55 & 56 Lower High Street, Wednesbury

Description

A Freehold Town Centre property with potential for development for various uses subject to obtaining Planning Permission and any other necessary consents. The property comprises a prominent property fronting onto Lower High Street in Wednesbury town centre. The building is derelict and partly demolished and is considered to have development potential for various purposes. It previously had the benefit of planning permission for conversion/development to create apartments, in conjunction with other property not included in this sale, although this permission is now believed to have lapsed.

Location

The property is located in Wednesbury town centre, about 6 miles to the south east of Wolverhampton City Centre. West Bromwich and Walsall are about 3 miles away, Birmingham is about 8 miles away, and Junction 9 of the M6 Motorway is about 1 ½ miles away. The property is situated in the Wednesbury Town Centre Conservation Area.

Tenure / Property Information

Investment Analysis

The supplied evidence does not support a reliable current market value or GDV. Historic Land Registry sales include 56 Lower High Street at £105,000 in 2020 and sales involving 55/56 Lower High Street at £180,000 in 2017, but these are historic 'Other' transactions and are not evidenced as comparable to the current derelict, partly demolished property or to a consented scheme. The previous apartment permission is believed to have lapsed. No current planning consent, accommodation schedule, build-cost evidence or development valuation is supplied.

Investment Snapshot

Strategy Recommendation

Treat as a planning-led development opportunity only. Do not underwrite it as a BTL or flip until planning, conservation-area requirements, structural condition, development costs, legal-pack costs and end value have been independently established.

Works Required

Obtain planning and conservation-area advice, confirm the status of the lapsed apartment permission, undertake structural and condition surveys, and establish the scope and cost of making safe, rebuilding or redeveloping the derelict and partly demolished building. Any proposed use remains subject to planning permission and other necessary consents.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

A BRRR strategy cannot be reliably modelled because there is no evidenced GDV, planning consent, refurbishment or redevelopment budget, rent, or finance cost. The known acquisition guide is £75,000+ and the £2,700 administration charge is payable, but total project cost remains unknown. Refinance would depend on obtaining consent and completing a viable scheme.

Buy-to-Let Analysis

BTL underwriting is not possible. No sufficiently specific rental comparable, auctioneer rent estimate, accommodation schedule or consented residential use is supplied. The property is described as derelict and partly demolished, with its former apartment permission believed to have lapsed.

Flip Analysis

A flip appraisal cannot be established. Historic sales provide context only and do not evidence the value of the current derelict property or a completed scheme. No supported GDV, works budget, selling allowance or planning outcome is available.

Investor Risks & Due Diligence

• Building is derelict and partly demolished, with condition and remediation costs unknown.

• Previous permission for apartment conversion/development is believed to have lapsed.

• Any proposed use is subject to planning permission and other necessary consents.

• The property is within the Wednesbury Town Centre Conservation Area.

• No reliable current GDV, development appraisal, rent evidence or refurbishment budget is supplied.

• Additional costs may appear in the legal pack; stamp duty and government taxes are excluded from the stated administration fee.

• The stated £2,700 administration charge is payable on the fall of the gavel or at the end of the online auction.

Recommendation

Treat as a planning-led development opportunity only. Do not underwrite it as a BTL or flip until planning, conservation-area requirements, structural condition, development costs, legal-pack costs and end value have been independently established.

Strategy Rating

Analysis Confidence

The evidence confirms freehold town-centre land/development potential and a derelict, partly demolished building, but provides no current consent, scheme details, cost plan, rent, accommodation, GDV or sufficiently comparable current valuation evidence.