Melville Street, Ryde, Isle of Wight, PO33 2AN

Description

Large freehold former school and community hall with various development potential subject to consent. Sold on an unconditional basis. Buyers must rely on their own enquiries regarding development potential and permissions required.

Accommodation

Ground floor: entrance, mail hall, side hall with cloakrooms, smaller side office. The property also benefits from a former caretaker's/manager's flat split over the ground and first floor. Accommodation not inspected.

Location

The property is located on Melville Street. Shopping amenities are available locally within Ryde Town Centre. Public transport links are available at Ryde Esplanade Train Station and Ryde St Johns Road Train Station, along with local bus services. Road links include the A3054 and A3055. Recreational pursuits are available at Ryde West Sands and Ryde Beach.

Tenure / Property Information

Investment Analysis

The £20,000 guide is not sufficient evidence of market value. The supplied Melville Street comparables range from £116,000 to £770,000, but they are detached, semi-detached and terraced residential sales and are not directly comparable with a former school and community hall. The property's development potential, existing condition, accommodation and any required permissions are unverified. No supported GDV or maximum bid can therefore be calculated.

Investment Snapshot

Strategy Recommendation

Do not rely on the £20,000 guide as a valuation. Proceed only after legal, planning, building, measured-survey and condition due diligence confirms a viable use; otherwise treat the lot as an unquantified speculative opportunity.

Works Required

Obtain measured surveys, inspect the former caretaker's/manager's flat and main building, verify services and heating, and establish the planning and building-control position for any proposed conversion, change of use or redevelopment. Any refurbishment scope remains unquantified because the accommodation was not inspected.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

BRRR cannot be underwritten from the evidence. Acquisition would be on an unconditional basis, while the residential conversion potential, permissions, works, GDV, refinance valuation and achievable rent are all unverified. The £1,800 inclusive-of-VAT contract documentation fee is known, but seller-charged completion fees may also apply.

Buy-to-Let Analysis

A BTL appraisal cannot be established. The supplied £850 pcm asking rent relates to an advertised two-bedroom flat, while the subject's former caretaker's/manager's flat was not inspected and its bedroom count, suitability, condition and legal residential status are unconfirmed. The former school and hall also do not have an evidenced residential layout or rent.

Flip Analysis

A flip appraisal cannot be established. The residential comparables are not directly comparable, and no supported GDV, works budget, planning position, sale costs or condition assessment is available. Any potential uplift depends on obtaining the necessary consents and defining a viable scheme.

Investor Risks & Due Diligence

• Sold unconditionally with buyers required to make their own enquiries regarding development potential and permissions.

• The former caretaker's/manager's flat and wider accommodation were not inspected.

• Planning, change-of-use and building-control requirements are unverified.

• Seller-charged completion fees may apply in addition to the £1,800 contract documentation fee.

• Parking and heating information is unavailable from the supplied evidence.

• The supplied residential comparables are not directly comparable with the subject property.

• The £850 pcm evidence is an advertised asking rent for a two-bedroom flat and is not confirmed as applicable to this property.

Recommendation

Do not rely on the £20,000 guide as a valuation. Proceed only after legal, planning, building, measured-survey and condition due diligence confirms a viable use; otherwise treat the lot as an unquantified speculative opportunity.

Strategy Rating

Analysis Confidence

The evidence confirms tenure, vacancy, guide price, one buyer charge and broad building use, but lacks inspection details, dimensions, planning status, EPC, services, confirmed residential accommodation, development scheme, GDV, works costs and applicable rental evidence.