6 Chapel Street, Thirsk, North Yorkshire

Description

Most recently occupied as office accommodation. GIA approximately 246 sq m (2,648 sq ft). A positive Pre-App response has been received from the Council in respect of Change of Use to Residential. The schemes referenced within the Pre-App submission were for conversion either into a 4/5 bedroom house, or into two 3 bedroom self-contained flats. Includes an area of outside space and four parking spaces. VAT is not applicable to this lot.

Accommodation

GIA approximately 246 sq m (2,648 sq ft). The schemes referenced within the Pre-App submission were for conversion either into a 4/5 bedroom house, or into two 3 bedroom self-contained flats.

Location

Situated on the south side of Chapel Street, to the east of its junction with Castlegate. Close to Thirsk town centre and its rail station, with the Yorkshire Dales and the North York Moors within easy reach. Thirsk rail station is approximately 1.2 miles to the west. The A19, A168 and A1(M) are easily accessible.

Tenure / Property Information

Investment Analysis

The property is a vacant freehold mid-terrace Use Class E building of approximately 2,648 sq ft, formerly used as offices, with four parking spaces and outside space. A positive Pre-App response supports investigation of conversion to either a 4/5-bedroom house or two 3-bedroom flats, but this is not planning consent. Sold evidence on Chapel Street ranges from £100,000 to £210,000 between 2018 and 2021, but the comparables are not sufficiently detailed or current to establish a reliable value for this substantially sized former office building. The £180,000 guide is within the historic comparable range, but no supported GDV or maximum bid can be calculated.

Investment Snapshot

Strategy Recommendation

Proceed only after reviewing the auction pack, title plan and Pre-App details, obtaining planning and building-cost advice, and commissioning current residential and commercial valuations. Do not bid on a conversion assumption alone.

Works Required

Investigate and, if approved, convert the former office accommodation into either a 4/5-bedroom house or two 3-bedroom self-contained flats, including the associated internal alterations and services required by the approved scheme. The evidence does not quantify the works, specification or condition, so no refurbishment allowance is estimated.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

A BRRR strategy cannot be underwritten from the supplied evidence. The positive Pre-App response is encouraging, but planning consent, conversion costs, completed residential value, rental income and refinance terms are all unsupported.

Buy-to-Let Analysis

BTL cannot be assessed reliably because no sufficiently specific rental comparables or auctioneer rent estimate are provided. The proposed residential layouts and achievable rents remain unverified, and conversion costs are unknown.

Flip Analysis

A flip appraisal cannot be calculated because there is no supported post-conversion GDV, refurbishment budget or selling-cost allowance. The historic Chapel Street sales provide context only and are not sufficiently comparable for a reliable resale valuation.

Investor Risks & Due Diligence

• The positive Pre-App response is not planning permission and does not guarantee approval for either proposed residential scheme.

• Conversion costs, building condition and required specification are not provided.

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

• The title limitation concerning the blue-plan area and ground-floor passageway requires review of the auction pack.

• Additional seller or third-party charges may apply and buyer/admin fees are not supplied.

• Historic sold comparables may not be directly comparable to this 2,648 sq ft former office building or reflect current market values.

Recommendation

Proceed only after reviewing the auction pack, title plan and Pre-App details, obtaining planning and building-cost advice, and commissioning current residential and commercial valuations. Do not bid on a conversion assumption alone.

Strategy Rating

Analysis Confidence

The property description, tenure, size, parking and historic local sales are supplied, but current comparable evidence, planning consent, condition, works costs, residential rents, fees and post-conversion value are not.