Former Lloyds Bank, 1, High Street, Melksham, Wiltshire

Description

An imposing freehold building, formerly bank premises and not listed, located in the heart of Melksham. The accommodation measures 5,913 sq ft and is arranged primarily over two floors plus a large basement area, with 5 off-street parking spaces on Place Road. Planning was granted in December 2023 to convert the building into 7 self-contained 1 and 2 bedroom apartments, with scope for further development into the attic space and use of the basement for ancillary storage, subject to the necessary consents.

Accommodation

Proposed schedule: Flat 1, 1 bedroom, 55.4 m², ground floor, open plan kitchen diner, reception room, bedroom and bathroom. Flat 2, 1 bedroom, 52.28 m², ground floor, open plan kitchen/diner living space, bedroom and bathroom. Flat 3, 2 bedrooms, 73.3 m², ground floor, open plan living space, kitchen, bedroom 1, bedroom 2 and bathroom. Flat 4, 1 bedroom, 67.4 m², ground floor, open plan kitchen/diner living space, bedroom and bathroom. Flat 5, 2 bedrooms, 84 m², first floor, open plan living space, kitchen, bedroom 1, en suite, bedroom 2 and bathroom. Flat 6, 1 bedroom, 51.4 m², first floor, open plan living space, kitchen, bedroom 1 and bathroom. Flat 7, 1 bedroom, 37.3 m², first floor, open plan kitchen/diner living space, bedroom and shower room.

Location

Located in the heart of Melksham. Melksham is a former market town with shopping, leisure facilities, primary and secondary schools and supermarkets. It is situated approximately 12 miles south of the M4 motorway, with bus, road and rail links to Chippenham, Bath, Bristol and London. Bath is approximately 11 miles away, while Chippenham and Trowbridge are approximately 6 miles away.

Tenure / Property Information

Investment Analysis

Former freehold bank premises of 5,913 sq ft in central Melksham, with planning granted in December 2023 for conversion into seven self-contained one- and two-bedroom apartments. No completed-sale comparables, GDV evidence, rental evidence or refurbishment budget has been supplied, so market value, project viability and maximum bid cannot be reliably quantified. The guide is £425,000 plus a £1,800 including VAT buyer premium.

Investment Snapshot

Strategy Recommendation

Proceed only after obtaining a professional GDV, detailed conversion cost plan, planning and building-control review, and supported rental evidence. On the supplied evidence alone, do not set a bid.

Works Required

Implement the granted conversion scheme into seven self-contained apartments, including the proposed internal layouts and associated conversion works. Any attic development or basement use beyond ancillary storage would require the necessary consents. No detailed specification or cost plan is supplied.

Rental & Market Context

Potential BRRR Position

BRRR viability cannot be quantified because GDV, conversion costs, completed rents and finance costs are unsupported. The £425,000 guide plus the £1,800 buyer premium is not sufficient to assess total project cost or refinance proceeds. Confirm planning, building-control requirements, conversion scope and a detailed cost plan before bidding.

Buy-to-Let Analysis

A seven-unit BTL strategy is indicated by the approved apartment scheme, but no sufficiently specific rental evidence or auctioneer rent estimate is supplied. Rent, gross yield, operating costs and debt coverage cannot therefore be established. The property is currently described as former bank premises rather than completed residential accommodation.

Flip Analysis

A conversion-and-sale strategy is possible in principle under the granted seven-apartment scheme, but no completed-sale comparables, GDV or works allowance has been provided. Flip surplus and maximum bid cannot be calculated. The five off-street parking spaces and proposed apartment schedule should be reflected in any professional valuation.

Investor Risks & Due Diligence

• No completed-sale comparables or formal GDV evidence supplied.

• No sufficiently specific rental evidence or passing rent supplied.

• No refurbishment or conversion cost plan supplied for the seven-apartment scheme.

• Attic development and basement use beyond ancillary storage are subject to necessary consents.

• The property is currently former bank premises, so conversion, building-control and completion requirements require verification.

• Only five off-street parking spaces are identified for the proposed seven-apartment scheme.

• The £1,800 including VAT buyer premium is payable on exchange, and a £6,800 security deposit is required for registration to bid.

Recommendation

Proceed only after obtaining a professional GDV, detailed conversion cost plan, planning and building-control review, and supported rental evidence. On the supplied evidence alone, do not set a bid.

Strategy Rating

Analysis Confidence

The property description and granted conversion proposal are detailed, but there are no sales comparables, rental evidence, refurbishment costs, GDV, finance costs or completed residential valuation evidence.