Viney Bridge Mills, South Street, Crewkerne, Somerset, TA18 8AE

Description

Grade II listed former textile mill occupying circa 2.8 acres of grounds, with full planning permission for the sympathetic conversion of existing buildings into 30 dwellings and the construction of 16 new-build dwellings, 46 dwellings in total.

Accommodation

30 dwellings offering a mix of 1, 2, 3 and 4 bedroom homes, plus 16 new-build dwellings offering a mix of 3 and 4 bedroom family homes.

Location

Ideally situated on the edge of the market town of Crewkerne, within walking distance of the town centre, Crewkerne railway station, local bus routes and road connections via the A30 and A356. The town offers independent shops, supermarkets, cafés and everyday amenities. The railway station provides direct links to London Waterloo and Exeter.

Tenure / Property Information

Investment Analysis

The £2,500,000 guide is for a freehold Grade II listed former textile mill development site with planning permission for 46 dwellings. The supplied completed sales are terraced-house transactions on South Street, ranging from £142,901 to £257,000, but they do not provide sufficient evidence for the value of the proposed mix of 46 homes. No dwelling floor areas, individual proposed values, build costs, professional fees, abnormal costs, finance costs or sales costs are supplied. A reliable GDV, residual land value or maximum bid therefore cannot be established. The known £1,800 contract documentation fee is payable in addition to the purchase price; further seller fees and planning-related costs may apply.

Investment Snapshot

Strategy Recommendation

Do not bid on the supplied evidence alone. Proceed only after independent verification of the planning permission and conditions, a detailed cost plan, proposed unit schedule and values, listed-building requirements, infrastructure obligations, funding terms and all auction special-condition costs.

Works Required

Sympathetic conversion of the existing Grade II listed mill buildings into 30 dwellings, construction of 16 new-build dwellings, and associated works required to satisfy planning conditions. The supplied evidence does not specify the detailed works, specifications, infrastructure requirements or condition of the existing buildings.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

A BRRR strategy cannot be underwritten from the supplied evidence. The scheme has planning permission, but there is no supported GDV, works budget, cost plan, finance allowance or completed rental schedule. The £2,500,000 guide is also subject to the £1,800 documentation fee, possible seller fees and planning-related costs.

Buy-to-Let Analysis

This is a development site rather than an evidenced completed rental investment. The only rental evidence is an advertised £895 pcm asking rent for one two-bedroom flat, which cannot be reliably applied across the proposed mix of 46 one-, two-, three- and four-bedroom dwellings. BTL income and yield cannot therefore be established.

Flip Analysis

A development flip or build-and-sell strategy cannot be quantified. The supplied terraced-house sales do not establish GDV for the proposed 46-home scheme, and no construction, conversion, professional, infrastructure, finance or selling-cost allowances are provided. Estimated flip surplus is therefore unsupported.

Investor Risks & Due Diligence

• Grade II listed conversion may involve specialist design, consent and construction requirements; detailed requirements are not supplied.

• The 46-dwelling planning permission may carry conditions and obligations whose costs and status are not provided.

• Construction and conversion costs, abnormal costs, infrastructure costs and professional fees are unknown.

• The proposed unit mix cannot be valued from the supplied terraced-house comparables alone.

• Additional seller fees may apply under the Special Conditions of Sale.

• The £1,800 contract documentation fee and planning-related costs are payable or potentially payable in addition to the purchase price.

Recommendation

Do not bid on the supplied evidence alone. Proceed only after independent verification of the planning permission and conditions, a detailed cost plan, proposed unit schedule and values, listed-building requirements, infrastructure obligations, funding terms and all auction special-condition costs.

Strategy Rating

Analysis Confidence

The planning quantum and tenure are stated, but essential inputs for development appraisal—unit sizes and values, detailed costs, condition, obligations, finance and selling assumptions—are absent. The comparables are not sufficiently matched to the proposed scheme.