Allington, 2 Allington Smith Close, Oulton, Lowestoft, Suffolk

Description

Detached NHS office building on large 0.3 acre plot offering potential. This detached office building extends to around 139 sq/m and occupies a good size 0.3 acre plot. It has oil fired central heating, off road parking and has been vacant for a number of years. It requires improvement and there is the potential to convert into residential accommodation, subject to the necessary consents being obtained. On instruction of the NHS.

Accommodation

Ground floor: Hallway, wc, kitchen, two offices. First floor: Landing, four offices, bathroom, wc. Outside: Front and rear garden in need of attention, off road parking.

Location

The property is located around two miles north west of Lowestoft near a comprehensive range of services and amenities.

Tenure / Property Information

Investment Analysis

The guide is £200,000 plus stated buyer premium and administration charge. The two supplied Land Registry comparables on the same close range from £150,000 in 2013 to £635,000 in 2020, but they are dated and no floor areas, condition, use or other comparability details are provided. They do not support a reliable current market value, residential GDV or development valuation. The £24.17 pcm rental evidence is an unrelated FlightGlobal article and cannot be used as property rent.

Investment Snapshot

Strategy Recommendation

Do not bid on the current evidence alone. Proceed only after legal-pack review, building survey, confirmation of permitted use and conversion/planning feasibility, and a fully costed commercial or residential exit strategy.

Works Required

Improvement works are required, but the evidence does not specify the defects or scope. Review the building condition, oil-fired heating, vacant services and external gardens, and investigate residential conversion feasibility and required planning/building-regulation consents before bidding.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

A BRRR assessment cannot be established because no supported residential GDV, refurbishment cost, achievable rent or refinance valuation is available. Conversion is only described as potential and remains subject to necessary consents.

Buy-to-Let Analysis

A BTL assessment cannot be established. No reliable property rent, residential use consent, refurbishment budget, operating costs or finance costs are supplied. The £24.17 pcm rental evidence is not property-specific.

Flip Analysis

A flip appraisal cannot be established. The supplied sales are insufficiently detailed and dated, while no supported residential GDV, refurbishment allowance, selling costs or conversion consent is provided.

Investor Risks & Due Diligence

• Residential conversion is only potential and is subject to necessary consents.

• The building has been vacant for a number of years and requires improvement, but the condition and works scope are not quantified.

• The supplied comparable sales are dated and lack sufficient detail to support a current valuation.

• Oil-fired central heating may require condition and operating-cost investigation.

• Additional legal-pack disbursements, search fees, seller costs, legal fees and transfer fees may be payable.

• No reliable rental evidence is provided, preventing yield analysis.

Recommendation

Do not bid on the current evidence alone. Proceed only after legal-pack review, building survey, confirmation of permitted use and conversion/planning feasibility, and a fully costed commercial or residential exit strategy.

Strategy Rating

Analysis Confidence

The property description and guide costs are available, but there is no reliable rent, works budget, GDV, planning evidence or sufficiently comparable current valuation evidence.