Caribou, Relubbus Lane, Penzance, St. Hilary, Cornwall, TR20 9DX

Description

A two bedroom detached bungalow requiring modernisation situated in the sought after village of St. Hilary. The property enjoys a plot size of 0.16 acres and comprises of entrance hall, living room, kitchen/diner, utility porch, two double bedrooms, bathroom and a conservatory, with an attached garage and on drive parking for several vehicles.

Accommodation

Entrance hall, living room, kitchen/diner, conservatory, utility porch, two double bedrooms and bathroom. The property also has an attached garage.

Location

St Hilary is a well regarded village hosting both a Church and school, with further facilities and amenities in the nearby village of Goldsithney and those of Penzance town centre circa 5 miles, with a wide range of shopping and leisure facilities, mainline railway station and excellent access to the A30.

Tenure / Property Information

Investment Analysis

The £185,000+ guide is the only current pricing evidence supplied. The sole comparable is the same property sold for £60,000 in 1995, which is too old to support a current GDV. The property is vacant and requires modernisation, with an EPC rating of F. Current rental evidence is for two-bedroom properties in Penzance and surrounding areas, advertised at £875–£1,100 pcm, rather than achieved rent for this property.

Investment Snapshot

Strategy Recommendation

Do not bid on the current evidence alone. Obtain a full survey, detailed refurbishment quotation and current local valuation evidence before considering BTL, BRRR or a resale strategy.

Works Required

Modernisation is required, but the evidence does not specify the extent of works. Allowance would need to cover investigation, general updating and potential energy-efficiency improvements associated with the EPC F rating; costs cannot be reliably estimated from the supplied information.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

A BRRR assessment cannot be completed because current GDV, refurbishment cost and achievable rent are not sufficiently evidenced. The EPC F rating and required modernisation may increase the capital requirement, while the refinance amount cannot be supported.

Buy-to-Let Analysis

Using the £185,000 guide and advertised asking rents of £875–£1,100 pcm, the indicative gross yield is approximately 5.68%–7.14% before works, finance, operating costs and voids. The rental evidence is not an achieved rent for this property and does not establish a reliable BTL case.

Flip Analysis

A flip surplus cannot be calculated. There is no current comparable evidence, supported GDV, refurbishment allowance or selling-cost allowance. The 1995 sale at £60,000 is not a reliable current resale benchmark.

Investor Risks & Due Diligence

• The property requires modernisation, but the extent and cost of works are unknown.

• EPC rating F may indicate additional energy-efficiency requirements, although specific defects are not supplied.

• The only sold comparable is the same property sold in 1995 and cannot support a current valuation.

• Rental figures are advertised asking rents for Penzance and surrounding areas, not achieved rent for this property.

• The auctioneer's 1.35% plus VAT administration charge applies, subject to a minimum of £1,800 plus VAT, but the total payable amount is not specified.

Recommendation

Do not bid on the current evidence alone. Obtain a full survey, detailed refurbishment quotation and current local valuation evidence before considering BTL, BRRR or a resale strategy.

Strategy Rating

Analysis Confidence

Current market evidence and property-specific rent data are insufficient; the only sold comparable dates from 1995, while refurbishment costs and GDV are unsupported.