3 Bed Bungalow, Refurb/BRRR, Worcester, WR5 2PR, £525,000

Norton, Worcester, Worcestershire, WR5 2PR - 4 views - 8 months ago

Refurb/BRRR
~93 m²
+8 photos

ValuationOvervalued

Sold Prices£185K - £396K
Sold Prices/m²£250/m² - £4K/m²

 

 

Square Metres

~93 m²
Price/m²£5.6K/m²

Value Estimate

£301,948

 

 

End Value (After Refurb)

£375,000

Investment Opportunity

Cash In

 

Purchase Finance

Bridging Loan

Deposit (25%)

£131,250

Stamp Duty & Legal Fees

£30,700

Refurb Costs

£36,762

Bridging Loan Interest

£13,781

Total Cash In

£214,244

 

 

Cash Out

 

Monetisation

FlipRefinance & Rent

Revaluation

£375,000

Mortgage (After Refinance)

£281,250

Mortgage LTV

75%

Cash Left In

£214,244

Equity

£93,750

Rent Range

£695 - £1,650

Rent Estimate

£1,089

Running Costs/mo

£1,410

Cashflow/mo

£-321

Cashflow/yr

£-3,848

Gross Yield

2%

Local Sold Prices

50 sold prices from £185K to £396K, average is £269K. £250/m² to £4K/m², average is £3.3K/m².

PriceDateDistanceAddressBeds 
£337.5K01/240.15 mi25, Dunkirk Drive, Brockhill Village, Worcester, Worcestershire WR5 2SG3
£280K12/200.15 mi10, Dunkirk Drive, Brockhill Village, Worcester, Worcestershire WR5 2SG3
£290K07/240.15 mi39, Peninsula Road, Brockhill Village, Worcester, Worcestershire WR5 2SE3
£335K03/230.15 mi25, Peninsula Road, Brockhill Village, Worcester, Worcestershire WR5 2SE3
£285K02/210.15 mi29, Peninsula Road, Brockhill Village, Worcester, Worcestershire WR5 2SE3
£257.5K08/210.15 mi39, Peninsula Road, Brockhill Village, Worcester, Worcestershire WR5 2SE3
£362.5K05/230.15 mi38, Peninsula Road, Brockhill Village, Worcester, Worcestershire WR5 2SE3
£330K02/230.28 mi15, Talavera Road, Brockhill Village, Worcester, Worcestershire WR5 2SB3
£285K09/230.28 mi57, Talavera Road, Brockhill Village, Worcester, Worcestershire WR5 2SB3
£270K05/210.29 mi25, Toulouse Drive, Brockhill Village, Worcester, Worcestershire WR5 2SA3
£365K09/230.36 mi20, Corunna Close, Brockhill Village, Worcester, Worcestershire WR5 2PW3
£260K04/210.36 mi45, Salamanca Drive, Brockhill Village, Worcester, Worcestershire WR5 2PQ3
£260K05/230.4 mi12, Kohima Drive, Brockhill Village, Worcester, Worcestershire WR5 2PH3
£250K08/210.41 mi22, Mandalay Drive, Brockhill Village, Worcester, Worcestershire WR5 2PL3
£350K12/220.41 mi82, Mandalay Drive, Brockhill Village, Worcester, Worcestershire WR5 2PL3
£245K05/230.41 mi16, Mandalay Drive, Brockhill Village, Worcester, Worcestershire WR5 2PL3
£300K09/230.44 mi23, Cambrai Drive, Brockhill Village, Worcester, Worcestershire WR5 2PN3
£300K11/200.48 mi57, Mandalay Drive, Brockhill Village, Worcester, Worcestershire WR5 2PL3
£240K02/210.48 mi8, Broomhall Cottages, Broomhall, Worcester, Worcestershire WR5 2NX3
£340K12/220.56 mi3, Lawnspool Drive, Kempsey, Worcester, Worcestershire WR5 3PG3
£255K08/210.63 mi6, Deer Avenue, Worcester, Worcestershire WR5 3TS3
£290K07/210.63 mi40, Deer Avenue, Worcester, Worcestershire WR5 3TS3
£250K01/230.64 mi11, Camberwell Drive, Worcester, Worcestershire WR5 3TN3
£220K07/210.65 mi11, Camberwell Drive, Worcester, Worcestershire WR5 3TN3
£217.5K05/210.65 mi6, Camberwell Drive, Worcester, Worcestershire WR5 3TN3
£243K06/210.65 mi4, Camberwell Drive, Worcester, Worcestershire WR5 3TN3
£240K06/230.65 mi32, Camberwell Drive, Worcester, Worcestershire WR5 3TN3
£250K09/230.66 mi50, Grasshopper Avenue, Worcester, Worcestershire WR5 3TB3
£185K11/200.66 mi35, Grasshopper Avenue, Worcester, Worcestershire WR5 3TB3
£252K04/210.66 mi23, Grasshopper Avenue, Worcester, Worcestershire WR5 3TB3
£280K12/230.66 mi100, Grasshopper Avenue, Worcester, Worcestershire WR5 3TB3
£275K02/240.68 mi18, Fox Drive, Worcester, Worcestershire WR5 3TQ3
£275K12/230.68 mi5, Fox Drive, Worcester, Worcestershire WR5 3TQ3
£295K03/230.69 mi21, Grasshopper Avenue, Worcester, Worcestershire WR5 3TB3
£261K04/210.7 mi9, Squirrel Drive, Worcester, Worcestershire WR5 3TW3
£310K04/210.71 mi1, Brimstone Close, Worcester, Worcestershire WR5 3TX3
£275K08/230.71 mi12, Brimstone Close, Worcester, Worcestershire WR5 3TX3
£224K01/210.72 mi2, Badger Gardens, Worcester, Worcestershire WR5 3TG3
£268K03/210.72 mi82, Grasshopper Avenue, Worcester, Worcestershire WR5 3TB3
£300K12/230.74 mi1, Blagdon Close, St Peters, Worcester, Worcestershire WR5 3PL3
£265K11/230.76 mi23, Stroma Avenue, Worcester, Worcestershire WR5 3PJ3
£240K11/210.78 mi22, Arran Place, Worcester, Worcestershire WR5 3UL3
£270K07/230.78 mi2, Arran Place, Worcester, Worcestershire WR5 3UL3
£255K03/230.79 mi9, Dinmore Close, Worcester, Worcestershire WR5 3RN3
£250K03/210.8 mi32, Alton Road, Worcester, Worcestershire WR5 3RL3
£290K01/240.8 mi14, Alton Road, Worcester, Worcestershire WR5 3RL3
£396K06/210.8 miCringle Cottage, Brookfield, Broomhall, Worcester, Worcestershire WR5 2NU3
£250K01/210.82 mi8, Westonbirt Close, Worcester, Worcestershire WR5 3RX3
£238K01/210.86 mi7, Batsford Road, Worcester, Worcestershire WR5 3RW3
£256.5K09/230.87 mi3, Caldy Avenue, Worcester, Worcestershire WR5 3UG3

