Development Site @ Newland Street, Coleford, Forest of Dean, Gloucestershire

Description

A level freehold parcel of land measuring 0.08 acres in the town centre, sold with vacant possession. Planning has been granted under reference P0123/25/FUL for the erection of two semi-detached four-bedroom houses with associated landscaping and works. An historic consent under reference P0285/16/FUL was granted for eight two-bedroom flats.

Accommodation

Proposed House 1 and House 2: each 4 bedrooms and 134.8 m². Ground floor: entrance hall, WC, kitchen/diner and lounge. First floor: landing, Bedroom 1, Bedroom 2 and bathroom. Top floor: Bedroom 3, en suite and Bedroom 4. Outside: patio and garden. Total proposed accommodation: 269.5 m².

Location

Coleford is a market town in the Forest of Dean, approximately 12 miles from key motorway links, with a cinema, post office, library, shops, three supermarkets, pubs, restaurants, primary and secondary schools, and two golf courses.

Tenure / Property Information

Investment Analysis

The site has planning permission P0123/25/FUL for two semi-detached four-bedroom houses totalling 269.5 m². The most relevant supplied comparable is a semi-detached property at Phoenix Court, Newland Street, sold for £189,000 in 2023. Applying that sale value indicatively to two units gives a base GDV estimate of £378,000. Other supplied Newland Street sales range from £165,000 to £239,950 but are different property types and do not provide a reliable low/high GDV range for the proposed houses. Development costs, professional fees, finance, sales costs and planning conditions are not supplied.

Investment Snapshot

Strategy Recommendation

Undertake development appraisal and planning/build-cost due diligence before bidding. The site is potentially suitable for a two-house development, but no maximum bid or profitability conclusion is supportable from the supplied evidence.

Works Required

Develop the vacant 0.08-acre site in accordance with planning permission P0123/25/FUL: construct two semi-detached four-bedroom houses of approximately 134.8 m² each, with associated landscaping and works. Detailed construction, external works, utility and professional requirements are not supplied.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

The indicative base GDV is £378,000, implying 75% GDV refinance of £283,500. BRRR feasibility cannot be calculated because construction costs, professional fees, finance costs, purchase price, refinancing terms and completed-house rental values are unavailable.

Buy-to-Let Analysis

BTL analysis cannot be established. The only rental evidence is an advertised £63.50 pcm garage rent, which is not evidence of achievable rent for either proposed four-bedroom house. No house rental evidence, operating costs or development costs are supplied.

Flip Analysis

A development resale strategy is the most relevant appraisal route because the site has permission for two houses. Using the supplied £189,000 semi-detached comparable gives an indicative combined GDV of £378,000. Flip surplus cannot be calculated because development, acquisition, finance and selling costs are not supplied.

Investor Risks & Due Diligence

• Construction and professional costs are not supplied, so total project cost and profit cannot be calculated.

• The supplied sales are different property types and do not include a completed four-bedroom semi-detached house, limiting GDV confidence.

• Planning permission P0123/25/FUL and any conditions, obligations, access, drainage and services should be verified before bidding.

• No parking, heating, EPC or detailed technical information is supplied for the proposed houses.

• The £1,800 including VAT buyer premium must be paid on exchange, and the auction requires a £6,800 security deposit with the balance transferred within 24 hours if successful.

• No rental evidence supports a BTL or BRRR appraisal.

Recommendation

Undertake development appraisal and planning/build-cost due diligence before bidding. The site is potentially suitable for a two-house development, but no maximum bid or profitability conclusion is supportable from the supplied evidence.

Strategy Rating

Analysis Confidence

Planning permission, site size, proposed accommodation and several local sales are supplied, but there is no construction cost, completed-house rental evidence, direct four-bedroom comparable, professional-fee, finance, sales-cost or planning-condition information.