New Hanney Spice (formerly The Lamb Inn), School Road, Wantage, Oxfordshire

Description

A detached restaurant situated in the village of West Hanney, near Wantage. The accommodation comprises a ground-floor restaurant and spacious first-floor living accommodation. The restaurant is currently let to a well-established Indian restaurant.

Accommodation

Ground floor: restaurant with 52 covers, kitchen and toilets. First floor: four-bedroom living accommodation. External rear: garden and an 18-space private car park.

Location

Village of West Hanney, near Wantage, Oxfordshire.

Tenure / Property Information

Investment Analysis

The property is a tenanted freehold restaurant with four-bedroom accommodation, a 25-year FRI lease running to 2034 and an open market rent review due in 2029. The supplied sales evidence includes two transactions for Coralea on the same road and a 1997 sale for The Lamb Inn, but it does not establish that Coralea is the same property or provide sufficiently current, directly comparable evidence for the subject asset. No passing rent, auctioneer rent estimate or rental comparable is supplied. A supported GDV, investment value or maximum bid cannot therefore be established. The guide-based known-cost illustration is £352,400, comprising the £350,000 guide plus the £1,200 buyer premium and £1,200 administration charge, excluding other possible charges and any final auction price above guide.

Investment Snapshot

Strategy Recommendation

Do not bid on yield or resale assumptions until the passing rent, lease, tenant covenant, repair liabilities and current market valuation are verified. Consider only as a specialist commercial income purchase if due diligence supports the guide price.

Works Required

No refurbishment works are evidenced. The property is described as trading and occupied by an established restaurant tenant. Undertake only legally required, lease-related or condition-related works confirmed by inspection and legal due diligence; no cost allowance can be supported from the supplied evidence.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

A BRRR strategy cannot be reliably assessed. There is no supported refurbishment budget, passing rent, market rent, valuation or refinance assumption. The asset is tenanted and commercially operated, with a lease expiring in 2034 and a rent review in 2029, so refinance and exit value depend materially on the lease and tenant covenant.

Buy-to-Let Analysis

The long FRI lease and established tenant may support an income investment, but the passing rent is not supplied and no sufficiently specific rental evidence is available. Gross yield, rent coverage and value cannot be calculated. The lease, rent review provisions, tenant covenant, repair obligations, arrears history and full occupational documentation require review before relying on the investment case.

Flip Analysis

A flip appraisal is not supported. No current, directly comparable valuation evidence, refurbishment scope, selling costs or resale market evidence is supplied. The 2018 Coralea sale at £477,500 and older transactions cannot safely be used as the subject property's GDV without proof of comparability.

Investor Risks & Due Diligence

• Passing rent and investment yield are not supplied.

• The asset is subject to a 25-year FRI lease expiring in 2034, with the next open market rent review in 2029; lease terms and tenant covenant require verification.

• The supplied comparable transactions are not confirmed to be the same property or sufficiently comparable.

• Additional search, seller, legal, transfer and disbursement costs may apply.

• The final purchase price may exceed the £350,000 guide.

• No condition survey or refurbishment cost evidence is supplied.

Recommendation

Do not bid on yield or resale assumptions until the passing rent, lease, tenant covenant, repair liabilities and current market valuation are verified. Consider only as a specialist commercial income purchase if due diligence supports the guide price.

Strategy Rating

Analysis Confidence

The tenure, lease structure, occupancy, accommodation and known auction charges are supplied, but there is no rent, current valuation, directly confirmed comparable, refurbishment budget or complete cost schedule.