Land off Lancaster Road, Overton, Morecambe, Lancashire LA3 3EZ

Description

A residential development opportunity comprising a regular shaped freehold site extending to approximately 667 Sq M (797 Sq Yds) and benefitting from outline planning permission for a single dwelling. The site currently houses a garage / workshop which would be demolished under current plans and replaced with an executive style detached house. The sale provides an excellent self build opportunity or development project for a local builder. A full copy of the plans are available within the legal pack.

Accommodation

The site currently houses a garage / workshop. Current plans provide for its demolition and replacement with an executive style detached house.

Location

The site fronts onto Lancaster Road immediately adjacent to a recently completed housing development in the semi rural village of Overton. Lancaster sits 6.5 miles or a 20 minute drive away. Site area: approximately 667 Sq M (797 Sq Yds).

Tenure / Property Information

Investment Analysis

The site is a freehold development opportunity of approximately 667 sq m with outline planning permission for one dwelling. Same-road completed sales supplied range from £125,000 to £327,000, including detached sales at £125,000, £190,000, £325,000 and £327,000, plus a semi-detached sale at £160,000. These provide broad local context only: the proposed dwelling's size, accommodation, specification and detailed planning information are not supplied, and the comparables completed in 2022–2023 are not directly sufficient to establish a reliable GDV.

Investment Snapshot

Strategy Recommendation

Treat as a conditional development appraisal only. Review the full legal pack and plans, verify the outline permission and costs of demolition, construction and services, and obtain an independent GDV before bidding. Do not rely on the supplied evidence for a BTL or BRRR purchase decision.

Works Required

Demolish the existing garage/workshop and construct the single executive-style detached dwelling shown in the current outline planning proposal. The supplied evidence does not specify construction scope, dwelling size, services, access works, professional costs or external works.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

A BRRR assessment is not currently supportable. The site has outline permission for one dwelling, but there is no reliable GDV, build-cost allowance, completed rent, finance cost or total project-cost evidence. The 75% GDV refinance amount and residual cash requirement are therefore unavailable.

Buy-to-Let Analysis

BTL cannot be assessed quantitatively because no sufficiently specific rental comparable or auctioneer rent estimate is supplied. The proposed dwelling's accommodation and completed build cost are also unknown, so yield and investment viability cannot be established.

Flip Analysis

A development resale strategy may be possible in principle because outline permission is stated for one dwelling, but the evidence does not establish the proposed house's size, specification, build cost or GDV. A flip surplus and maximum bid cannot be calculated. The supplied buyer premium is 1.8% including VAT subject to a £2,400 minimum, with additional special-condition fees possible.

Investor Risks & Due Diligence

• Outline planning permission may not provide sufficient detail to establish the final dwelling's size, specification or value.

• The existing garage/workshop is intended to be demolished, but demolition and disposal costs are not supplied.

• Construction, professional, finance, service-connection and external-work costs are unknown.

• No sufficiently specific rental evidence is available.

• The buyer premium has a £2,400 minimum and additional fees may appear in the Special Conditions of Sale.

• The supplied comparable sales vary materially in price and do not identify the accommodation or specification of the proposed dwelling.

Recommendation

Treat as a conditional development appraisal only. Review the full legal pack and plans, verify the outline permission and costs of demolition, construction and services, and obtain an independent GDV before bidding. Do not rely on the supplied evidence for a BTL or BRRR purchase decision.

Strategy Rating

Analysis Confidence

Local completed sales and the outline planning description are supplied, but there is no dwelling schedule, detailed planning information, build-cost evidence, rental evidence, GDV valuation or full fee schedule.