Site at 7, Park Crescent, Peterborough, Cambridgeshire

Description

By order of the LPA Receivers. Freehold site with previous planning permission and foundation works commenced for 2 detached executive-style 4-bed, 3-bath homes. The site is approximately 0.41 acres. Foundation works were commenced and purchasers are to rely upon their own inspections and planning enquiries. Planning was granted by Peterborough City Council under Appeal Ref APP/J0540/W/19/3228491 for the erection of 2 x four-bed dwellings at 6 Park Crescent; foundation works are believed to have commenced.

Accommodation

2 x 4-bed, 3-bath detached houses, approximately 224m² and 360m².

Location

The property is situated to the rear of No. 7 Park Crescent and adjacent to No. 6 Park Crescent, off Central Park to the north of Peterborough City Centre and within The Park Conservation Area. Transport options include Peterborough Rail Station, with links to London, Birmingham New Street, Stansted Airport, Liverpool and Leeds, or road links via the A1(M).

Tenure / Property Information

Investment Analysis

Nearby completed sales provide a broad, imperfect benchmark: detached properties at 35A and 37 Park Crescent sold for £1,100,000 each, while 1 Park Crescent sold for £675,000. Applying the £675,000–£1,100,000 per-dwelling range to the two proposed houses gives a low-to-high GDV range of £1,350,000–£2,200,000. The base GDV of £1,775,000 is the midpoint only and is not a formal valuation. The £9,194,136 and £1,900,000 sales are not sufficiently comparable based on the supplied evidence.

Investment Snapshot

Strategy Recommendation

Conditional development/flip only. Obtain the legal pack, verify the planning and appeal position, inspect the foundations and obtain a full construction cost plan before bidding; current evidence is insufficient to set a maximum bid.

Works Required

Complete the two proposed detached four-bedroom, three-bathroom houses, subject to inspection of the commenced foundation works, confirmation of the current planning position and review of the legal pack. The evidence does not identify the remaining construction scope or defects.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

A potential refinance at 75% of the base GDV is approximately £1,331,250. However, construction costs, remaining works, finance costs, fees and the deliverability of the planning permission are unknown, so the required equity and cash left in the project cannot be calculated.

Buy-to-Let Analysis

No sufficiently specific rental evidence or auctioneer rent estimate is supplied, so rent and yield cannot be established. The asset is a development site rather than completed lettable accommodation.

Flip Analysis

The supplied evidence indicates potential resale value through two nearby detached-house comparables, supporting a broad GDV range of £1,350,000–£2,200,000. A flip surplus cannot be calculated because remaining construction costs, selling costs and any additional seller charges are not supplied.

Investor Risks & Due Diligence

• Previous planning permission and its current status must be verified with Peterborough City Council and through the legal pack.

• Foundation works are only stated to be believed to have commenced; condition, compliance and completion scope are unknown.

• The site is within The Park Conservation Area, which may affect development requirements.

• The site comprises two titles, requiring review of title boundaries, rights and obligations.

• The supplied comparable sales vary materially and lack size, specification and condition details.

• A £1,800 inclusive-of-VAT contract documentation fee is payable, and additional seller fees may apply under the Special Conditions of Sale.

• Parking, council tax and heating information is not supplied.

Recommendation

Conditional development/flip only. Obtain the legal pack, verify the planning and appeal position, inspect the foundations and obtain a full construction cost plan before bidding; current evidence is insufficient to set a maximum bid.

Strategy Rating

Analysis Confidence

The site description, proposed accommodation, tenure, guide price and nearby completed sales are supplied, but planning status, foundation condition, remaining build costs, finance costs, rents and applicable seller fees are unresolved.