2 Bed Terraced House, Refurb/BRRR, Chichester, PO20 3SB, £550,000

Level Mare Lane, Eastergate, PO20 3SB - 3 views - 7 months ago

Under Offer
Refurb/BRRR
Planning
~68 m²
+19 photos

ValuationOvervalued

Sold Prices£195K - £1.1M
Sold Prices/m²£3.2K/m² - £5.7K/m²

 

 

Square Metres

~68.11 m²
Price/m²£8.1K/m²

Value Estimate

£279,560

 

 

End Value (After Refurb)

£517,500

Investment Opportunity

Cash In

 

Purchase Finance

Bridging Loan

Deposit (25%)

£137,500

Stamp Duty & Legal Fees

£32,700

Refurb Costs

£31,346

Bridging Loan Interest

£14,438

Total Cash In

£217,733

 

 

Cash Out

 

Monetisation

FlipRefinance & Rent

Revaluation

£517,500

Mortgage (After Refinance)

£388,125

Mortgage LTV

75%

Cash Left In

£217,733

Equity

£129,375

Rent Range

£950 - £4,850

Rent Estimate

£1,754

Running Costs/mo

£1,988

Cashflow/mo

£-234

Cashflow/yr

£-2,808

Gross Yield

4%

Local Sold Prices

31 sold prices from £195K to £1.1M, average is £295K. £3.2K/m² to £5.7K/m², average is £4.2K/m².

PriceDateDistanceAddressBeds 
£395K12/220.54 mi16, Dukes Road, Fontwell, Arundel, West Sussex BN18 0SP2
£233K03/210.78 mi31, Barnett Close, Eastergate, Chichester, West Sussex PO20 3UW2
£275K01/210.92 mi8, Ivy Close, Westergate, Chichester, West Sussex PO20 3RF2
£235K05/210.92 mi6, Ivy Close, Westergate, Chichester, West Sussex PO20 3RF2
£268K05/210.93 mi27, Lime Avenue, Westergate, Chichester, West Sussex PO20 3UF2
£1.1M12/200.97 miThe Laurels, Old Rectory Drive, Eastergate, Chichester, West Sussex PO20 3XH2
£275K11/201.1 mi2, Rosvara Avenue, Westergate, Chichester, West Sussex PO20 3RB2
£280K10/211.16 mi40, St Richards Road, Westergate, Chichester, West Sussex PO20 3RD2
£510K03/231.22 mi59, Downview Road, Barnham, Bognor Regis, West Sussex PO22 0EF2
£295K11/201.22 mi3, Murrell Gardens, Barnham, Bognor Regis, West Sussex PO22 0DF2
£279.9K11/201.29 mi22, Meadow Way, Westergate, Chichester, West Sussex PO20 3QT2
£315K01/241.4 mi8, Sackville Gardens, Barnham, Bognor Regis, West Sussex PO22 0DJ2
£349.9K06/211.43 mi4, Drovers Way, Barnham, Bognor Regis, West Sussex PO22 0DD2
£275K11/231.49 mi33, Elm Grove South, Barnham, Bognor Regis, West Sussex PO22 0EJ2
£390K11/231.5 mi9, Elm Grove, Barnham, Bognor Regis, West Sussex PO22 0HJ2
£250K03/231.64 mi17, Barrack Row, Walberton, Arundel, West Sussex BN18 0QD2
£270K12/201.67 mi49, London Road, Slindon Common, Arundel, West Sussex BN18 0NG2
£325K06/211.67 mi6, Woodgate Road, Woodgate, Chichester, West Sussex PO20 3SX2
£330K10/231.71 mi2, Homefield Crescent, Walberton, Arundel, West Sussex BN18 0PX2
£250K01/211.71 mi13, Homefield Crescent, Walberton, Arundel, West Sussex BN18 0PX2
£300K03/211.71 mi3, Homefield Crescent, Walberton, Arundel, West Sussex BN18 0PX2
£345K08/231.73 mi11, Woodgate Close, Woodgate, Chichester, West Sussex PO20 3TA2
£250K03/211.75 mi17, Gospond Road, Barnham, Bognor Regis, West Sussex PO22 0EU2
£395K04/211.8 miWest Wing, Firgrove House, Mill Road, Slindon Common, Arundel, West Sussex BN18 0LY2
£195K03/211.84 mi29, Warren Way, Barnham, Bognor Regis, West Sussex PO22 0JX2
£295K05/231.91 mi21, Dial Close, Barnham, Bognor Regis, West Sussex PO22 0JU2
£372K12/201.97 mi5, Halliford Drive, Barnham, Bognor Regis, West Sussex PO22 0AB2
£345K11/201.97 mi14, Halliford Drive, Barnham, Bognor Regis, West Sussex PO22 0AB2
£405K06/231.97 mi3, Halliford Drive, Barnham, Bognor Regis, West Sussex PO22 0AB2
£260K06/211.99 mi12, Goodacres, Barnham, Bognor Regis, West Sussex PO22 0JF2
£260K06/211.99 mi22, Goodacres, Barnham, Bognor Regis, West Sussex PO22 0JF2

Local Rents

49 rents from £950/mo to £4.8K/mo, average is £1.6K/mo.

RentDateDistanceAddressBeds 
£1,85012/240.52 miConnemara Crescent, Fontwell, Arundel3
£1,85012/240.53 miConnemara Crescent, Arundel3
£1,50012/240.54 miDukes Road, Fontwell, Arundel, West Sussex2
£1,85012/240.56 miTattersalls Road, Fontwell, Arundel3
£1,75012/240.6 miCooke Road, Fontwell, BN183
£1,97512/240.6 miFontwell Meadows, Cooke Road, BN184
£1,65012/240.6 miFontwell Meadows, Cook Road, Walberton, BN183
£2,12512/240.6 miCooke Road, BN184
£1,72512/240.6 miFontwell Meadows, Cook Road, Walberton, BN183
£1,67512/240.6 miFontwell Meadows, Cook Road, Walberton, BN183
£1,55006/240.61 miGrant Rise Eastergate PO203
£1,60012/240.61 miFontwell Meadows, Steeplechase Way, Arundel, West Sussex, BN183
£1,60012/240.61 miFontwell Meadows, Steeplechase Way, Arundel, West Sussex, BN183
£1,30012/240.68 miHermitage Lane Fontwell BN182
£1,65007/240.74 miPeckham Chase, