7 and 9 Wilson Street, Workington, Cumbria CA14 4AZ

Description

Town-centre multi-unit investment advertised by the auctioneer at a published gross yield of approximately 16.5%. Verify the tenancy schedule and actual passing rents in the legal pack.

Location

7 and 9 Wilson Street, Workington, Cumbria CA14 4AZ. The full postcode CA14 4AZ is used for mapping. Local investment evidence is drawn from the Workington market rather than a generic Cumbria average.

Investment Analysis

Investment Snapshot

Works Required

• Targeted kitchen/bathroom and services upgrades where required

• Decoration, flooring and joinery

• External/roof/damp repairs identified by survey

• Contingency for latent defects

HB working allowance: £15,000–£30,000. This is an appraisal allowance based on the auctioneer's condition description and property type, not a contractor quotation.

Rental & Market Context

HB's working market-rent range is £1,700–£2,100 pcm (£20,400–£25,200 p.a.). This reflects current/recent rental evidence for the Workington market and is adjusted for the subject property's size, condition and strategy. At the guide, the gross yield range is approximately 16.3%–20.2%; on the full purchase-and-works range it is approximately 12.0%–18.0%. Actual rent should be checked against a current local letting appraisal before exchange.

Sold within 5m radius

• 31 Moore Drive, Workington – 2-bed semi – sold 22 May 2026 – £150,000

• 1 Newlands Gardens, Workington – 2-bed terrace – sold 5 May 2026 – £82,000

• 73 Cumberland Street, Workington – terrace – sold 20 Mar 2026 – £150,000

These are local-market comparables rather than guaranteed like-for-like matches. Allowing for condition, size and micro-location, HB uses an indicative end-value range of £170,000–£220,000 for this lot where a GDV is applicable.

GDV Assessment

HB indicative GDV/end value is £170,000–£220,000. This range is informed by the auctioneer's property facts, the current condition and the verified Workington sold-market evidence above. It is an investment appraisal, not a RICS valuation; the lower end should be used for bid sensitivity.

Strategy Recommendation

Preferred strategy: Multi-Unit Income Hold. The working acquisition range is £125,000–£140,000. The main reason is the relationship between the guide, required works and the achievable exit/income evidence. Risk is rated medium because of the property-specific condition, tenure, planning or market factors noted above.

Potential BRRR Position

Using the mid-point purchase assumption of £132,500 and mid-point works of £22,500, the property stands at about £155,000 before SDLT, auction fees and finance. A 75% refinance against the £170,000–£220,000 GDV range gives approximately £127,500–£165,000. At the mid-point this leaves about £8,750 of purchase-and-works capital in the deal before transaction costs. HB BRRR assessment: Moderate.

Flip Analysis

Working scenario: purchase £132,500, works £22,500, plus approximately £14,500 as an illustrative allowance for acquisition, finance/holding and selling costs. Total working cost is therefore about £169,500 against a mid-point GDV of £195,000, producing an indicative pre-tax margin of about £25,500 (13.1% of GDV). This is marginal on the current assumptions and is highly sensitive to sale price and refurbishment overspend.

Investor Risks & Due Diligence

• Read the full legal pack, title and special conditions before bidding

• Confirm auction administration/buyer's fees and completion period

• Verify the scope and cost of works with a survey and contractor pricing

• Check planning/building-regulation status, access and services where relevant

• Confirm finance and insurance acceptability for the specific property type

• Re-check current rental and sold evidence immediately before setting a maximum bid

Maximum Bid Analysis

HB bidding sensitivity: guide £125,000+. The deal is strongest around £125,000–£125,000; above approximately £125,000 the margin/capital-recycling position begins to weaken on the conservative £170,000 GDV assumption. This is an investment-based bid indicator, not a valuation or bidding instruction.

Recommendation

Overall HB view: Multi-Unit Income Hold. At the working purchase range of £125,000–£140,000, the opportunity can be attractive if the property-specific risks are resolved and the works remain within £15,000–£30,000. Confidence is high; the principal sensitivity is end value and refurbishment cost.

Strategy Rating

Buy-to-Let: ★★★★☆ | BRRR: ★★★★☆ | Flip: ★★★☆☆

Research Sources

https://www.auctionhouse.co.uk/cumbria/auction/lot/151069 | https://www.rightmove.co.uk/house-prices/workington.html