618 Oldham Road, Failsworth, Greater Manchester

Description

Mixed Use Property – In Need of Renovation. Auction House North West have not inspected the property but have been advised that this is an end terrace property set back from the neighbouring properties, consisting of two ground floor retail units with residential accommodation above. It is believed that works have started to carry out the conversion, but the extent is uncertain.

Accommodation

Two ground floor retail units with residential accommodation above. Approved planning permission provides for change of use of the first and second floors from office to residential comprising two apartments.

Tenure / Property Information

Investment Analysis

No completed-sale comparables, specific rental evidence or formal valuation evidence was supplied. The property is described as two ground-floor retail units with residential accommodation above, with approved planning permission for two apartments, but the conversion status and condition are uncertain. GDV cannot be supported from the evidence.

Investment Snapshot

Strategy Recommendation

Do not bid on the supplied evidence alone. Obtain a full legal-pack review, inspection, planning/building-regulations confirmation, occupational details and independent GDV, rental and refurbishment-cost assessments before considering the property.

Works Required

Inspect and scope the existing works before bidding. The supported potential scope is completion of the approved conversion of the first and second floors into two apartments, together with any necessary retail-unit, structural, services, fire-safety, building-regulations and external works identified by inspection. The extent and cost are currently unknown.

Rental & Market Context

Potential BRRR Position

A BRRR assessment is not supportable without an inspection-based refurbishment budget, evidence of completed or achievable residential conversion, market value/GDV and rental evidence. Refinance proceeds and cash left in therefore cannot be calculated.

Buy-to-Let Analysis

BTL returns cannot be established because no sufficiently specific rent evidence, passing rent or occupancy terms were supplied. The property is occupied and sold without possession, so possession and any occupational liabilities require legal-pack review.

Flip Analysis

A flip assessment is not supportable because there are no completed-sale comparables, GDV evidence, refurbishment costs or supported selling costs. The uncertain conversion status and occupied, sold-without-possession basis materially prevent a reliable resale appraisal.

Investor Risks & Due Diligence

• Auction House North West has not inspected the property.

• The extent and quality of existing conversion works are uncertain.

• The property is occupied with terms unknown and is sold without possession.

• Approved planning permission is stated, but the evidence does not confirm implementation, building-regulations compliance or completion status.

• No rental evidence, completed-sale comparables or reliable refurbishment-cost information was supplied.

• Additional search, seller, legal, transfer and disbursement costs may apply.

• The 2.75% administration charge is subject to a minimum of £3,600 including VAT; at the £91,000 guide, the minimum applies.

Recommendation

Do not bid on the supplied evidence alone. Obtain a full legal-pack review, inspection, planning/building-regulations confirmation, occupational details and independent GDV, rental and refurbishment-cost assessments before considering the property.

Strategy Rating

Analysis Confidence

The evidence confirms the broad mixed-use accommodation, freehold tenure, approved planning description and guide price, but provides no inspection, comparables, rents, GDV, refurbishment budget, lease details or possession certainty.