Former School, Lea Road, Gainsborough, Lincolnshire, DN21 1AF

Description

A Development Opportunity Comprising a Vacant Building on a Site Extending to Approximately 0.7 acres (2,851 sq m / 30,694 sq ft), with Planning Permission for 28 Residential Flats (23 x Two Bed and 5 x One Bed Units). Works Have Commenced.

Accommodation

Proposed Accommodation: Ground Floor – 18 x Two Bedroom Flats. First Floor – 5 x One Bedroom Flats and 5 x Two Bedroom Flats.

Location

The property is situated on a residential road close to local shops and amenities. There are numerous green open spaces that are within easy reach. Transport links are provided by Gainsborough Central rail station.

Tenure / Property Information

Investment Analysis

The £100,000–£200,000 auction guide is not a formal valuation. The supplied sold comparables are individual houses or a petrol station on Lea Road and do not provide sufficiently specific evidence for the value of a 28-flat residential development. No supported GDV, unit values, completed-build costs or detailed condition evidence has been supplied.

Investment Snapshot

Strategy Recommendation

Treat as a development opportunity only after reviewing the legal pack, planning permission, commenced works, construction information and a professional cost plan. Do not bid on the supplied evidence alone.

Works Required

Complete the development in accordance with the stated planning permission for 28 residential flats, subject to verification of the existing works, remaining construction scope, building condition, planning compliance and the legal pack. No specific defects or remaining works are evidenced.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

BRRR cannot be reliably modelled without a supported completed GDV, remaining works budget, rental evidence and finance assumptions. The freehold site, planning permission and commenced works are relevant positives, but the commercial development execution risk and unknown capital requirement are material.

Buy-to-Let Analysis

A BTL appraisal cannot be established because no sufficiently specific rental comparables or auctioneer rent estimate are supplied. The proposed 28-flat accommodation may support a rental strategy, but rents, operating costs, finance costs and completion costs remain unquantified.

Flip Analysis

A flip appraisal cannot be calculated because there is no supported GDV, remaining works cost or selling-cost allowance. The supplied house and petrol-station comparables are not sufficiently comparable to the proposed 28-flat scheme.

Investor Risks & Due Diligence

• The supplied sold comparables are not sufficiently specific to value the proposed 28-flat development.

• Remaining construction works, condition and total development costs are not provided.

• No sufficiently specific rental evidence or passing income is available.

• Additional disbursements and special-condition costs may be payable under the legal pack.

• Planning permission, commenced works and compliance with the approved scheme require verification.

Recommendation

Treat as a development opportunity only after reviewing the legal pack, planning permission, commenced works, construction information and a professional cost plan. Do not bid on the supplied evidence alone.

Strategy Rating

Analysis Confidence

Planning, tenure, vacancy, site size and proposed unit mix are supplied, but there is no reliable flat GDV, rental evidence, condition assessment, remaining works budget or detailed legal-pack cost information.