94 Addison Road, Reading, Berkshire

Description

Freehold five room end of terrace property. Potential for extension/reconfiguration STPP. HMO plans have been drawn up and are available within the legal pack. Full vacant possession.

Accommodation

First floor: Three rooms. Ground floor: Two rooms, kitchen, shower room/WC. Outside: Rear garden.

Location

The property is located on Addison Road. A comprehensive range of shops, bars and restaurants can be found within Reading Town Centre lying to the east. Public transport links are available at Reading Rail Station, providing access into Central London, and at Reading West Rail Station located to the south, along with a network of local bus services serving the surrounding areas. The property is served by road links including the A4155 lying to the north and the A329 located to the west. Recreational pursuits can be found at Christchurch Meadows lying to the north west.

Tenure / Property Information

Investment Analysis

Same-road completed sales range from £250,000 to £425,700: £360,000 in July 2025, £425,700 in August 2025, £395,000 in February 2025 and £250,000 in September 2024. Because the subject's floor area, condition, bedroom configuration and parking are not supplied, valuation confidence is limited. A cautious evidence-based scenario is £250,000 low, £360,000 base and £425,700 high. The base figure is an indicative HB estimate, not a formal valuation.

Investment Snapshot

Strategy Recommendation

Treat as a due-diligence-led value-add opportunity rather than bidding solely against the guide. Obtain the legal pack, inspect the property, verify HMO/planning prospects and establish a fully costed works and exit appraisal before setting a bid limit.

Works Required

No specific defects or works schedule is supplied. Review the legal-pack HMO plans, inspect the existing kitchen, shower room/WC and general condition, and assess any reconfiguration or extension only subject to planning permission and costed professional advice.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

At the £360,000 base GDV, 75% refinancing equates to £270,000. A reliable BRRR cash-left-in figure cannot be calculated because refurbishment costs, finance costs and any additional seller charges are not supplied. HMO plans may support a value-add route, but planning, licensing, layout, condition and implementation costs require verification.

Buy-to-Let Analysis

The only directly relevant rental evidence is an advertised £1,500 pcm asking rent for a five-bedroom property on Addison Road. The subject is described as a five-room property, not a five-bedroom property, and its HMO status, licensing position and achievable rent are unconfirmed. Therefore subject-specific rent and yield cannot be established. At the £185,000 guide, the unverified £1,500 pcm benchmark would imply approximately 9.73% gross yield before costs; this is not a supported subject valuation.

Flip Analysis

The apparent guide-to-comparable discount is potentially attractive, but a flip surplus cannot be calculated without a supported works budget, selling allowance and confirmation of the property's condition, size and configuration. The £1,800 buyer administration charge is known; seller fees may also apply under the special conditions.

Investor Risks & Due Diligence

• Five-room accommodation does not establish a five-bedroom HMO or the ability to achieve the advertised £1,500 pcm benchmark.

• HMO plans are available, but planning permission, licensing and implementation feasibility are not confirmed.

• Property condition and refurbishment requirements are not provided, preventing a reliable project-cost calculation.

• Extension or reconfiguration is stated to be subject to planning permission.

• EPC is TBC, while parking and heating details require confirmation.

• The £1,800 buyer administration charge is payable, and additional seller fees may apply under the special conditions of sale.

• Comparable sale prices vary materially from £250,000 to £425,700, with no comparable sizes or conditions supplied.

Recommendation

Treat as a due-diligence-led value-add opportunity rather than bidding solely against the guide. Obtain the legal pack, inspect the property, verify HMO/planning prospects and establish a fully costed works and exit appraisal before setting a bid limit.

Strategy Rating

Analysis Confidence

There are several recent same-road completed sales and vacant possession, but the subject's size, condition, bedroom count, EPC, parking, heating, planning position, HMO licensing and refurbishment costs are unconfirmed.