Land and Garages off Eastbrook Avenue, Radcliffe, Manchester, Bury, M26 2RT

Description

Fifteen single storey lock up garages situated on a plot of land measuring approximately 366 sq m (3,942 sq ft), fully let producing £7,068 per annum.

Accommodation

Fifteen single storey lock up garages situated on a plot of land measuring approximately 366 sq m (3,942 sq ft).

Location

The site is situated on a residential road close to local shops and amenities. The open spaces of Close Park are within easy reach. Transport links are provided by Radcliffe rail station.

Tenure / Property Information

Investment Analysis

The property comprises 15 fully let lock-up garages producing stated annual income of £7,068. At the £40,000 guide, this equates to a 17.67% gross yield before fees and operating costs. The supplied sold comparables are residential houses and are not reliable evidence of garage-site value. No commercial valuation, capitalisation rate, condition report or evidence of development potential is supplied, so GDV and a defensible maximum bid cannot be established.

Investment Snapshot

Strategy Recommendation

Consider as an income-hold commercial garage investment only, subject to verifying the stated rent, occupational agreements, arrears, condition, title, access and all auction costs. Do not rely on the residential comparables or bid without a separate commercial valuation approach.

Works Required

No specific refurbishment works are evidenced. Verify the condition of all garage roofs, doors, structures, hardstanding, drainage, boundaries, access arrangements, services and tenancy documentation before bidding. Allow separately for any repairs identified by inspection.

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 GDV, commercial valuation, capitalisation rate or finance terms are supplied. The known guide price plus administration charge is £41,800 before any buyer premium, disbursements or works. Refinancing at 75% of GDV is therefore unsupported.

Buy-to-Let Analysis

This is a commercial garage investment rather than a conventional residential BTL. The stated income is £7,068 per annum, equivalent to £589 pcm, producing 17.67% gross on the £40,000 guide or 16.91% including the known £1,800 administration charge. Net yield cannot be calculated because operating costs, voids, insurance, repairs, management and buyer premium are unknown. The listing describes the garages as fully let, but tenancy terms and rent evidence should be verified.

Flip Analysis

A flip appraisal is unsupported. The supplied comparable sales are residential properties rather than garages, and no resale valuation, planning potential or selling-cost allowance is provided. There is no evidence to calculate a reliable resale surplus.

Investor Risks & Due Diligence

• Buyer premium is unspecified and payable in addition to the purchase price if applicable.

• The £1,800 administration charge is known, but disbursements, searches, seller costs, legal fees and transfer fees may also apply.

• The stated £7,068 annual income and fully let status require verification against tenancy agreements, rent receipts and arrears information.

• No condition evidence is supplied for the 15 garages, roofs, doors, structures, hardstanding or drainage.

• The supplied sold comparables are residential properties and are not directly comparable to a garage investment.

• Operating costs, insurance, repairs, management costs and potential voids are unknown, so net income and net yield cannot be established.

• No GDV, commercial capitalisation rate or supported refinance valuation is available.

Recommendation

Consider as an income-hold commercial garage investment only, subject to verifying the stated rent, occupational agreements, arrears, condition, title, access and all auction costs. Do not rely on the residential comparables or bid without a separate commercial valuation approach.

Strategy Rating

Analysis Confidence

The guide, garage count, freehold tenure and stated income are supplied, but there is no commercial valuation evidence, condition information, tenancy documentation, cost schedule, buyer premium or development assessment.