Development Site at Viney Bridge Mills, South Street, Crewkerne, Somerset

Description

Grade II listed former textile mill occupying circa 2.8 acres of grounds, with full planning permission for the sympathetic conversion of existing buildings into 30 dwellings and the construction of 16 new build dwellings, creating 46 homes in total.

Accommodation

30 conversion dwellings comprising a mix of 1, 2, 3 and 4 bedroom homes, plus 16 new build dwellings comprising a mix of 3 and 4 bedroom family homes.

Location

Situated on the edge of the market town of Crewkerne, within walking distance of the town centre, Crewkerne railway station, local bus routes and road connections via the A30 and A356.

Tenure / Property Information

Investment Analysis

The £1,500,000 guide equates to approximately £32,609 per proposed dwelling across 46 homes, but this is not a valuation. The supplied sold comparables are smaller terraced-house transactions on South Street, ranging from £142,901 to £222,000, with no floor areas, specifications or direct comparability to the proposed listed-mill conversions and new-build homes. No supported GDV, development cost plan, rental evidence or formal valuation can therefore be established.

Investment Snapshot

Strategy Recommendation

Proceed only to detailed development appraisal and legal/planning due diligence; do not bid on the supplied evidence alone. Obtain the planning permission and conditions, listed-building requirements, special conditions, full cost plan and independent GDV appraisal before considering acquisition.

Works Required

Implement the permitted sympathetic conversion of the existing Grade II listed mill buildings into 30 dwellings and construct 16 new-build dwellings, subject to planning conditions and associated costs. No detailed schedule of condition, specification or build-cost information is supplied.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

A BRRR assessment is not supportable from the evidence. The purchase price is £1,500,000 plus the known £1,800 contract documentation fee, but refurbishment/construction costs, planning-condition costs, completed GDV, finance costs and achievable rents are unknown. The seller may also charge additional completion fees.

Buy-to-Let Analysis

BTL analysis cannot be established because no sufficiently specific rental evidence or auctioneer rent estimate is supplied. The scheme is described as 46 proposed dwellings rather than completed, lettable units, and no development or operating costs are provided.

Flip Analysis

A resale-development analysis cannot be quantified. The proposed unit count and planning permission are stated, but there is no supported GDV, build-cost schedule, professional-fee allowance, finance cost, sales-cost allowance or evidence that the scheme can be delivered at the guide price.

Investor Risks & Due Diligence

• Grade II listed status may impose additional design, consent and delivery requirements.

• Buyers are responsible for costs associated with satisfying planning conditions and associated costs.

• Additional seller fees may be payable on completion under the Special Conditions of Sale, but are not supplied.

• No build-cost, professional-fee, finance-cost or sales-cost evidence is supplied.

• The supplied sold comparables are terraced houses and are not sufficiently specific evidence for valuing the proposed 46-home scheme.

• No sufficiently specific external rental comparable or auctioneer rent estimate is supplied.

• Parking, heating and council-tax information is not supplied.

Recommendation

Proceed only to detailed development appraisal and legal/planning due diligence; do not bid on the supplied evidence alone. Obtain the planning permission and conditions, listed-building requirements, special conditions, full cost plan and independent GDV appraisal before considering acquisition.

Strategy Rating

Analysis Confidence

The evidence confirms the site, tenure, guide price, planning concept and 46-home proposal, but omits GDV, build and professional costs, planning-condition costs, rental evidence, unit sizes, detailed specifications and potentially applicable seller fees.