Greenshires, Main Road, Spilsby, Lincolnshire

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 3 bedroom detached house with detached double garage and the demolition of the existing dwelling. CGI images are 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 has historic buildings including the Grade II listed St. Helen’s Church.

Tenure / Property Information

Investment Analysis

The 2024 planning permission is for demolition of the existing fire-damaged dwelling and erection of a three-bedroom detached house with detached double garage. Same-road detached freehold sales provide evidence from £240,000 to £330,000, excluding the £9,000 non-comparable sale classified as Other. A base GDV of £295,000 is used, but the comparables do not confirm size, specification or direct comparability with the permitted scheme.

Investment Snapshot

Strategy Recommendation

Treat as a conditional residential development opportunity rather than a BTL purchase. Obtain and verify the planning permission, conditions, measured survey, demolition and construction quotations, services information and all special conditions before bidding.

Works Required

Demolish the existing fire-damaged bungalow and, subject to planning conditions and technical checks, construct the permitted three-bedroom detached house and detached double garage. A measured survey, detailed specification and construction-cost appraisal are required; no cost allowance is supported by the evidence.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

A potential BRRR exit could theoretically use 75% of the base GDV, equating to £221,250. However, acquisition costs, demolition and construction costs, finance costs and completed-property rental evidence are unavailable, so cash left in and viability cannot be calculated.

Buy-to-Let Analysis

BTL cannot be assessed reliably because the property is fire damaged, the proposed scheme is redevelopment rather than an immediately lettable dwelling, and no sufficiently specific rental evidence or auctioneer rent estimate is supplied. Gross yield cannot be established.

Flip Analysis

The same-road detached sales support an indicative GDV range of £240,000 to £330,000, with a £295,000 base case. A flip surplus cannot be calculated because demolition, construction, professional, finance, acquisition and selling costs are not supplied.

Investor Risks & Due Diligence

• The existing bungalow is fire damaged and is proposed for demolition, but the extent and implications of the damage are not evidenced.

• Demolition and construction costs are unavailable, preventing a reliable maximum bid or project-cost calculation.

• The planning permission was granted in 2024, but its conditions, implementation status and continuing validity are not supplied.

• The site area is approximate and subject to measured survey.

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

• The £1,800 contract documentation fee is known, while any additional seller fees are not quantified.

• No sufficiently specific rental evidence is available.

Recommendation

Treat as a conditional residential development opportunity rather than a BTL purchase. Obtain and verify the planning permission, conditions, measured survey, demolition and construction quotations, services information and all special conditions before bidding.

Strategy Rating

Analysis Confidence

There is relevant same-road completed-sale evidence and a stated 2024 planning permission, but no scheme dimensions, planning conditions, construction costs, rental evidence, detailed property condition, or seller-fee information.