Steam Packet, 51 Stanley Street, Workington, Cumbria CA14 2JD

Description

Derelict former public house close to Workington harbour and railway station. The building is boarded and no internal viewings are available; alternative uses are subject to planning.

Location

Steam Packet, 51 Stanley Street, Workington, Cumbria CA14 2JD. The full postcode CA14 2JD is used for mapping. Local investment evidence is drawn from the Workington market rather than a generic Cumbria average.

Investment Analysis

Investment Snapshot

Works Required

• Targeted kitchen/bathroom and services upgrades where required

• Decoration, flooring and joinery

• External/roof/damp repairs identified by survey

• Contingency for latent defects

HB working allowance: £100,000–£250,000. This is an appraisal allowance based on the auctioneer's condition description and property type, not a contractor quotation.

Rental & Market Context

A standard residential rental appraisal is not appropriate to the lot in its present form. The investment case depends primarily on development / repositioning, planning/use, remediation and exit value rather than an assumed AST rent.

Sold within 5m radius

Standard residential sold comparables are not directly applicable to this land/commercial opportunity. A specialist land/commercial appraisal should be obtained once the intended use and planning constraints are fixed.

GDV Assessment

No defensible GDV is stated until the planning/use/remediation scheme is established. Assigning a residential GDV at this stage would be misleading.

Strategy Recommendation

Preferred strategy: Development / Repositioning. The working acquisition range is £10,000–£15,000. The main reason is the relationship between the guide, required works and the achievable exit/income evidence. Risk is rated high because of the property-specific condition, tenure, planning or market factors noted above.

Potential BRRR Position

Standard BRRR is not the appropriate metric. Development finance, build-cost drawdowns, planning conditions and completed-scheme valuation should be modelled separately.

Flip Analysis

A flip profit cannot be responsibly calculated until the intended scheme, remediation/site costs and exit value are fixed.

Investor Risks & Due Diligence

• Read the full legal pack, title and special conditions before bidding

• Confirm auction administration/buyer's fees and completion period

• Verify the scope and cost of works with a survey and contractor pricing

• Check planning/building-regulation status, access and services where relevant

• Confirm finance and insurance acceptability for the specific property type

• Re-check current rental and sold evidence immediately before setting a maximum bid

Maximum Bid Analysis

Guide £10,000+. A defensible maximum bid cannot be derived without a costed scheme and specialist valuation. Treat the guide as the starting point only and avoid bidding from an assumed residential GDV.

Recommendation

Overall HB view: Development / Repositioning. At the working purchase range of £10,000–£15,000, the opportunity can be attractive if the property-specific risks are resolved and the works remain within £100,000–£250,000. Confidence is high; the principal sensitivity is planning/site cost.

Strategy Rating

Development: ★★★★☆ | Income: ★★☆☆☆ | Resale: ★★★☆☆

Research Sources

https://www.auctionhouse.co.uk/cumbria/auction/lot/151149 | https://www.rightmove.co.uk/house-prices/workington.html