79 English Street, Carlisle, Cumbria CA3 8LU

Description

A substantial Town Centre mid terrace property extending to a net internal area of approximately 573 Sq.M / 6,150 Sq.Ft. Internally, the accommodation is arranged over three storeys plus basement and comprises a former bar / nightclub venue on the ground floor with ancillary accommodation and stores on the upper floors. The property benefits from two access points meaning the upper floors could be separated and potentially converted into residential accommodation, subject to necessary consents.

Accommodation

Ground Floor: 306 Sq.M (3,300 Sq.Ft), comprising Bar / Nightclub, Kitchen and W.C. Basement / Cellar: 99 Sq.M (1,069 Sq.Ft), comprising Store. First Floor: 115 Sq.M (1,235 Sq.Ft), comprising Stores, Offices and W.C. Second Floor: 47 Sq.M (505 Sq.Ft), comprising Stores.

Location

The property fronts directly onto English Street in Carlisle Town Centre close to its junction with Devonshire Street. Neighbouring occupiers include high street banks, national retailers, independent bars and cafes.

Tenure / Property Information

Investment Analysis

The £195,000+ guide is below the £384,000 completed sale at 81–85 English Street in December 2022 and above the £160,000 completed sale at 75 English Street in June 2020. However, the comparables differ in size, configuration, condition and transaction date, so they do not support a reliable current GDV or valuation range. The known buyer premium at the guide would be £3,510 including VAT; VAT on completion and any special-condition costs remain unspecified.

Investment Snapshot

Strategy Recommendation

Do not bid on the supplied evidence alone. Obtain a condition survey, planning/use advice, measured conversion appraisal, commercial or residential rental evidence, VAT clarification and the full special conditions before considering the property.

Works Required

The property is described as a former bar/nightclub with ancillary stores and offices. Any reconfiguration or conversion of the upper floors into residential accommodation would require the necessary consents. No condition report, specification or refurbishment budget is supplied, so no works allowance can be estimated.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

A BRRR analysis cannot be supported because there is no reliable post-works GDV, refurbishment budget, rent evidence or finance-cost information. The upper floors may have separation potential due to the two access points, but conversion remains subject to necessary consents.

Buy-to-Let Analysis

No sufficiently specific rental evidence or auctioneer rent estimate is provided. Rent, operating costs and commercial investment yield therefore cannot be established. The property is vacant and any residential conversion is only potential and subject to consents.

Flip Analysis

A flip appraisal cannot be completed reliably. The two nearby completed sales provide context but are not sufficiently comparable to establish a resale GDV, while no condition or works cost evidence is supplied. VAT, the buyer premium and potentially applicable special-condition costs must also be allowed for.

Investor Risks & Due Diligence

• No sufficiently specific rental evidence or passing rent is provided.

• No condition survey or refurbishment specification is supplied for the 573 sq.M property.

• Upper-floor residential conversion is only potential and requires necessary consents.

• The comparable sales are dated and may differ materially in size, configuration and condition.

• VAT is payable on completion and additional fees may be listed in the Special Conditions of Sale.

• The lease surrender must be completed by Completion and evidenced by a certified executed deed.

Recommendation

Do not bid on the supplied evidence alone. Obtain a condition survey, planning/use advice, measured conversion appraisal, commercial or residential rental evidence, VAT clarification and the full special conditions before considering the property.

Strategy Rating

Analysis Confidence

Only two dated and potentially non-comparable completed sales are supplied. There is no rent evidence, EPC, condition information, refurbishment budget, planning assessment, tenure confirmation or complete fee schedule.