8 Old School Lane, Creswell, Worksop, Nottinghamshire

Description

We are pleased to bring this spacious mews house to our auction. The site where it is situated was born out of two former schools that were developed and renovated with work starting circa 2011. This property is located in one of the old school buildings that has had significant renovation.

Accommodation

The property is accessed near one of the main entrances to the old school building. The ground floor has an entrance hall with a WC adjacent to the front door. To the left of the stairs is a modern fitted kitchen. The first floor contains two spacious bedrooms, a living area and a second bathroom. The main bedroom stretches the length of the upstairs space.

Location

The property is situated in the village of Creswell, with plenty of local amenities nearby. The M1 motorway is a short drive away allowing for convenient access to Sheffield, Nottingham, Mansfield and Chesterfield.

Tenure / Property Information

Investment Analysis

The strongest available evidence is from the same Old School Lane development: 26 Old School Lane, described as a terraced property, sold for £97,500 in October 2020; 31 Old School Lane, also terraced, sold for £135,000 in July 2020. Two flat/maisonette sales on the lane were materially lower at £44,000 and £49,500, but are less comparable. A provisional GDV range of £97,500–£135,000 is indicated, with a midpoint scenario of £116,250. Confidence is limited because the sales are dated, property types and bedroom counts are not fully comparable, and tenure, condition and floor area are unavailable.

Investment Snapshot

Strategy Recommendation

Do not bid on current evidence alone. Obtain and review the legal pack, confirm tenure and title, inspect condition, establish rent and quantify all buyer and completion costs before considering a purchase.

Works Required

No specific remedial works are evidenced. The description refers to significant renovation and a modern fitted kitchen, but current condition and any remaining works should be verified through inspection and the legal pack.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

A 75% refinance on the provisional £116,250 base GDV would be approximately £87,187.50. BRRR viability cannot be assessed because the purchase price, refurbishment cost, tenure, rent and full acquisition costs are unknown.

Buy-to-Let Analysis

No sufficiently specific rental comparable or auctioneer rent estimate is supplied, so rent, yield and BTL affordability cannot be established. The £3,600 non-refundable administration charge and potentially additional fees would need to be included in any appraisal.

Flip Analysis

A provisional resale value range of £97,500–£135,000 is supported by dated same-lane house comparables, with a £116,250 base scenario. Flip surplus cannot be calculated because the purchase price, works allowance, selling costs and other acquisition fees are not sufficiently evidenced.

Investor Risks & Due Diligence

• Tenure and title information are not supplied.

• Current occupancy status is not supplied.

• No reliable property-specific rental evidence is available.

• Comparable sales are dated and include different property types with no bedroom or floor-area details.

• Current condition and any remaining renovation requirements are unverified.

• A £3,600 non-refundable administration charge applies, with potentially further search, legal, transfer and other fees.

Recommendation

Do not bid on current evidence alone. Obtain and review the legal pack, confirm tenure and title, inspect condition, establish rent and quantify all buyer and completion costs before considering a purchase.

Strategy Rating

Analysis Confidence

There are several same-lane completed sales and a stated guide range, but the comparables are dated and not fully matched; tenure, occupancy, floor area, condition, rent and several costs are missing.