Land at Torrance Close, Hornchurch, Essex, RM11 1JT

Description

A plot of land measuring approximately 293 sq m (3,158 sq ft). Plans have been drawn up for the erection of a detached office building and two parking spaces. No planning application has been submitted for this scheme. Planning was previously submitted for the erection of a residential dwelling, however this was refused.

Accommodation

Plot of land measuring approximately 293 sq m (3,158 sq ft). Plans have been drawn up for a detached office building and two parking spaces.

Location

The land is situated on a residential road close to local shops and amenities. The open spaces of Harrow Lodge Park are within easy reach. Transport links are provided by Emerson Park overground station and Romford rail station.

Tenure / Property Information

Investment Analysis

The evidence supports only a broad development opportunity assessment, not a reliable market value. The 293 sq m freehold plot has drawn-up plans for a detached office building and two parking spaces, but no planning application has been submitted. A previous residential dwelling application was refused. The supplied Torrance Close sales (£550,000–£630,000, with one detached sale at £579,995 and another at £684,995) are completed residential transactions and are not directly comparable to unconsented land or an office development. The £45,000–£65,000 guide is subject to an £1,800 administration charge, possible buyer premium and other unspecified costs.

Investment Snapshot

Strategy Recommendation

Treat as a planning-led land opportunity only after legal-pack review and independent planning advice. Do not rely on the residential comparables or proceed on a refurbishment, BTL or flip appraisal without planning and full development-cost evidence.

Works Required

Seek planning advice and, if viable, submit an application for the proposed detached office building and two parking spaces. Any construction, professional, infrastructure and compliance costs remain unsupported by the evidence.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

BRRR is not presently underwritable. There is no planning consent, the previous residential proposal was refused, and no supported construction budget, completed value or office rent is available. Refinance assumptions would depend on securing consent and delivering the proposed building.

Buy-to-Let Analysis

A BTL assessment cannot be established. The asset is currently land with no completed building, no passing rent and no supported development cost or planning consent. The supplied £750 pcm and £2,100 pcm figures are advertised residential asking rents and are not evidence of office rent or a completed scheme's rent.

Flip Analysis

A flip appraisal cannot be quantified. The residential sold comparables are not direct evidence for the value of unconsented office land, while construction costs, professional fees, sales costs, planning prospects and completed office GDV are unsupported. The proposed scheme may have development potential, but this remains speculative.

Investor Risks & Due Diligence

• No planning application has been submitted for the proposed office building.

• A previous application for a residential dwelling was refused.

• The supplied residential sales are not directly comparable to unconsented office development land.

• Construction, professional, infrastructure, compliance and disposal costs are not provided.

• Buyer premium and other possible legal, search, seller-cost, transfer and disbursement charges are unspecified.

• The proposed two parking spaces and office scheme remain subject to planning and technical approval.

Recommendation

Treat as a planning-led land opportunity only after legal-pack review and independent planning advice. Do not rely on the residential comparables or proceed on a refurbishment, BTL or flip appraisal without planning and full development-cost evidence.

Strategy Rating

Analysis Confidence

The evidence confirms the plot size, tenure, guide range, proposed office concept and previous residential refusal, but provides no planning consent, planning probability, development costs, office comparables, GDV, rent, fees total or exit evidence.