The Chapel, Reigate Road, Leatherhead, Surrey

Description

Freehold former Chapel requiring completion, with prior approval for conversion to 18 residential units. Character space in an affluent commuter area, by order of the LPA Receivers.

Accommodation

Prior approval for change of use to residential under permitted development rights for conversion to 18 residential units, comprising a mix of 1, 2 and 3 bedroom apartments. The accommodation schedule is taken from a previous valuation report and interested parties must rely on their own enquiries as to the current layout.

Location

Situated to the south side of Lavender Close, north of its junction with Wesley Road. Convenient to the local amenities of Leatherhead to the north-west. Local bus routes run along Highlands Road to the north, with rail services from Leatherhead Station to the north-west. The A24 is to the east and provides access to the A243 and M25 motorway. Norbury Park is to the south-west.

Tenure / Property Information

Investment Analysis

The guide is £2,300,000. The only directly identified comparable is The Chapel itself, sold for £2,100,000 in June 2018. Other Reigate Road sales are individual houses and are not reliable evidence for an 18-unit conversion GDV. No unit floor areas, current layout, detailed specification, completed-cost budget, rental comparables or supported post-conversion valuation are supplied. A defensible GDV, maximum bid and refurbishment allowance therefore cannot be established from the evidence.

Investment Snapshot

Strategy Recommendation

Do not commit above the guide without confirming the current planning position, layout, construction scope, full conversion budget, unit-by-unit GDV and exit evidence. Proceed only after independent technical, legal and valuation due diligence.

Works Required

Complete the former chapel conversion in accordance with the prior approval for 18 one-, two- and three-bedroom apartments. The evidence does not identify the current internal layout, outstanding construction works, services, fire-safety provisions, external works, parking or final specification, so no reliable cost allowance can be stated.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

BRRR cannot be underwritten from the supplied evidence. Refinance proceeds require a supported completed GDV, while the conversion cost, current condition, layout, specification and other acquisition or project costs are unknown.

Buy-to-Let Analysis

BTL returns cannot be established because no sufficiently specific rental evidence, auctioneer rent estimate, unit areas, completed cost or finance costs are supplied. The proposed scheme comprises 18 units, but the accommodation schedule is from a previous valuation report and must be independently verified.

Flip Analysis

A flip appraisal cannot be completed reliably. The 2018 sale of the former chapel at £2,100,000 provides historical context only and does not establish the value of the proposed 18-unit scheme. No supported selling allowance or completed project cost is provided.

Investor Risks & Due Diligence

• The accommodation schedule is taken from a previous valuation report and the current layout requires independent verification.

• The property requires completion, but the outstanding works and construction costs are not supplied.

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

• The prior approval and permitted-development position, including continuing validity and compliance, requires legal and planning verification.

• No parking, heating, EPC, council tax or detailed specification information is supplied.

• Buyer premium, administration charge and other acquisition costs are not provided; a £10,000 bidder security is required to bid and is not a stated project cost.

Recommendation

Do not commit above the guide without confirming the current planning position, layout, construction scope, full conversion budget, unit-by-unit GDV and exit evidence. Proceed only after independent technical, legal and valuation due diligence.

Strategy Rating

Analysis Confidence

The evidence confirms the guide, freehold tenure, vacancy and prior approval concept, but lacks current layout details, floor areas, condition survey, works budget, rental evidence, completed GDV and buyer or administration fees.