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

Description

A freehold, town centre investment property occupying a prime position which comprises 4 self-contained residential units plus a vacant former warehouse/office unit behind which is capable of further development subject to planning consent. All 4 units are let producing an immediate income of £20,616 per annum, a gross yield of 16.5% at the guide price. What3words location ///improving.assets.sober

Accommodation

Unit 7 - Ground Floor Studio: Vestibule; living room/bedroom 18'3 x 11'3; kitchen 6'9 x 4'3; shower room 7' x 4'6. Unit 7a - First and Second Floor Maisonette: first floor sitting room 13'6 x 11'3; kitchen 8'9 x 8'; second floor bedroom 11'3 x 7'6; bathroom 11'9 x 7'9. Unit 9 - Ground Floor Studio: Vestibule; living room/bedroom 14'9 x 13'6 plus recess; kitchen 10' x 4'; shower room 6'9 x 3'9 average. Unit 9a - First and Second Floor Maisonette: first floor sitting room 14'3 x 13'; kitchen 10'6 x 8'; bathroom 10'9 x 5'; second floor bedroom 1 12'9 x 7'3; bedroom 2 13' x 10'9. Vacant rear former warehouse/office unit.

Location

Town centre property in a prime position in Workington, Cumbria.

Tenure / Property Information

Investment Analysis

The guide price is £125,000+, with four occupied residential units producing stated passing income of £20,616 per annum. This implies a gross yield of 16.49% at the guide price. The supplied Wilson Street sales range from £35,000 to £169,950, but they are not sufficiently specific in size, configuration, condition or income to support a reliable GDV. The vacant former warehouse/office may have development potential subject to planning, but no value can be attributed to it from the evidence supplied.

Investment Snapshot

Strategy Recommendation

Prioritise income investment due to the four stated tenancies and strong guide-price gross yield. Proceed only after reviewing the legal pack, tenancy documentation, arrears and compliance position, and investigating the vacant unit's condition and planning potential. Do not underwrite development or refinancing uplift without further evidence.

Works Required

No specific defects or refurbishment requirements are evidenced. Allow for normal inspection-led maintenance only if identified, and investigate the vacant former warehouse/office, including condition, services, compliance and planning feasibility, before committing to any development works.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

A BRRR strategy cannot be reliably underwritten because no GDV, refurbishment budget, finance costs or external valuation evidence is supplied. The existing income may support refinancing subject to lender assessment, tenancy verification, condition, legal title and valuation. Development of the vacant former warehouse/office is expressly subject to planning consent and should not be assumed in the refinance value.

Buy-to-Let Analysis

The four residential units are stated to be let at £373, £489, £373 and £483 per month, totalling £1,718 pcm or £20,616 annually. At the £125,000 guide, this is a 16.49% gross yield before finance, management, maintenance, voids, compliance and other costs. No sufficiently specific external rental evidence is supplied, so market-rent upside cannot be established. The vacant former warehouse/office produces no stated income.

Flip Analysis

A flip appraisal is unsupported. The available sold comparables are nearby but vary materially in type and price, and there is no reliable GDV or refurbishment cost for this four-unit property with vacant former warehouse/office. The property is better evidenced as an income investment than as a resale project.

Investor Risks & Due Diligence

• The property is only partially let because the former warehouse/office unit is vacant.

• Development of the vacant unit is subject to planning consent and its value cannot be assumed.

• The supplied rents are passing rents, while no external rental comparables are available to confirm market level.

• Special Conditions of Sale may impose search fees, seller costs, legal fees, transfer fees and other charges in addition to the stated minimum £1,500 administration charge at the guide price.

• Condition, compliance, services, tenancy documentation, arrears and title matters require legal-pack and inspection verification.

• The comparable sales are not sufficiently specific to establish a reliable market value or GDV.

Recommendation

Prioritise income investment due to the four stated tenancies and strong guide-price gross yield. Proceed only after reviewing the legal pack, tenancy documentation, arrears and compliance position, and investigating the vacant unit's condition and planning potential. Do not underwrite development or refinancing uplift without further evidence.

Strategy Rating

Analysis Confidence

Passing rents, occupancy, tenure, guide price and one relevant street of sales evidence are supplied, but there is no specific GDV, condition survey, refurbishment budget, market-rent evidence, detailed legal-pack information or complete fee schedule.