Land at the Rear of, Morden Avenue, Ashton in Makerfield, Greater Manchester

Description

Storage land totalling 0.027 acres. The subject site is irregular in shape with access taken via Morden Avenue. The land had previously benefitted from planning permission for 1 no. 2 storey commercial workshop, which has now lapsed (A/07/68242). The site is considered suitable for storage purposes.

Accommodation

Land measuring circa 0.027 acres.

Location

The land is surrounded by existing housing and gardens, forming part of an established residential setting. Access is taken via Morden Avenue.

Tenure / Property Information

Investment Analysis

The supplied sold comparables are terraced houses on Morden Avenue (£121,500–£148,000), not comparable land transactions, so they do not support a land value or residential GDV. The site is 0.027 acres, leasehold, and has only lapsed planning permission for a commercial workshop. No current planning consent, land comparable or formal valuation is supplied.

Investment Snapshot

Strategy Recommendation

Only consider as a speculative storage or planning-led land purchase after reviewing the legal pack, access, ground rent and current planning position. Do not underwrite residential development value from the house comparables.

Works Required

No refurbishment works are evidenced. The land is described as suitable for storage, but any clearance, surfacing, fencing, security works or development would require confirmation and costing. The former workshop permission has lapsed and should not be relied upon.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

A BRRR strategy cannot be supported because there is no current planning consent, no evidenced lettable building, no supported GDV and no rent. At the £23,000 guide, the known purchase price plus the minimum £3,600 administration charge is £26,600, before any buyer premium, disbursements, ground rent or works.

Buy-to-Let Analysis

BTL analysis is not applicable on the supplied evidence because this is storage land with no dwelling or supported passing/asking rent. The supplied rental listings relate to residential properties in different or unspecified locations and cannot establish land income.

Flip Analysis

A flip surplus cannot be calculated. The residential sold comparables do not establish the value of this leasehold storage site, and no current planning permission, land comparable or selling-cost allowance is supplied.

Investor Risks & Due Diligence

• The former planning permission for a commercial workshop has lapsed.

• No current planning consent or supported residential/development GDV is supplied.

• The supplied sold comparables are houses and are not directly comparable to the land.

• No rental income or reliable storage rent evidence is supplied.

• Leasehold tenure, ground rent and the remaining lease terms require legal-pack review.

• Buyer premium, disbursements, seller costs, legal fees and transfer fees may be payable in addition to the guide price and administration charge.

• Access is stated to be via Morden Avenue, but the legal extent and rights of access are not evidenced.

Recommendation

Only consider as a speculative storage or planning-led land purchase after reviewing the legal pack, access, ground rent and current planning position. Do not underwrite residential development value from the house comparables.

Strategy Rating

Analysis Confidence

The evidence confirms the site size, tenure, access description and lapsed planning history, but provides no land comparables, current planning consent, storage income, GDV, works budget or complete fee schedule.