47 & 49 Raymond Road, Redruth, Cornwall, TR15 2HF

Description

A Vacant Three Bedroom End of Terrace House Situated on a Large Plot of Land Measuring Approximately 5,197 sq ft. Offered With Planning Permission for the Erection of a Three Bedroom End of Terrace Dwelling. The property comprises a three bedroom end of terrace house arranged over ground and first floors. The property requires a program of refurbishment and repairs.

Accommodation

Ground Floor: Two Reception Rooms, Kitchen. First Floor: Three Bedrooms, Bathroom, WC. Exterior: Rear access, off street parking, large side and rear gardens.

Location

The property is situated on a residential road close to local shops and amenities. The open spaces of Victoria Park are within easy reach. Transport links are provided by Redruth rail station.

Tenure / Property Information

Investment Analysis

Completed sales on Raymond Road range from £113,000 to £237,500. The £113,000 sale at 49 Raymond Road is directly relevant but may reflect the property's condition at that time; £150,000 at 55 Raymond Road and £195,000 at 60 Raymond Road provide additional local evidence. A scenario range of £150,000–£237,500 is used, with a £195,000 base GDV. This excludes any unquantified uplift from the planning permission because no consent details, build costs or comparable new-build evidence are supplied.

Investment Snapshot

Strategy Recommendation

Proceed only after reviewing the legal pack, confirming the planning permission and obtaining refurbishment and development-cost quotations. Do not rely on the guide or planning consent alone to set a bid.

Works Required

Refurbishment and repairs as described by the auction particulars. The supplied evidence does not identify the individual defects, required specifications or cost of constructing the additional permitted dwelling, so no detailed scope or cost allowance is assumed.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

A BRRR assessment cannot be completed reliably because refurbishment costs, buyer premium, legal/disbursement costs and any construction cost for the permitted dwelling are not supplied. On the £195,000 base GDV, 75% refinancing is £146,250, but the cash required and refinance surplus cannot be calculated.

Buy-to-Let Analysis

The advertised three-bedroom rental evidence is £1,200–£1,550 pcm; using the lower £1,200 pcm figure gives £14,400 annual rent. Against the £160,000 midpoint of the guide range, this is a gross yield of 9.00% before refurbishment, finance, vacancy, management and other costs. The rents are asking rents rather than achieved rents, and the property requires refurbishment, so net return cannot be established.

Flip Analysis

The £195,000 base GDV is supported by local completed sales, with £150,000 and £237,500 used as evidence-based low and high scenarios. A flip surplus cannot be calculated because refurbishment, development, acquisition and selling costs are unknown. The planning permission may affect value, but its financial impact is unquantified.

Investor Risks & Due Diligence

• The property requires refurbishment and repairs, but no detailed condition report or cost estimate is supplied.

• The planning permission for the additional dwelling is not detailed, so scope, conditions, viability and value uplift are unconfirmed.

• The buyer premium and several possible legal, search, transfer and seller-cost reimbursements are unspecified.

• Rental figures are advertised asking rents and may not be achieved.

• Local completed-sale evidence varies materially from £113,000 to £237,500.

• The property is vacant, so there is no passing rental income.

Recommendation

Proceed only after reviewing the legal pack, confirming the planning permission and obtaining refurbishment and development-cost quotations. Do not rely on the guide or planning consent alone to set a bid.

Strategy Rating

Analysis Confidence

There is useful local sold-price and rental evidence, but the refurbishment scope, planning details, development costs, buyer premium and other acquisition costs are unavailable.