Local Rents

51 rents from £695/mo to £1.6K/mo, average is £1.1K/mo.

RentDateDistanceAddressBeds 
£1,30011/240.15 miPeninsula Road, Norton, Worcester, WR53
£1,20007/230.21 mi-2
£1,30004/250.21 mi-2
£85011/240.25 miCrookbarrow Road, Norton2
£1,65011/240.28 miToulouse Drive, Norton, Worcester.4
£1,19503/250.3 mi-2
£1,50008/230.37 mi-4
£90011/240.41 miMandalay Drive, Brockhill Village, WORCESTER2
£82511/240.65 miCamberwell Drive, St Peters2
£1,20011/240.66 miGrasshopper Avenue, WORCESTER3
£69511/240.7 miDragonfly Green, WORCESTER1
£85011/240.76 miStroma Avenue, St Peters, Worcester2
£90011/240.78 miWaseley Close, WORCESTER2
£75011/240.8 mi-1
£1,25011/240.85 miLundy Row, WORCESTER3
£1,05004/250.88 mi-2
£99507/240.89 mi-2
£1,40011/240.9 miTiree Avenue, Worcester, WR54
£99902/240.94 mi-2
£99902/250.94 mi-2
£89511/241.02 miKingfisher Close, Worcester, Worcestershire, WR52
£92511/241.04 miYarrow Close, WORCESTER2
£1,32511/241.09 miPrimrose Crescent, Worcester3
£1,15004/251.14 mi-2
£99511/241.22 miRansome Avenue, Worcester, WR53
£74011/241.26 mi-1
£95003/241.34 mi-2
£1,09502/241.41 mi-3
£1,60011/241.43 miDalziel Drive, Worcester4
£97502/251.43 mi-2
£1,10002/241.44 mi-4
£1,50010/241.5 mi-3
£92503/251.53 mi-2
£1,20002/241.54 mi-3
£1,39504/251.54 mi-3
£95011/241.56 miOrchard Street, WORCESTER3
£85002/241.56 mi-2
£85002/241.56 mi-2
£90001/251.56 mi-2
£85011/241.57 miBath Road, Worcester, WR52
£1,20012/241.58 mi-1
£1,10004/251.63 mi-2
£99511/241.63 mi3 Orchard Mews, Orchard Street, Worcester, Worcestershire, WR52
£1,30004/251.64 mi-2
£1,25007/231.64 mi-2
£1,25004/251.64 mi-2
£1,20012/241.65 mi-3
£1,05002/251.67 mi-2
£95006/231.67 mi-2
£1,40003/251.68 mi-3
£89511/241.69 miCavalier Crescent, Worcester, Worcestershire, WR52

