The Bungalow, Spar Lane, Illogan, Redruth, Cornwall, TR15 3UR

Description

A two bedroom semi-detached bungalow requiring modernisation, having the benefit of two reception rooms, kitchen/breakfast room, utility room and bathroom with additional shower cubicle, front and rear gardens with rural views, a carport and range of useful outbuildings. Cash buyers only.

Accommodation

Entrance porch, inner hallway, living room, dining room, kitchen/breakfast room, two bedrooms, utility room and bathroom with additional shower cubicle.

Location

Spar Lane is situated on the semi-rural fringes of the village of Illogan, which caters well for day to day needs with a local store and post office, pharmacy, restaurants and a public house, with further facilities and amenities in the nearby towns of Redruth and Camborne. Tehidy Country Park and Golf Course are situated a short drive away, with the A30 being readily accessible.

Tenure / Property Information

Investment Analysis

The strongest evidence is Chyvean, Spar Lane, a semi-detached sale at £235,000 on 25 October 2024. Older same-street semi-detached sales were £240,000 in 2014 and £242,000 in 2012. As the comparables do not confirm bungalow type, bedroom count or condition, an indicative evidence-led GDV range is £235,000–£240,000, with £237,500 used as the base estimate. This is not a formal valuation.

Investment Snapshot

Strategy Recommendation

Treat as a conditional cash purchase only. Obtain the legal pack, confirm tenure and liabilities, inspect the bungalow and outbuildings, and price the modernisation before setting a bid limit. Do not proceed on the current evidence alone.

Works Required

Modernisation is required, but the evidence does not specify the defective elements or provide a works budget. Inspect and price the kitchen, bathroom, decoration, services, outbuildings, gardens and general condition before bidding; no specific works should be assumed from the description alone.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

A provisional 75% refinance against the £237,500 base GDV would be £178,125, but total project cost and refinance feasibility cannot be calculated. The property is cash buyers only, with no purchase price or refurbishment allowance supplied, so BRRR viability remains unproven.

Buy-to-Let Analysis

BTL analysis cannot be established because no sufficiently specific rental comparable or auctioneer rent estimate is supplied. Purchase price, refurbishment cost and tenancy assumptions are also unavailable. The cash-buyers-only requirement may restrict normal BTL financing.

Flip Analysis

The evidence supports an indicative base GDV of £237,500, but purchase price, refurbishment cost, buyer/admin charges at the eventual price and any selling allowance are not available. Flip surplus and a maximum bid therefore cannot be calculated.

Investor Risks & Due Diligence

• The property is described as requiring modernisation, but the scope and cost of works are unknown.

• Cash buyers only, limiting financing options.

• No guide price is supplied, so affordability and bid discipline cannot be assessed.

• No sufficiently specific rental evidence or auctioneer rent estimate is available.

• Buyer premium and administration charges are each stated as 1.35% plus VAT, subject to a minimum of £1,800 plus VAT; the legal pack may contain further fees.

• Tenure, occupancy, lease and heating information are not supplied.

• The available comparables are semi-detached properties but do not confirm matching bungalow type, accommodation or condition.

Recommendation

Treat as a conditional cash purchase only. Obtain the legal pack, confirm tenure and liabilities, inspect the bungalow and outbuildings, and price the modernisation before setting a bid limit. Do not proceed on the current evidence alone.

Strategy Rating

Analysis Confidence

There are several same-street completed sales, including one recent sale, but the comparables lack confirmed bungalow, bedroom and condition details. Guide price, tenure, occupancy, lease, works cost and rent evidence are missing.