Pipp Lane, The Street, Bishop's Cannings, Devizes, Wiltshire, SN10 2LD

Description

Individual 3 bedroom detached cottage in need of modernisation with double garage/workshop situated on a good size plot within the sought after village of Bishop's Cannings. Ideal investment.

Accommodation

Ground floor: entrance porch, hallway, dual aspect living/dining room, kitchen, utility room, boiler room and bathroom. First floor: landing, principle bedroom with ensuite and 2 further bedrooms.

Location

Situated within the sought after village of Bishop's Cannings.

Tenure / Property Information

Investment Analysis

The £225,000 guide is below the only same-street sold evidence supplied, but the comparables range from £317,500 to £940,000, span 2016–2022 and have no size, condition or specification details. A reliable GDV or market value cannot therefore be established from this evidence alone.

Investment Snapshot

Strategy Recommendation

Do not set a bid based on the current evidence alone. Treat the property as a potential modernisation project and proceed only after reviewing the legal pack, confirming tenure and occupancy, obtaining a survey and costing the works.

Works Required

Modernisation is required, but the evidence does not specify the scope or cost. Obtain a survey and establish the condition and upgrade requirements for the cottage, oil-fired heating system and double garage/workshop before bidding.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

A BRRR assessment cannot be completed reliably because the refurbishment cost, GDV, tenure, occupancy, lease information and acquisition charges are not supplied. The 75% refinance amount and cash left in are therefore unsupported.

Buy-to-Let Analysis

The supplied rental evidence is one advertised asking rent of £1,350 pcm, not an achieved rent. At the £225,000 guide this indicates annual gross rent of £16,200 and a 7.2% gross yield before finance, refurbishment, management, maintenance, voids and other costs. A yield on total project cost cannot be calculated because refurbishment and buyer costs are unavailable.

Flip Analysis

A flip surplus cannot be calculated. The property needs modernisation, but works costs and a defensible resale GDV are unavailable; the supplied sold comparables are insufficiently detailed and vary materially in price and date.

Investor Risks & Due Diligence

• The required modernisation is not described or costed.

• Tenure, occupancy and lease information are not supplied.

• No buyer premium, administration charge or other acquisition fees are supplied.

• The rent is an advertised asking rent rather than achieved rent or passing rent.

• The sold comparables vary materially in price and date and lack size, condition and specification details.

• Oil-fired heating is present, but its condition and running implications are not evidenced.

Recommendation

Do not set a bid based on the current evidence alone. Treat the property as a potential modernisation project and proceed only after reviewing the legal pack, confirming tenure and occupancy, obtaining a survey and costing the works.

Strategy Rating

Analysis Confidence

The address, accommodation, guide price, one asking rent and several sold comparables are supplied, but condition scope, refurbishment costs, tenure, occupancy, fees, EPC and reliable GDV evidence are missing.