41 Pilgrim Street, Workington, Cumbria

Description

Vacant freehold end of terrace house. Ground floor comprises reception room, kitchen and bedroom. First floor comprises bedroom with ensuite shower room, two bedrooms and bathroom. Rear yard. GIA approximately 83 sq m (893 sq ft), source: EPC. An eight week completion period applies to this lot.

Accommodation

Ground Floor - Reception Room, Kitchen, Bedroom. First Floor - Bedroom with ensuite Shower Room, Two Bedrooms, Bathroom. Rear Yard.

Location

The property is situated on the east side of Pilgrim Street. The shops and amenities of Workington are available to the north. Workington station is approximately 1.2 miles to the north. The A66 is easily accessible. Vulcan Park is nearby.

Tenure / Property Information

Investment Analysis

The only supplied completed-sale evidence is for 1 Pilgrim Street: £75,000 in March 2021, £85,000 in November 2010 and £57,500 in May 2005. These are nearby same-street terraced sales but not the subject address, and no size, condition or bedroom comparison is supplied. A cautious evidence-based base GDV estimate is £75,000, with a £70,000–£85,000 scenario range. This is indicative only and not a formal valuation.

Investment Snapshot

Strategy Recommendation

Do not set a firm bid or strategy until inspection, refurbishment costing and local rental evidence are obtained. Proceed only if the discount to a verified valuation adequately covers unknown costs and fees.

Works Required

No specific defects or required works are evidenced. A full inspection is required before budgeting; only works identified by that inspection should be allowed for.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

At a £75,000 indicative base GDV, 75% refinance is approximately £56,250. Total project cost cannot be calculated because condition, works and applicable fees are unknown, so cash left in and viability remain unconfirmed.

Buy-to-Let Analysis

BTL assessment cannot be quantified because no sufficiently specific rental evidence, auctioneer rent estimate, refurbishment allowance or buyer/admin fee is supplied. The property is vacant, so no passing rent is evidenced.

Flip Analysis

A resale surplus cannot be calculated because refurbishment costs, acquisition fees and selling costs are not supplied. The £75,000 base GDV is supported only by non-subject same-street sales, including one from 2021, with no condition adjustment possible.

Investor Risks & Due Diligence

• Condition and refurbishment requirements are not evidenced.

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

• Buyer premium and admin charge are not supplied; additional seller or third-party charges may apply.

• Comparable sales relate to a different property number and different transaction dates, limiting valuation precision.

• The lot has an eight-week completion period, creating a short completion deadline.

Recommendation

Do not set a firm bid or strategy until inspection, refurbishment costing and local rental evidence are obtained. Proceed only if the discount to a verified valuation adequately covers unknown costs and fees.

Strategy Rating

Analysis Confidence

The property description, tenure, size, vacancy and three completed same-street sales are supplied, but condition, rent, fees, buyer costs, parking, heating and directly comparable subject-property evidence are incomplete.