63 Cheyney Road, Chester, Cheshire CH1 4BS

Description

A three storey terraced house located in the heart of Chester's student rental centre. Currently configured as 2 x 2 bedroom flats. Both units are tenanted, generating a modest £13,200 per annum. However, the ground floor tenants have given notice to leave in November, which provides the new owner with an opportunity to make any improvements they see fit. The flats have their own gas and electric supply, central heating boilers and double glazing. Access to the second floor accommodation has been blocked off, on the first floor landing area, and comprises of a large room, ripe for development. Planning was approved for a dropped kerb, to the front, and this now provides off street parking for the occupants. There is a small yard to the rear. The first floor flat also has an external staircase, as a means of a fire escape. Many of the neighbouring properties are licensed HMOs, and this could be a viable option, subject to the necessary permissions.

Accommodation

Ground Floor: Communal Hall. Flat 1 - Lounge, Hall, Kitchen, Dining Area, Two Bedrooms and Bathroom. First Floor: Flat 2 - Landing, Lounge, Kitchen, Two Bedrooms and Bathroom. Second Floor: Room.

Location

Located in the heart of Chester's student rental centre. Many neighbouring properties are licensed HMOs.

Tenure / Property Information

Investment Analysis

The five supplied completed sales on Cheyney Road range from £210,000 to £325,000, with the central cluster at £210,000–£230,000 and two higher sales at £300,000–£325,000. A base GDV of £230,000 is used as a cautious indication for this four-bedroom terraced property, but the comparables are not confirmed to have the same two-flat configuration, condition or development potential. The supported GDV range is therefore broad at £210,000–£325,000.

Investment Snapshot

Strategy Recommendation

Treat as an income-led investment subject to legal and planning due diligence. Verify tenure, leases, tenant notice position, lawful two-flat use and the feasibility of the second-floor development before bidding; do not rely on HMO or development uplift without permission and cost evidence.

Works Required

No priced works can be supported from the evidence. The ground-floor flat may be available after the tenants leave in November, providing an opportunity to improve or reconfigure it. The blocked-off second-floor room is described as ripe for development, but any works, compliance requirements and permissions are unconfirmed. HMO use would require the necessary permissions.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

At the £230,000 base GDV, 75% loan-to-value refinancing would indicate £172,500 of gross refinance proceeds. The cash left in cannot be calculated because refurbishment costs, total acquisition costs, finance costs and any additional auction fees are not supplied. The strategy depends on proving the value and lawful usability of the second-floor room or any future HMO configuration.

Buy-to-Let Analysis

The stated rent is £13,200 per annum, equivalent to £1,100 pcm, producing a gross yield of approximately 9.43% against the £140,000 guide price before buyer premium, finance, maintenance, management, voids and other costs. This is based on the current stated income rather than independent rental evidence. The ground-floor tenants have given notice to leave in November, so income continuity is a material consideration.

Flip Analysis

A resale appraisal cannot be completed reliably because refurbishment costs, selling costs and the exact comparable configuration are unknown. The supplied sales indicate a broad local value range of £210,000–£325,000, but they do not establish a supported flip surplus for this property.

Investor Risks & Due Diligence

• Ground-floor tenants have given notice to leave in November, creating potential vacancy and reletting risk.

• The second-floor accommodation is blocked off and its development potential, lawful use and required permissions are unconfirmed.

• Any HMO conversion or licensing position is unconfirmed despite neighbouring licensed HMOs.

• The supplied comparable sales vary materially from £210,000 to £325,000 and are not confirmed to match this property's configuration or condition.

• Tenure and lease information for the property and flats are not supplied.

• Buyer premium applies and additional fees may be listed in the Special Conditions of Sale.

• The stated rent is not supported by sufficiently specific independent rental comparables.

Recommendation

Treat as an income-led investment subject to legal and planning due diligence. Verify tenure, leases, tenant notice position, lawful two-flat use and the feasibility of the second-floor development before bidding; do not rely on HMO or development uplift without permission and cost evidence.

Strategy Rating

Analysis Confidence

Completed local sales and current stated rent are available, but there are no specific rental comparables, no condition or refurbishment budget, no tenure or lease information, no confirmed planning position for the proposed development or HMO use, and potentially additional auction fees.