46 Murray Street, Hartlepool, Durham

Description

Ground floor vacant commercial, and potential 4 bed HMO flat to the first and second floors, subject to necessary consents. We are advised that the property was refurbished in October 2026. The work included roof and damp repairs, new windows, a new residential front door, new carpets and herringbone pattern flooring. The shop and flat have separate gas and electricity meters.

Accommodation

Ground floor: commercial unit with kitchenette and W.C.s. First floor: 2 bedrooms, kitchen, bathroom. Second floor: 2 bedrooms, bathroom, separate W.C.

Location

Murray Street is a busy local parade, about a 6-minute walk from Middleton Grange Shopping Centre and 0.6 miles from Hartlepool station with direct trains to Newcastle and London King’s Cross. The town is undergoing major regeneration led by the Hartlepool Development Corporation.

Tenure / Property Information

Investment Analysis

The £110,000 guide is materially above the same-property completed sale at £47,000 in July 2025 and £54,500 in February 2021. The property is advised to have been refurbished in October 2026, but no refurbishment cost, independent valuation or evidence of completed HMO consent is supplied. The commercial unit and upper-floor accommodation are vacant. The auctioneer's £21,000 annual rent estimate implies attractive headline income, but it is an estimate rather than passing or achieved rent, and no specific external rental comparables were identified. A reliable GDV or maximum bid cannot therefore be established from the supplied evidence.

Investment Snapshot

Strategy Recommendation

Do not bid on headline yield alone. Proceed only after verifying the October 2026 refurbishment, legal title and special conditions, HMO and commercial-use consents, achievable rents, compliance requirements and a current independent valuation. Without that evidence, the £110,000 guide is not sufficiently supported.

Works Required

No further works are evidenced: the property is advised to have undergone roof and damp repairs, window replacement, installation of a residential front door, and new carpets and herringbone flooring in October 2026. Verify the claimed refurbishment, services, condition and any remaining works before bidding.

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, refinance valuation, finance terms or refurbishment budget is supplied. The stated 75% GDV refinance and cash-left-in calculations cannot be completed. The potential HMO configuration may require necessary consents, and the commercial element creates additional use and valuation uncertainty.

Buy-to-Let Analysis

Using the auctioneer's estimated £21,000 annual gross rent, the headline yield is 19.09% against the £110,000 guide and 18.69% against the guide plus the stated £2,340 buyer fee. This is not a passing-rent analysis: the commercial unit and upper floors are vacant, the rent is only an estimate, bills are included for the HMO rooms, and operating costs, voids, compliance costs and any additional special-condition fees are unknown. The HMO use remains subject to necessary consents.

Flip Analysis

A reliable flip surplus cannot be calculated. The latest same-property completed sale supplied is £47,000 in July 2025, while the current guide is £110,000. No independent post-refurbishment GDV, selling allowance, refurbishment cost or full acquisition-cost schedule is provided. The £2,340 buyer fee is included in the base cost calculation, but additional special-condition fees remain unknown.

Investor Risks & Due Diligence

• Potential four-bedroom HMO use is subject to necessary consents.

• Both the commercial unit and upper-floor accommodation are vacant, so the £21,000 annual rent is not passing rent.

• The auctioneer rent estimate is not supported by sufficiently specific external rental comparables and includes bills for the HMO rooms.

• The guide is materially above the supplied same-property completed sale at £47,000 in July 2025.

• Refurbishment is advised rather than independently evidenced, and its cost and remaining defects are unknown.

• Additional fees may be stated in the Special Conditions of Sale and are not included in the calculation.

• No EPC, council tax, heating, parking or tenure information is supplied.

Recommendation

Do not bid on headline yield alone. Proceed only after verifying the October 2026 refurbishment, legal title and special conditions, HMO and commercial-use consents, achievable rents, compliance requirements and a current independent valuation. Without that evidence, the £110,000 guide is not sufficiently supported.

Strategy Rating

Analysis Confidence

The description, auctioneer rent estimate, buyer fee and several completed sales are supplied, but there is no independent GDV, specific rental comparable, refurbishment cost, EPC, tenure detail, consent evidence, passing rent or complete fee schedule.