Units 6, 6A & 6B Dear Street, Market Rasen, Lincolnshire

Description

The property comprises a freehold light industrial opportunity with evident asset management potential. Arranged as three workshop units totalling approximately 1,570 sq ft (145.85 sq m), the property is let to two separate tenants at ground floor producing a total £3,720 per annum. Unit 6B is currently vacant and comprises storage of approximately 680 sq ft (63.19 sq m) to the first floor. The property may also be suitable for conversion to alternative uses, subject to obtaining the requisite consents.

Accommodation

Three workshop units totalling approximately 1,570 sq ft (145.85 sq m). Unit 6B comprises approximately 680 sq ft (63.19 sq m) of first-floor storage.

Location

Situated within an established light industrial parade accessed from both Dear Street and Market Place, the principal retail pitch in Market Rasen. The area is characterised by a mix of similar light industrial uses.

Tenure / Property Information

Investment Analysis

No supported GDV can be established. The supplied sold comparables are residential freehold properties on Dear Street and are not sufficiently comparable to three light-industrial/workshop units. Current income is £3,720 per annum from two ground-floor tenants, but no leases, tenant covenants, passing-rent breakdown, external rental evidence or valuation yield is supplied. The £10,000 guide implies a 37.20% gross yield on the stated existing income before costs, but this is not a market valuation and excludes the vacant first-floor storage unit, buyer premium, VAT and other possible auction costs.

Investment Snapshot

Strategy Recommendation

Investigate as a small commercial income and asset-management opportunity, with particular focus on lease verification and letting Unit 6B. Do not rely on the headline yield or pursue conversion without confirming costs, consents, auction conditions and achievable rents.

Works Required

No physical defects or refurbishment requirements are evidenced, so no refurbishment allowance is included. Priorities are to verify the two occupational arrangements, review the existing units, market Unit 6B for storage/workshop occupation, and investigate any alternative-use potential only subject to the requisite consents.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

A BRRR assessment is not supportable because no evidence-based GDV or refinance valuation is available. The low guide and existing income may offer asset-management potential, but the vacant unit, unknown lease terms, unspecified auction charges and possible VAT prevent a reliable refinance or cash-left-in calculation.

Buy-to-Let Analysis

The stated current income is £3,720 per annum, equivalent to £310 pcm, producing a 37.20% gross yield against the £10,000 guide before costs. This is based only on existing ground-floor income; Unit 6B is vacant, and no reliable market rent, lease details, operating costs, buyer premium or VAT figure is supplied. Net yield and stabilised income cannot be established.

Flip Analysis

A flip appraisal cannot be established. No comparable industrial sales, supported GDV, refurbishment requirement or selling-cost allowance is supplied. The residential sold comparables should not be used as evidence for the value of these industrial units.

Investor Risks & Due Diligence

• Unit 6B is vacant and no achievable market rent is evidenced.

• The two existing occupational arrangements and lease terms are not supplied.

• The £3,720 annual income may not represent the whole property and cannot be independently benchmarked from the supplied evidence.

• Buyer premium is unspecified, VAT may apply, and further seller charges may appear in the Special Conditions of Sale.

• Alternative use or conversion would require the requisite consents and no feasibility or cost evidence is supplied.

• The supplied sold comparables are residential rather than comparable light-industrial properties.

• No condition, EPC, heating, parking, service-charge or operating-cost information is supplied.

Recommendation

Investigate as a small commercial income and asset-management opportunity, with particular focus on lease verification and letting Unit 6B. Do not rely on the headline yield or pursue conversion without confirming costs, consents, auction conditions and achievable rents.

Strategy Rating

Analysis Confidence

The property description, tenure, floor area, existing income and vacancy are supplied, but there is no industrial valuation evidence, rental comparable, lease information, condition survey, buyer-premium figure, VAT treatment or special-conditions detail.