Barns at Aish Barton, Petrockstow, Okehampton, Devon EX20 3QQ

Description

An exciting opportunity to purchase two Grade II listed barns with Planning Permission for conversion, set in approximately 1.2 acres with two allocated parking spaces, formal gardens and an area of paddock providing a flexible opportunity for a multitude of uses, equestrian, to rent out, to live with family members etc. Planning permission by Torridge Council was granted on 6th December 2024 (APP NO 1/0590/2024/FUL) for the conversion of two adjoining barns to two separate residential dwellings. Listed Building consent was also obtained on the 23rd December 2024 under (APP NO 1/0964/2024/LBC).

Accommodation

Barn 1, once converted, will comprise an entrance hall, inner hall, two double bedrooms with en-suites, one with a dressing room, family bathroom, open-plan kitchen/dining room, first-floor living room and snug area with a door opening to the garden. Barn 2, once converted, will comprise a plant/utility room, open-plan kitchen/dining room, rear hall, cloakroom, two double bedrooms with en-suite shower rooms, and a large living room with French doors opening to the garden.

Location

Petrockstow 0.5 miles, Hatherleigh 3.5 miles, Okehampton 10.5 miles, A30 12.5 miles, Exeter 30 miles.

Tenure / Property Information

Investment Analysis

The property has planning permission and Listed Building consent for conversion of two adjoining Grade II listed barns into two separate residential dwellings. The only supplied comparable evidence is two sales recorded at the same address for £260,000 in 2024 and £550,000 in 2021, both classified as 'Other'. Their substantial variation and lack of detail on the assets or condition make them indicative only, not a reliable formal valuation. A midpoint scenario of £405,000 is used solely for sensitivity analysis, with £260,000 to £550,000 as the evidence-based range.

Investment Snapshot

Strategy Recommendation

Proceed only as a planning-led development appraisal, subject to full review of the planning and Listed Building documents, a contractor's conversion cost plan and confirmation of all special-condition fees. Do not rely on the indicative GDV midpoint without stronger comparable evidence.

Works Required

Complete the approved conversion works under planning application 1/0590/2024/FUL and Listed Building consent 1/0964/2024/LBC, creating two separate four-bedroom residential layouts as described, including the planned kitchens, bathrooms, utility/plant areas, living spaces, gardens, parking and associated services. No construction specification or cost plan has been supplied.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

At the indicative £405,000 GDV, 75% refinance would be approximately £303,750. However, total project cost cannot be calculated because no conversion cost plan, finance costs, special-condition fees or other project costs are supplied. Consequently, cash left in and refinance viability cannot be determined.

Buy-to-Let Analysis

BTL appraisal cannot be established because no sufficiently specific rental evidence or auctioneer rent estimate is supplied. The scheme is also currently a conversion opportunity rather than completed accommodation, and refurbishment, finance, letting and operating costs are unavailable.

Flip Analysis

A flip may offer potential if the two permitted dwellings can be delivered within a controlled budget. However, the £260,000 to £550,000 same-address sales range is highly variable, and no works budget or supported selling allowance is available. Flip surplus is therefore not calculable.

Investor Risks & Due Diligence

• Conversion works and total project costs are not supplied.

• Grade II listed status may constrain design, materials and construction methods.

• The two same-address comparable sales range from £260,000 to £550,000 and lack sufficient asset detail.

• No achieved or advertised rental evidence is available.

• Additional fees may be listed in the Special Conditions of Sale.

• The property is described with planning permission for conversion, so the stated accommodation is proposed rather than confirmed completed accommodation.

Recommendation

Proceed only as a planning-led development appraisal, subject to full review of the planning and Listed Building documents, a contractor's conversion cost plan and confirmation of all special-condition fees. Do not rely on the indicative GDV midpoint without stronger comparable evidence.

Strategy Rating

Analysis Confidence

Planning and accommodation information is supplied, but there is no tenure, condition, construction specification, cost plan, rental evidence or detailed comparable information. The two same-address sales vary materially and are both classified only as 'Other'.