Rear of, 46, 48 and 50 Milton Road, Westcliff-on-Sea, Essex

Description

POTENTIAL FOR REDEVELOPMENT. This Vacant Freehold site comprises of a former Workshop with Office / Storage space to the first floor and a small Parcel of Land. It is considered that it may be possible to redevelop the site for residential use subject to obtaining the necessary consents and permissions.

Accommodation

Ground Floor: Former Workshop 52' x 19'2 now partitioned as follows: Entrance Hall: 15'1 x 4'9; Front Store (with Roller Shutter): 14'2 x 11'5; Store: 6'11 x 5'7; Middle Room (with window): 17'5 x 6'7; Middle Room: 7'7 x 5'6; Rear Room: 16'7 x 13'3 - door to: Office (under stairs): 6'3 x 6'2; Kitchen: 4'8 x 4'7; W.C.: 5'1 x 4'6. First Floor: Office with Storage Room: 19'4 x 17'2.

Tenure / Property Information

Investment Analysis

The vacant freehold property is a former workshop with first-floor office/storage and a small parcel of land. The description indicates potential residential redevelopment only subject to obtaining the necessary consents and permissions; no consent, scheme, site area, residential unit mix or residential valuation is supplied. Sold comparables include nearby residential properties and a rear site, ranging from £129,995 to £365,000, but they are not sufficiently specific to establish a reliable GDV for this property. The £210,000 guide is therefore not independently validated by the supplied evidence.

Investment Snapshot

Strategy Recommendation

Treat as a planning-led commercial-to-residential redevelopment opportunity only if due diligence confirms viable consent, scheme design, costs and exit value. Do not rely on the supplied evidence for a residential bid limit.

Works Required

Obtain planning and other required consents for any proposed residential redevelopment; commission suitable surveys and prepare a scheme-specific appraisal. Any refurbishment, conversion, structural, services or external works cannot be quantified from the supplied evidence.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

BRRR analysis cannot be supported because there is no consented residential scheme, GDV, refurbishment budget, rent, finance cost or known buyer/admin fee. Refinance proceeds and cash left in cannot therefore be calculated.

Buy-to-Let Analysis

BTL analysis cannot be established. No sufficiently specific rental comparable or auctioneer rent estimate is supplied, and the property is currently commercial rather than an evidenced completed residential asset. Residential use is only described as a possibility subject to consent.

Flip Analysis

A flip appraisal cannot be reliably calculated. The nearby sales are mixed and not sufficiently comparable to a consented redevelopment scheme, while no scheme, GDV, works allowance or selling-cost allowance is supplied. Any residential resale strategy remains planning-dependent.

Investor Risks & Due Diligence

• Residential redevelopment is only potential and remains subject to obtaining the necessary consents and permissions.

• The supplied sold comparables are not sufficiently specific to value this former workshop and office/storage property or a future residential scheme.

• No site area, proposed unit mix, planning assessment or development appraisal is supplied.

• The condition and required conversion or redevelopment works are not quantified.

• No rental evidence or auctioneer rent estimate is supplied, preventing a supported BTL appraisal.

• Buyer, administration and other fee amounts are not supplied beyond the statement that fees apply.

Recommendation

Treat as a planning-led commercial-to-residential redevelopment opportunity only if due diligence confirms viable consent, scheme design, costs and exit value. Do not rely on the supplied evidence for a residential bid limit.

Strategy Rating

Analysis Confidence

The guide price, freehold tenure, vacant status, accommodation and nearby sold evidence are supplied, but there is no planning consent, site area, scheme, condition survey, cost plan, rent evidence, GDV or fee schedule.