Land Adjoining 4 Furze Park, Trelights, Port Isaac, Cornwall, PL29 3TG

Description

A rare opportunity to acquire a part-built detached property in the sought-after coastal area of North Cornwall, situated in the village of Trelights on the outskirts of Port Isaac. Planning permission was granted in 2018 under Planning Reference PA18/08482 for the construction of a new dormer-style bungalow. Building works have commenced, with the main shell of the property now erected and water, mains sewerage and electricity connections installed. The opportunity is to complete a new home subject to the terms and conditions of the existing planning permission and any necessary consents.

Accommodation

Approved accommodation arranged over two floors: ground floor open-plan kitchen/dining/living area, utility room/store, one bedroom and a bathroom; first floor two further bedrooms, a shower room and eaves storage.

Location

Located in the village of Trelights on the outskirts of Port Isaac, in the sought-after coastal area of North Cornwall, close to Port Isaac and the surrounding coastline.

Tenure / Property Information

Investment Analysis

Completed detached sales in Trelights range from £225,000 to £700,000, with the most relevant recent evidence being £500,000 for 1 Furze Park on 12 June 2025 and £515,000 for The Foredeck on 31 October 2023. A £500,000 base GDV is an indicative estimate only because the approved floor area, exact specification, plot characteristics and completion standard are not supplied. A broad £450,000–£550,000 scenario range is used. The guide is £130,000–£150,000, with known buyer premium and admin charge of £1,800 including VAT, excluding any special-condition disbursements.

Investment Snapshot

Strategy Recommendation

Treat as a planning-led development completion opportunity rather than a conventional BTL. Obtain a full build-cost assessment, verify planning status and establish the finished specification before bidding.

Works Required

Complete the part-built dormer-style bungalow in accordance with planning permission PA18/08482, including the approved open-plan kitchen/dining/living area, utility/store, three bedrooms, bathroom, shower room, eaves storage and two parking spaces. The evidence confirms that the shell is erected and water, mains sewerage and electricity connections are installed, but does not quantify remaining works or costs.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

The indicative 75% refinance figure is £375,000 based on the £500,000 base GDV. Total acquisition and completion costs cannot be calculated because the remaining build cost, professional costs, finance costs, taxes and special-condition charges are not supplied. Consequently, cash left in and equity cannot be reliably quantified.

Buy-to-Let Analysis

BTL analysis cannot be established because no sufficiently specific rental comparables or auctioneer rent estimate are provided. The property is currently part-built, so it is not evidenced as lettable without completion.

Flip Analysis

A completed sale could potentially be assessed against the indicative £450,000–£550,000 GDV range, supported primarily by nearby detached sales of £500,000 and £515,000. However, the remaining construction cost, selling costs, final specification and exact approved floor area are unknown, so no reliable flip surplus or maximum bid can be calculated.

Investor Risks & Due Diligence

• Remaining construction and professional costs are not provided.

• Planning permission dates from 2018 and completion must remain compliant with PA18/08482 and any necessary consents.

• The finished property's exact floor area, specification and condition are not supplied, creating GDV uncertainty.

• Special Conditions of Sale may add search fees, seller's costs, legal fees, transfer fees and other disbursements.

• VAT reclaimability for the new build is conditional and requires relevant retained receipts.

• No sufficiently specific rental evidence is available to support a BTL yield.

Recommendation

Treat as a planning-led development completion opportunity rather than a conventional BTL. Obtain a full build-cost assessment, verify planning status and establish the finished specification before bidding.

Strategy Rating

Analysis Confidence

There is useful local completed-sale evidence and clear planning/accommodation information, but no floor area, detailed condition schedule, remaining works budget, rental evidence, EPC, council tax, finance assumptions or complete auction-cost schedule.