Garages G10 - G18 Benbow Court, Andover, Hampshire, SP10 1PW

Description

Nine single storey lock up garages situated on a plot of land measuring approximately 4,209 sq ft. Fully let producing £6,900 per annum. Potential for development subject to obtaining all relevant consents.

Accommodation

Nine single storey lock up garages on a plot of land measuring approximately 4,209 sq ft.

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 comparable completed sale is Garage 4, Benbow Court, which sold for £11,500 in September 2021. This provides historic local garage evidence but does not establish a current value for all nine garages. The nearby terraced-house sales are not directly comparable. The stated development potential is subject to obtaining all relevant consents, so no development GDV is supportable from the evidence. At the £30,000 guide, the stated £6,900 annual income equates to a 23.0% gross yield before the £1,800 admin charge, buyer premium and other possible costs.

Investment Snapshot

Strategy Recommendation

Consider as an income-hold purchase only if the legal pack confirms secure lettings, the £6,900 income and acceptable title/access arrangements. Treat development potential as speculative until consents and costs are established.

Works Required

No refurbishment or repair works are evidenced. Verify the condition of all nine garages, access arrangements, services, boundaries, leases and tenant payment history through inspection and the legal pack.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

A BRRR analysis cannot be established because no supported GDV, refurbishment budget or refinance valuation is available. The development potential is expressly subject to obtaining all relevant consents, so it should not be relied upon for refinance assumptions.

Buy-to-Let Analysis

The property is fully let and produces £6,900 per annum, equivalent to £575 pcm across the lot. Against the £30,000 guide, the gross yield is 23.0%; including the known £1,800 admin charge, the yield is 21.7%. These calculations exclude the unspecified buyer premium and other possible legal, search, transfer and seller-cost charges. Lease terms, rent review provisions and income verification are essential.

Flip Analysis

A flip or development resale appraisal is unsupported. No planning consent, scheme, construction cost, development valuation or selling-cost allowance is provided. The historic £11,500 sale of one local garage is not sufficient to calculate a current nine-garage or redevelopment GDV.

Investor Risks & Due Diligence

• The buyer premium amount is unspecified and additional legal, search, transfer and seller-cost charges may apply.

• Development potential is subject to obtaining all relevant consents and cannot be valued from the supplied evidence.

• The stated £6,900 annual income should be verified against leases, rent statements and payment history.

• The only directly comparable garage sale is historic, dating from September 2021, so it does not establish current market value.

• No condition, repair, service, access or boundary information is provided for the nine garages.

Recommendation

Consider as an income-hold purchase only if the legal pack confirms secure lettings, the £6,900 income and acceptable title/access arrangements. Treat development potential as speculative until consents and costs are established.

Strategy Rating

Analysis Confidence

The passing income, guide price, tenure, occupancy and one directly comparable garage sale are supplied, but buyer premium and other costs are unknown and there is no condition, lease, planning, current valuation or development-cost evidence.