Former Stepping Stones, 5 Ferris Town, Truro, Cornwall

Description

An opportunity to acquire a substantial three storey terraced commercial property situated within the heart of the vibrant cathedral city of Truro, occupying a highly convenient location with a wide range of amenities close by along with the mainline railway station. The property extends over three floors and enjoys a good size rear yard with the rare benefit of a triple garage and offers potential for reinstatement back to an impressive residential dwelling, or some may envisage a number of apartments, all of which would be subject to necessary consents being obtainable.

Accommodation

Lower Ground floor: Meeting room, sitting room, W.C. and kitchen. Ground Floor: Two meeting rooms and bathroom. First floor: Office, meeting room and further meeting room with kitchenette. Bathrooms: 2. Total floor area: 153 sq.m.

Location

Situated within the heart of the cathedral city of Truro, with a wide range of amenities and the mainline railway station close by.

Tenure / Property Information

Investment Analysis

The property is a substantial 153 sq.m freehold commercial building with rear yard and triple garage in Ferris Town. Nearby completed sales range from £225,000 to £399,950, but they are residential comparables and no floor areas, specifications or direct like-for-like evidence are supplied. Residential reinstatement or apartment conversion is only potential and requires necessary consents. A reliable GDV, refurbishment budget or maximum bid cannot therefore be established from the evidence.

Investment Snapshot

Strategy Recommendation

Proceed only after planning, legal, condition and conversion-cost due diligence. On the supplied evidence, avoid bidding on an assumed residential GDV or rent; retain the property as a commercial opportunity only if independently assessed.

Works Required

Obtain planning and other necessary consents for residential reinstatement or apartment conversion, then determine the required internal alterations, services, kitchens, bathrooms, fire-safety measures and finishes. The supplied evidence does not establish the existing condition or quantify any works.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

A BRRR strategy cannot be underwritten reliably because residential use is subject to necessary consents and no refurbishment cost, completed value or supported subject rent is provided. The auction guide is £185,000+, with additional administration, other possible fees, Stamp Duty and Land Registry costs potentially payable.

Buy-to-Let Analysis

BTL yield cannot be established. The only rental evidence is an advertised £1,100 pcm asking rent for flats in Ferris Town, not achieved rent and not evidence for this vacant commercial building or any consented conversion. No conversion layout, costs or operating assumptions are supplied.

Flip Analysis

A flip appraisal cannot be quantified. The nearby residential sales provide market context, including £399,950 for 2 Ferris Town in June 2024, but are not sufficiently comparable to establish the value of this commercial property or a converted scheme. No selling allowance or project cost is supported.

Investor Risks & Due Diligence

• Residential reinstatement or apartment conversion is subject to necessary consents.

• The supplied residential sales are not direct like-for-like comparables for the existing commercial property.

• Existing condition, services and conversion requirements are not evidenced.

• No reliable refurbishment or conversion cost is supplied.

• The £1,100 pcm rental evidence is an advertised asking rent for flats and is not passing rent or proof of rent for this property.

• Administration, other non-optional fees, Stamp Duty, Land Registry fees and VAT may be payable in addition to the bid price.

Recommendation

Proceed only after planning, legal, condition and conversion-cost due diligence. On the supplied evidence, avoid bidding on an assumed residential GDV or rent; retain the property as a commercial opportunity only if independently assessed.

Strategy Rating

Analysis Confidence

The address, tenure, size, accommodation, guide and nearby completed sales are supplied, but there is no consent position, condition survey, refurbishment budget, direct commercial valuation, conversion layout, achieved rent or fee schedule.