Land To The East Of The Surgery, Eastdene Road, Seaham

Description

A freehold parcel of development land of approx. 0.31 acres with the benefit of outline planning for 5 X 2 bedroom houses. Vacant.

Location

The land is situated to the east of New Seaham Medical Group on Eastdene Road, within an established residential area of Seaham. The surrounding area is predominantly residential and benefits from local schools, community facilities and everyday amenities, with Seaham town centre and the coast also within easy reach. The site benefits from good local connectivity, with Seaham Railway Station approximately 1 mile away and local bus services serving the surrounding area. Road connections are also convenient, with the nearby A19 providing access towards Sunderland, Durham and the wider North East region.

Tenure / Property Information

Investment Analysis

The property is a vacant freehold development land parcel of approximately 0.31 acres with outline planning for five two-bedroom houses. The £75,000 guide equates to approximately £15,000 per consented unit, before the unstated buyer fee, VAT and any seller charges. The supplied sold comparables are nearby residential house sales from 2006–2020, but they do not provide a reliable GDV for the proposed new homes. No supported build-cost, completed-sale-value, abnormal-cost or professional-feasibility evidence is supplied, so GDV, maximum bid and project returns cannot be calculated reliably.

Investment Snapshot

Strategy Recommendation

Treat as a planning-led development opportunity only, subject to full due diligence. Do not rely on the guide as evidence of profitability; obtain current new-build comparables, a quantity-surveyor cost plan, planning and infrastructure advice, and confirm all auction charges before setting a bid limit.

Works Required

Progress the outline consent through the required detailed planning and technical approvals, then construct five two-bedroom houses. Site preparation, infrastructure, utilities, access, professional fees, finance, build costs and external works are not evidenced and require verification before bidding.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

BRRR cannot be quantified because there is no supported completed GDV, construction budget, finance cost or applicable rent. Refinancing at 75% of GDV therefore cannot be calculated. The strategy would require confirmed detailed consent, build feasibility, utilities, access, costs and local end values before acquisition.

Buy-to-Let Analysis

A BTL assessment cannot be established. The £850 pcm evidence is an advertised asking rent and is not identified as a Seaham comparable or specifically applicable to the proposed two-bedroom houses. No completed property, operating costs, build cost or total project cost is supplied.

Flip Analysis

A flip or development resale case cannot be calculated from the evidence. The adjacent sold comparables are existing homes and are dated between 2006 and 2020; they do not establish current values for five proposed two-bedroom houses. No supported selling allowance or development budget is supplied.

Investor Risks & Due Diligence

• Outline planning may require further detailed planning and technical approvals.

• Current GDV for the proposed five houses is not evidenced.

• Construction, infrastructure, utilities, access and professional costs are not supplied.

• Buyer fee amount is unstated; VAT may apply and other seller charges may be payable under the Special Conditions of Sale.

• The supplied rental evidence is advertised asking rent and is not shown to relate to Seaham or the proposed houses.

• Nearby sold comparables are existing homes and are historic, with the latest supplied sale dated 2020.

Recommendation

Treat as a planning-led development opportunity only, subject to full due diligence. Do not rely on the guide as evidence of profitability; obtain current new-build comparables, a quantity-surveyor cost plan, planning and infrastructure advice, and confirm all auction charges before setting a bid limit.

Strategy Rating

Analysis Confidence

The outline consent, site size, guide price, tenure and nearby historic house sales are supplied, but current GDV, build costs, fees, utilities, access, detailed planning requirements and applicable rents are missing.