Airspace at 310-356, Grand Drive, Raynes Park, London, SW20 9NQ

Description

A Virtual Freehold Roof Space Offered with Planning Permission for the Erection of a Two Storey Roof Extension to Provide Twelve Flats. The property comprises the roof space above the existing building which is currently arranged over ground and three upper floors. Planning permission (ref: 24/P2915) was granted by Merton Borough Council on 26th March 2025 for a proposed two storey roof extension to provide 12 flats and associated works including the erection of 3 lift shafts.

Accommodation

Roof space above an existing building arranged over ground and three upper floors; planning permission for a two storey roof extension to provide 12 flats and associated works including 3 lift shafts.

Location

Situated on a residential road close to local shops and amenities. The open spaces of Morden Park are within easy reach. Transport links are provided by St Helier rail station.

Tenure / Property Information

Investment Analysis

The evidence confirms planning permission for a two-storey roof extension comprising 12 flats, but provides no unit sizes, layouts, specification, build-cost evidence, affordable-housing obligations, service-charge arrangements, or evidence of the value of the completed flats. Same-road sold comparables range from £150,000 in June 2026 to £271,000–£300,000 in 2021, but they are individual flats with no stated size or bedroom information and cannot reliably establish a 12-flat GDV. The roof-space interest therefore cannot be valued reliably from the supplied evidence alone.

Investment Snapshot

Strategy Recommendation

Treat only as a specialist planning-led development opportunity. Do not bid on the supplied guide alone; obtain full legal, planning, structural, build-cost and completed-unit valuation advice before setting a bid limit.

Works Required

Deliver the consented two-storey roof extension to create 12 flats, including the associated works and three lift shafts. The evidence does not specify construction condition, design details, services strategy, external works, compliance requirements or finishing specification, 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 strategy cannot be underwritten from the supplied evidence. Acquisition cost, build cost, professional costs, finance costs, completed unit values and achievable rents are all materially unsupported. Refinancing at 75% of GDV cannot be calculated without a defensible GDV.

Buy-to-Let Analysis

This is development airspace rather than an income-producing completed residential asset. No sufficiently specific rental evidence or auctioneer rent estimate is supplied, and the 12 flats do not yet exist. BTL yield cannot be established.

Flip Analysis

A development resale strategy may be possible in principle because planning permission is stated to have been granted, but the project economics cannot be tested. The evidence does not support a GDV, total development cost or flip surplus. Legal review should confirm the planning permission, lease rights, rights to construct over the existing building, access, structural obligations, lift provision and any freeholder or leaseholder consents.

Investor Risks & Due Diligence

• No reliable GDV can be calculated because unit sizes, layouts and bedroom mix are not supplied.

• No construction or development-cost evidence is supplied for the two-storey extension, 12 flats or three lift shafts.

• The supplied comparable sales are individual flats with differing dates and no stated sizes or bedroom details.

• Leasehold roof-space development rights, access, structural responsibilities and consents require confirmation from the lease and legal pack.

• Disbursements and other possible purchaser charges are unspecified; the stated £1,800 administration charge is not the full cost allowance.

• No rental evidence is available, so investment yield and refinance assumptions cannot be tested.

• Planning permission may carry conditions or obligations that are not described in the supplied evidence.

Recommendation

Treat only as a specialist planning-led development opportunity. Do not bid on the supplied guide alone; obtain full legal, planning, structural, build-cost and completed-unit valuation advice before setting a bid limit.

Strategy Rating

Analysis Confidence

Planning permission, lease term, guide price, one administration charge and limited same-road sales are supplied, but there is no reliable unit schedule, GDV evidence, build-cost estimate, rental evidence, professional-fee allowance, finance cost or full legal-pack information.