43 King Street, Alfreton, Derbyshire

Description

Potential high yielding freehold investment comprising a ground floor lock-up sales shop, a two-bedroom flat arranged over three floors and a one-bedroom flat arranged over two storeys. The property is offered with immediate vacant possession.

Accommodation

Ground floor sales shop measuring 188 sq ft (17.46 sq m), with storeroom and WC. Flat 1 comprises entrance hall, lounge, kitchen, bedroom and shower room. Flat 2 comprises entrance hall, cellar, dining kitchen, lounge, two bedrooms, bathroom and over-stairs storage cupboard. Small rear courtyard providing pedestrian access to the flats.

Location

Situated on the A61 in a busy trading position in the heart of Alfreton, close to local amenities. Alfreton Train Station and the A38 are easily accessible, and M1 junction 28 is close by.

Tenure / Property Information

Investment Analysis

The £130,000+ guide is the only current pricing evidence supplied. The sold comparables are historic, classified as 'Other', and relate to nearby King Street properties rather than clearly comparable mixed-use assets, so they do not support a reliable GDV. At the guide, the stated 4.8% buyer premium would be £6,240, subject to the stated minimum. Condition, EPC, council tax, passing rents, lease details and special-condition costs are not supplied.

Investment Snapshot

Strategy Recommendation

Do not bid on the current evidence alone. Proceed only after inspection, legal review, confirmation of all auction fees, separate commercial and residential rental appraisals, and an independent mixed-use valuation.

Works Required

No specific repair or refurbishment works are evidenced. Inspect the shop, both flats, boilers, services, roof, structure, common areas and courtyard before budgeting any works.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

A BRRR assessment is not supportable because no evidence-based GDV, refurbishment allowance or reliable property rent is available. The 75% refinance figure cannot be calculated. Obtain separate rental assessments for the shop and each flat, inspect condition and confirm mortgageability of the mixed-use arrangement.

Buy-to-Let Analysis

The property is vacant and comprises a shop plus two flats, but the single £850 pcm advertised rental listing is not identified as applying to the whole property or to a particular unit. The auctioneer has provided no rent estimate. Rental income and yield therefore cannot be reliably established.

Flip Analysis

A flip appraisal is not supportable. The supplied comparables are historic and not clearly comparable, while refurbishment costs, resale allowance and a current GDV are unavailable. The stated buyer premium at the £130,000 guide would be £6,240 before any additional special-condition costs.

Investor Risks & Due Diligence

• Vacant mixed-use property with no verified passing income.

• The supplied £850 pcm asking rent is not clearly attributable to the whole property or any specific unit.

• No condition or refurbishment evidence is supplied, including for the two heating systems.

• No EPC or council-tax information is supplied.

• Buyer premium is payable at 4.8% of purchase price, with additional fees potentially listed in the Special Conditions of Sale.

• Historic nearby sales are classified as 'Other' and may not be comparable to this shop-and-flats property.

Recommendation

Do not bid on the current evidence alone. Proceed only after inspection, legal review, confirmation of all auction fees, separate commercial and residential rental appraisals, and an independent mixed-use valuation.

Strategy Rating

Analysis Confidence

The property description, tenure, vacancy and guide are supplied, but current valuation, condition, works, reliable rents, EPC, council tax, lease information and additional fees are missing.