69 West Blackhall Street, Greenock, Renfrewshire

Description

Vacant heritable development opportunity comprising upper floors above the British Heart Foundation. Offers potential for 8 apartments (6 x 1-bedroom and 2 x 2-bedroom apartments), subject to all necessary consents. VAT is not applicable.

Accommodation

Total accommodation in excess of approximately 746 square metres (8,030 square feet). Street-level access from West Blackhall Street.

Location

Greenock is located 25 miles west of Glasgow City centre on the south side of the Firth of Clyde. The property is situated on the northern side of West Blackhall Street, between its junctions with Nicholson Street and Westburn Street. Nearby occupiers include Virgin Money, Barnardo's, Farmfoods, Ladbrokes, Bank of Scotland and Coral.

Tenure / Property Information

Investment Analysis

Guide price is £50,000+, but no completed sales, formal valuation, GDV evidence or development appraisal is supplied. The property comprises vacant upper floors of over approximately 746 sq m above the British Heart Foundation, with potential for 8 apartments subject to all necessary consents. The supplied rental evidence is one advertised asking rent of £625 pcm and is insufficient to establish rents for the proposed scheme. No supported maximum bid can be calculated.

Investment Snapshot

Strategy Recommendation

Treat as a consent-led development opportunity only. Obtain planning/building-control advice, measured feasibility, conversion quotations and evidence of end values or rents before bidding; do not rely on the guide price alone.

Works Required

Investigate and obtain all necessary consents for conversion to the proposed 6 one-bedroom and 2 two-bedroom apartments. Carry out the conversion and associated works required by the approved scheme, but the evidence does not specify condition, layout, services, fire compliance, accessibility, heating or finish requirements, so costs cannot be estimated reliably.

Rental & Market Context

Potential BRRR Position

BRRR cannot be underwritten from the supplied evidence because the post-conversion GDV, refurbishment/conversion cost, achievable rents and refinance value are unknown. The £50,000+ guide is not sufficient to establish project viability, particularly as the proposed apartments remain subject to necessary consents.

Buy-to-Let Analysis

A BTL appraisal cannot be established. The only rental evidence is an advertised asking rent of £625 pcm for one property on West Blackhall Street; it is not an achieved rent and does not evidence rents for the proposed eight-apartment scheme. Conversion consent, works costs, operating costs and apartment-specific rents are all unsupported.

Flip Analysis

A flip/development resale surplus cannot be calculated because no GDV, conversion budget, professional costs, finance costs or selling allowance is supplied. The proposal for eight apartments is subject to consent, making the end value and saleability uncertain on the available evidence.

Investor Risks & Due Diligence

• The proposed conversion to eight apartments is subject to all necessary consents.

• Conversion and refurbishment costs are wholly unsupported by the supplied evidence.

• No completed sales or formal valuation evidence is supplied for the proposed apartments.

• The only rental evidence is a single advertised asking rent and is not an achieved rent or scheme-specific appraisal.

• Additional seller or third-party charges may apply, but no amounts are supplied.

• No EPC, council tax, parking or heating information is supplied.

Recommendation

Treat as a consent-led development opportunity only. Obtain planning/building-control advice, measured feasibility, conversion quotations and evidence of end values or rents before bidding; do not rely on the guide price alone.

Strategy Rating

Analysis Confidence

The evidence confirms the vacant commercial upper-floor area, guide price and indicative apartment mix, but provides no sales comparables, GDV, conversion costs, consents, detailed condition, fees or reliable scheme-specific rental evidence.