72-78 Rosemary Road, Clacton-on-Sea, Essex

Description

The property comprises a freehold former department store with approved planning consent for a mixed use development. Arranged across ground and first floors, the property comprises a total 19,539 sq ft (1,815.23 sq m) with eight car parking spaces to the Hayes Road frontage. The property benefits from two separate planning consents for the conversion of the existing building to provide 7 x retail units and 10 x one bedroom flats: 26/00011/FUL - Subdivision of the ground floor to provide seven individual retail units; 26/00004/COUNOT - Change of use of the first floor to provide 10 x one bedroom flats. In addition to the approved planning consents, there may be opportunity for alternative schemes, including the increase of massing on site via an additional floor, subject to obtaining the requisite consents.

Accommodation

19,539 sq ft (1,815.23 sq m) across ground and first floors; approved planning consent for 7 retail units and 10 one-bedroom flats.

Location

The property occupies a prominent corner pitch with frontages to Ahyes Road, Rosemary Road and The Grove. The surrounding area comprises mixed retail/residential uses, with the property sitting at the end of the prime retail pitch of Pier Avenue.

Tenure / Property Information

Investment Analysis

The £500,000 guide is materially below the supplied £755,000 completed sale of the same property in September 2018, but that historic transaction is not a current valuation and does not establish the value of the approved mixed-use scheme. The property provides 19,539 sq ft and consent is stated for seven retail units and ten one-bedroom flats, but no construction budget, completed-scheme GDV, sales evidence or sufficiently specific rental evidence is supplied. The guide excludes the auctioneer buyer fee and potentially VAT; the property is understood to be elected for VAT. A reliable maximum bid cannot therefore be calculated.

Investment Snapshot

Strategy Recommendation

Treat as a development appraisal opportunity only. Do not commit at the £500,000 guide without independently verifying the planning consents, VAT treatment, all buyer and seller charges, construction budget, completed mixed-use GDV and achievable residential and retail rents.

Works Required

Implement the approved scheme: subdivide the ground floor into seven individual retail units and convert the first floor into ten one-bedroom flats. The evidence does not specify the required construction, services, fire-safety, accessibility, fit-out or external works, so no works allowance is estimated.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

BRRR cannot be underwritten from the evidence. The proposed residential and retail conversion may create a refinanceable mixed-use asset, but GDV, build costs, professional costs, finance costs, completed rents, lender criteria and VAT exposure are unknown. The eight parking spaces and approved consents are stated, while any additional-floor opportunity remains subject to further consent.

Buy-to-Let Analysis

A BTL assessment cannot be established because no sufficiently specific rental comparables or auctioneer rent estimate are supplied. The consented scheme includes ten one-bedroom flats, but likely rents, operating costs, finance costs, letting costs and voids are unknown. The retail element also prevents treating the property as a straightforward residential BTL.

Flip Analysis

A flip or development resale analysis cannot be quantified. The only supplied comparable is the same property at £755,000 in 2018, which is historic and does not evidence the value of the consented completed scheme. No refurbishment/development budget, selling allowance, current comparable sales or completed values are provided.

Investor Risks & Due Diligence

• No sufficiently specific rental evidence or auctioneer rent estimate is supplied.

• No refurbishment or development cost estimate is supplied, preventing a total-cost or profit calculation.

• The guide excludes the auctioneer buyer fee and VAT may apply; seller charges are subject to the Special Conditions of Sale.

• The approved consents should be independently verified, including their scope and implementation requirements.

• Any additional floor or alternative scheme is only an opportunity subject to obtaining further consents.

• The property is vacant and the proposed scheme combines residential and retail uses, creating mixed-use delivery and exit risk.

Recommendation

Treat as a development appraisal opportunity only. Do not commit at the £500,000 guide without independently verifying the planning consents, VAT treatment, all buyer and seller charges, construction budget, completed mixed-use GDV and achievable residential and retail rents.

Strategy Rating

Analysis Confidence

The evidence confirms the building size, tenure, vacancy, approved uses, guide price and one historic same-property sale, but omits current GDV evidence, development costs, rental evidence, fees and key technical cost information.