Land off Foster Street, Accrington, Lancashire

Description

A Vacant Freehold Plot of Land with planning permission to build 2 Semi detached properties. Circa 0.072 Acres – 3164sqft. A broadly rectangular plot of land, located on Foster Street, to the rear of 149 Burnley road, which has planning permission granted for the erection of 2 semi detached two bedroom properties, together with associated parking.

Accommodation

Proposed per property: Ground Floor: Hall, Reception Room, Kitchen/Diner, WC. First Floor: Landing, Two bedrooms (master with ensuite Shower room/WC), Bathroom/WC. Outside: Gardens and Driveway Parking.

Location

The land is conveniently located within walking distance to Accrington Town Centre and Train Station, as well as easy Road links to Junction 8 of M65.

Tenure / Property Information

Investment Analysis

The plot has permission for two proposed two-bedroom semi-detached houses. Nearby sold evidence ranges from £90,000 to £120,000, although the comparables are mainly terraced or otherwise not directly equivalent and bedroom details are not supplied. Applying the £90,000–£120,000 evidence range to two units gives an indicative low-to-high GDV range of £180,000–£240,000, with £204,000 as a midpoint based on the £102,000 comparable. This is an estimate rather than a formal valuation. The £25,000 guide plus the £2,700 administration charge is £27,700 before construction, taxes and any special-condition costs.

Investment Snapshot

Strategy Recommendation

Consider only as a consented small development, subject to reviewing the planning permission, legal pack and a full build-cost appraisal. Do not rely on the headline guide or GDV without verified construction and project costs.

Works Required

Construct two permitted two-bedroom semi-detached houses, each with the stated ground- and first-floor accommodation, ensuite to the master bedroom, gardens, associated parking and driveway access. Construction costs, professional fees and external works costs are not supplied.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

A potential BRRR route would involve acquiring the consented land, building the two houses and refinancing against completed value. The indicative completed GDV midpoint is £204,000, but construction costs, finance costs, lender terms and completed-property valuation evidence are absent, so refinance proceeds, equity requirement and cash left in cannot be calculated.

Buy-to-Let Analysis

The land is vacant and not presently lettable. Rental evidence indicates an advertised asking rent of £368 pcm for a two-bedroom house; applied to two proposed units this is £736 pcm or £8,832 annually. This is asking-rent evidence, not achieved rent, and a meaningful yield cannot be established because build and total project costs are unavailable.

Flip Analysis

A development resale strategy is possible in principle because planning permission is stated and the nearby sold evidence supports an indicative two-unit GDV range of £180,000–£240,000. However, no supported construction, professional, finance, tax, disposal or other project costs are provided, so the flip surplus and maximum bid cannot be calculated.

Investor Risks & Due Diligence

• The comparable sales are mainly terraced or otherwise not directly equivalent to the proposed semi-detached houses, and bedroom details are not supplied.

• Construction and professional costs are unavailable, preventing calculation of total cost, maximum bid and project surplus.

• Additional costs may be payable under the special conditions, but these have not been supplied.

• The rental figure is an advertised asking rent rather than achieved rent.

• The £2,700 administration charge is payable in addition to the purchase price, with stamp duty, government taxes and other costs excluded.

Recommendation

Consider only as a consented small development, subject to reviewing the planning permission, legal pack and a full build-cost appraisal. Do not rely on the headline guide or GDV without verified construction and project costs.

Strategy Rating

Analysis Confidence

Planning, tenure, proposed accommodation, guide price, administration fee, five nearby sales and one asking-rent source are supplied, but the sales are not directly comparable and construction, finance, professional, tax, disposal and special-condition costs are unavailable.