Garages G44, G45, G47 & G48 at Hobbs Square, Andover, Hampshire, SP10 5DQ

Description

Four Single Storey Lock Up Garages Fully Let Producing £3,000 Per Annum. Situated on a Site Measuring Approximately 5,682 sq ft. Potential for Development (Subject to Obtaining all Relevant Consents)

Accommodation

Four single storey lock up garages situated on a site measuring approximately 5,682 sq ft.

Location

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

Tenure / Property Information

Investment Analysis

The guide is £5,000, with a known £1,800 inc VAT administration charge. The four garages are stated to be fully let at £3,000 per annum, equivalent to £250 pcm. The supplied sold comparables are residential houses at Hobbs Square and are not sufficiently comparable to establish a garage or development-site GDV. Development potential is expressly subject to obtaining all relevant consents, so no supported GDV or development value can be calculated.

Investment Snapshot

Strategy Recommendation

Consider only as a low-cost income investment, subject to verifying the leases, rent collection, title and legal pack. Do not ascribe development value without planning and other relevant consents.

Works Required

No refurbishment works or defects are evidenced. The immediate requirement is legal and tenancy due diligence. Any future development would require all relevant planning and other consents.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

A BRRR assessment cannot be completed because no supported GDV, refurbishment budget, financing terms or refinance evidence is supplied. The 75% refinance amount and cash left in are therefore not calculable.

Buy-to-Let Analysis

At the £5,000 guide, the stated £3,000 annual rent produces a gross yield of 60.0%. Including the known £1,800 administration charge, the cost is £6,800 and the gross yield is 44.1%, before disbursements and any other charges. The rent is an auctioneer/property-supplied current income figure rather than an external market-rent comparable, and tenancy terms are not provided.

Flip Analysis

A flip appraisal cannot be supported. The residential house sales supplied are not direct comparables for four lock-up garages, and no consented development scheme, GDV or selling-cost allowance is evidenced.

Investor Risks & Due Diligence

• The stated development potential is subject to obtaining all relevant consents.

• The supplied sold comparables are residential houses and do not establish the value of the garages or site.

• Tenancy and lease details are not provided despite the garages being stated as fully let.

• Disbursements and other charges may be payable in addition to the £1,800 administration charge.

• The condition of the garages and site is not evidenced.

Recommendation

Consider only as a low-cost income investment, subject to verifying the leases, rent collection, title and legal pack. Do not ascribe development value without planning and other relevant consents.

Strategy Rating

Analysis Confidence

The guide, administration charge, tenure and stated annual rent are supplied, but there is no direct garage comparable evidence, no tenancy documentation, no condition assessment, no development consent and no disbursement total.