nearby sales are inadequate for a current resale assessment.

Investor Risks & Due Diligence

• The property comprises five non-self-contained flats and any conversion to flats, a single house or HMO is subject to required consents.

• The existing supported-living use and current compliance status are not confirmed.

• Building condition and refurbishment requirements are not provided.

• The only rental evidence is one advertised £475 pcm asking rent for a flat and does not establish whole-building income.

• Comparable sales are for a different property and are historic, dating from 2003 to 2008.

• The guide is plus fees; the buyer administration charge is a minimum £3,600 including VAT, with possible additional disbursements and special-condition charges.

Recommendation

Do not bid on the supplied evidence alone. Proceed only after legal, planning and building-condition due diligence establishes a compliant use, realistic works budget, current market value and whole-building income case.

Strategy Rating

Analysis Confidence

Evidence includes a guide price, basic accommodation description, one unrelated rental listing and historic sales of another property, but lacks current comparable sales, condition, EPC, planning status, whole-building rent and quantified works or resale evidence.