Local Area Statistics

Population in WR5

30,933

Population in Worcester

142,140

Town centre distance

2.16 miles away

Nearest school

0.70 miles away

Nearest train station

1.26 miles away

 

 

Rental demand

Landlord's market

Rental growth (12m)

+32%

Sales demand

Seller's market

Capital growth (5yrs)

+18%

Property History

Listed for £525,000

September 7, 2024

Floor Plans

Description

  • Fantastic development opportunity +
  • South facing detached bungalow in need of complete refurbishment +
  • Sitting room with fireplace +
  • Kitchen with separate pantry +
  • Rear hall with utility area and separate coal store +
  • 3 bedrooms and family bathroom +
  • Private enclosed gardens, driveway and off-road parking +
  • Grounds extending to approximately 0.81 acres +
  • Adjoining former orchard with benefit of Permission in Principle for up to four dwellings +

Exciting development opportunity in highly convenient location.

Fantastic development project to include a south facing detached bungalow in need of modernisation together with adjoining land with Permission in Principle for up to 4 dwellings.

Ground floor and first floor
• Detached south facing bungalow
• ‘L’ shaped hallway with cloaks cupboard, airing cupboard and access to roof space
• Sitting room overlooking front garden and fireplace with stove
• Dual aspect kitchen with fitted units and separate pantry
• Rear hall with utility area and separate coal store
• 2 double bedrooms and single bedroom
• Family bathroom with coloured suite

Outside
• Enclosed private garden with mature trees and shrubs
• Gated driveway with off road parking
• Adjoining former orchard with Permission in Principle for up to four dwellings (W/22/01835/PIP)
• Grounds extending in total to 0.81 acres

Situation
The property is situated in a highly convenient and popular location immediately south east of Worcester city centre that has all that would be expected of a city. The village of Norton has an abundance of local amenities to include the popular St Peters Garden Centre, a public house and a Church together with the Worcester and Norton Shooting Club and Crocket Club
There are superb road links to Junction 7 of the M5 motorway and mainline rail services to Birmingham and London from Worcestershire Parkway train station, both of which are less than a 5 minute drive away.
There are excellent state and private schools including Nunnery Wood High School, which includes a sports centre open to the public, The Royal Grammar School and The King’s School in Worcester and the Malvern Colleges. In the nearby village of Littleworth there is a C of E primary school.

Fixtures and Fittings
All fixtures, fittings and furniture such as curtains, light fittings, garden ornaments and statuary are excluded from the sale. Some may be available by separate negotiation.

Services
Mains water and electricity. Private drainage. None of the services or appliances, heating installations, plumbing or electrical systems have been tested by the selling agents.
If the private drainage system requires updating/replacement, it is assumed that prior to offers being made, associated costs have been considered and are the responsibility of the purchaser. Interested parties are advised to make their own investigations, no further information will be provided by the selling agents.
The current broadband download speed at the property is not connected. The estimated fastest download speed currently achievable for the property postcode area is around 49 Mbps (data taken from checker.ofcom.org.uk on 28/08/2024). Actual service availability at the property or speeds received may be different.
We understand that the property is likely to have current mobile coverage (data taken from checker.ofcom.org.uk on 28/08/2024). Please note that actual services available may be different depending on the particular circumstances, precise location and network outages.

Tenure
The property is to be sold freehold.

Local Authority
Wychavon District Council
Council Tax Band D

Public Rights of Way, Wayleaves and Easements
The property is sold subject to all rights of way, wayleaves and easements whether or not they are defined in this brochure.

Plans and Boundaries
The plans within these particulars are based on Ordnance Survey data and provided for reference only. They are believed to be correct but accuracy is not guaranteed. The purchaser shall be deemed to have full knowledge of all boundaries and the extent of ownership. Neither the vendor nor the vendor’s agents will be responsible for defining the boundaries or the ownership thereof.

Planning Statement
The site has successful received Permission in Principle (PIP) for a development of up to 4 dwellings. The PIP was allowed on the 21.11.2023.
The decision, along with supporting documents can be found at the following link

Moving forward, a purchaser of the site will need to submit a technical details consent to conclude the planning process and establish the scale, layout and design of the site.

Viewings
Strictly by appointment through Fisher German LLP.

Directions
Postcode –WR5 2PR
What3words: ///seasonal.equipping.collect

Agent Details

Fisher German, Worcester

03300 581617

Next Steps?

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