Land to the Rear of Ravensbourne Road, Lewisham, London, SE6 4UX

Description

A Freehold Plot of Land Measuring Approximately 90 sq m (969 sq ft). Offered With Planning Permission to Demolish the Existing Garage and to Erect a Two Room Detached House.

Accommodation

Proposed Accommodation: Ground Floor - Reception Room with Open-Plan Kitchen. First Floor - Bedroom, Study, Bathroom.

Location

The land is situated on a residential road close to local shops and amenities. The open spaces of Blythe Hill Fields are within easy reach. Transport links are provided by Honor Oak Park overground station and Catford rail station.

Tenure / Property Information

Investment Analysis

The site is a 90 sq m freehold development plot with stated planning permission for demolition of the existing garage and construction of a two-room detached house. The supplied completed sales are semi-detached houses on Ravensbourne Road, with prices from £372,500 to £800,000, but no floor areas, condition details or directly comparable new-build/development sales are provided. A reliable GDV or maximum bid cannot therefore be established. The £1,800 administration charge is known, while disbursements and other special-condition costs are unspecified.

Investment Snapshot

Strategy Recommendation

Do not proceed beyond a conditional feasibility review unless the legal pack confirms the planning permission and provides sufficient cost, title, access, services and development information. Obtain a measured build-cost appraisal and direct new-build/development valuation before bidding.

Works Required

Demolish the existing garage and construct the permitted two-room detached house comprising a ground-floor reception room with open-plan kitchen and first-floor bedroom, study and bathroom. Further construction, professional, finance, service-connection 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

BRRR cannot be underwritten from the supplied evidence. GDV, construction cost, total project cost and refinance value are unavailable. The 75% refinance calculation and indicative cash left in are therefore unsupported.

Buy-to-Let Analysis

The only rental evidence is an advertised asking rent of £650 pcm for one-bedroom flats in Lewisham, not an achieved rent and not a direct detached-house comparable. At the £150,000 guide, this indicates an unadjusted gross yield of 5.2% before construction, acquisition, finance, operating and letting costs. A full BTL assessment is not possible because the completed build cost, total project cost and market rent for the proposed house are unsupported.

Flip Analysis

A flip appraisal cannot be established. The supplied sales are semi-detached properties rather than directly comparable proposed detached new-build accommodation, and no construction budget, professional fees, holding costs, selling costs or supported GDV are provided. The project should not be bid on the basis of the headline comparable prices alone.

Investor Risks & Due Diligence

• No supported GDV or direct comparable value for the proposed detached house.

• Construction, professional, finance, utility, external-works and holding costs are not provided.

• The £650 pcm rent is an advertised asking rent for one-bedroom flats, not achieved rent or a direct comparable to the proposed house.

• Additional disbursements and special-condition charges may be payable but are unspecified.

• Planning permission is stated but the decision notice, conditions, expiry, access and implementation requirements have not been supplied.

• The supplied sold comparables are semi-detached properties and may not reflect the value of the proposed development.

Recommendation

Do not proceed beyond a conditional feasibility review unless the legal pack confirms the planning permission and provides sufficient cost, title, access, services and development information. Obtain a measured build-cost appraisal and direct new-build/development valuation before bidding.

Strategy Rating

Analysis Confidence

Planning description, plot size, guide price, one administration charge, general location and non-direct sold comparables are supplied, but GDV, construction costs, direct rental evidence, legal-pack liabilities and development feasibility information are absent.