Greenshires, Main Road, Spilsby, Lincolnshire, PE23 4AG

Description

A fire damaged bungalow occupying a site measuring approximately 0.18 acres, subject to measured survey. Planning permission was granted in 2024 for the ‘Erection of a house with detached double garage and the demolition of existing dwelling’. CGI images included within the marketing.

Location

Keal Cotes is a small village located in the East Lindsey district of Lincolnshire. The village is situated on the A16 road, which connects the town of Louth to the city of Boston. Keal Cotes is surrounded by countryside and is a destination for tourists who enjoy walking, cycling, and exploring the local area. The village has a rich history and is home to several historic buildings, including the Grade II listed St. Helen’s Church.

Tenure / Property Information

Investment Analysis

The guide is £100,000, plus the known £1,800 contract documentation charge. Completed sales on the same road range from £240,000 to £330,000 for detached/freehold properties, but these are not directly comparable because the subject is fire damaged and the approved replacement house’s size, specification and accommodation are not supplied. The £9,000 sale is categorised as Other and is not a reliable residential comparison. A supported GDV cannot therefore be established.

Investment Snapshot

Strategy Recommendation

Do not bid on the supplied evidence alone. Treat this as a planning-led redevelopment opportunity only after reviewing the full planning and legal documents, obtaining a measured survey and priced demolition/construction tender, and confirming a supported GDV.

Works Required

The 2024 planning permission provides for demolition of the existing dwelling and erection of a house with detached double garage. The planning decision, drawings, specifications, demolition requirements, fire-related condition and construction costs must be reviewed before estimating works.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

A BRRR assessment cannot be completed without the permitted dwelling’s accommodation and specification, construction and demolition costs, professional fees, finance costs, and a supported post-works GDV. The known guide plus £1,800 documentation charge totals £101,800 before any other costs, works or taxes, but this is not a complete project cost.

Buy-to-Let Analysis

BTL viability cannot be established. The only rental evidence is an advertised £350 pcm listing for houses to rent in Spilsby generally, not a confirmed rent for this property or the consented replacement house. The subject is fire damaged and its usable accommodation is not supplied. No yield or cash-flow conclusion is supported.

Flip Analysis

A flip may be possible because planning permission was granted for a replacement house, but the resale value and project cost cannot be supported from the supplied evidence. The same-road detached sales of £240,000, £295,000 and £299,950 provide context only and do not establish the value of the unbuilt consented dwelling. Estimated flip surplus is therefore unavailable.

Investor Risks & Due Diligence

• Fire damage and the condition of the existing bungalow are not detailed.

• The approved replacement house’s accommodation, dimensions and specification are not supplied.

• Demolition and construction costs cannot be estimated from the evidence provided.

• Planning permission may contain conditions or obligations that affect cost and deliverability.

• The completed sales are not directly comparable to the unbuilt consented dwelling.

• The £350 pcm rental evidence is an advertised area listing, not a property-specific achieved or passing rent.

• Additional seller costs may apply under the special conditions of sale.

• Parking and heating information require confirmation from the auction centre.

Recommendation

Do not bid on the supplied evidence alone. Treat this as a planning-led redevelopment opportunity only after reviewing the full planning and legal documents, obtaining a measured survey and priced demolition/construction tender, and confirming a supported GDV.

Strategy Rating

Analysis Confidence

The guide, tenure, fire damage, planning consent and several completed local sales are supplied, but the approved dwelling’s size and specification, condition details, works costs, legal conditions, fees, rent and reliable GDV evidence are missing.