Garages 3,5 & 6 Benbow Court, Andover, Hampshire, SP10 1PW

Description

Three Single Storey Lock Up Garages Fully Let Producing £2,340 Per Annum. The property comprises a three single storey lock up garages.

Accommodation

Three single storey lock up garages.

Location

The garages are situated on a residential road close to local shops and amenities. The open spaces of Vigo Park are within easy reach. Transport links are provided by Andover rail station.

Tenure / Property Information

Investment Analysis

The only directly relevant completed sale is Garage 4, Benbow Court, which sold for £11,500 in September 2021. Applying that evidence to three garages indicates an estimated aggregate GDV of £34,500, although the comparable is historic and only one garage. No current garage sales, condition evidence or formal valuation are supplied.

Investment Snapshot

Strategy Recommendation

Consider as a small income-producing garage investment, subject to verifying the three lettings, rent collection, title, access, services, repair liabilities and all auction fees. Do not rely on the headline yield or GDV without reviewing the legal pack.

Works Required

No refurbishment works are evidenced. The garages are described as fully let; confirm condition, access, repair obligations and any outstanding maintenance through the legal pack.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

Using the single same-court garage sale as an indicative GDV basis, three garages are estimated at £34,500. At the £5,000 guide plus the known £1,800 administration charge, the illustrative 75% GDV refinance figure is £25,875, with indicative cash left in of negative £19,075 before finance, tax, buyer premium and other charges. Actual refinanceability is unconfirmed and may depend on lender treatment of garage investments and tenancy documentation.

Buy-to-Let Analysis

The stated income is £2,340 per annum, equivalent to £195 pcm. Against the £5,000 guide this produces a 46.80% gross yield, or 34.41% including the known £1,800 administration charge. These figures exclude the unknown buyer premium, disbursements, maintenance, insurance, voids, tax and finance costs. The income is described as fully let but no tenancy or rent-roll evidence is supplied.

Flip Analysis

A theoretical resale value of £34,500 is indicated by the 2021 sale of one comparable garage at £11,500. Against the £6,800 guide-plus-known-admin total, this suggests substantial gross headroom, but no selling allowance, buyer premium, legal costs, tax, finance costs, current valuation or condition allowance can be supported. A reliable flip surplus is therefore not calculated.

Investor Risks & Due Diligence

• The £1,800 administration charge is known, but the buyer premium and potential disbursements, legal fees, transfer fees and search costs are not quantified.

• The three garages are stated to be fully let, but no tenancy agreements, rent schedule, arrears position or proof of income is supplied.

• GDV is based on one September 2021 sale of a single garage and may not represent current achievable value for all three garages.

• No condition, repair, access, service-charge or maintenance information is provided.

• Mortgage and refinance availability for this garage investment is unconfirmed.

• The high calculated yield excludes operating costs, tax, finance costs, voids and any tenant-related expenses.

Recommendation

Consider as a small income-producing garage investment, subject to verifying the three lettings, rent collection, title, access, services, repair liabilities and all auction fees. Do not rely on the headline yield or GDV without reviewing the legal pack.

Strategy Rating

Analysis Confidence

The current annual income, freehold tenure, occupancy and one directly comparable completed garage sale are supplied. However, the comparable is historic, buyer premium and disbursements are unknown, and there is no tenancy, condition, legal-pack or current valuation evidence.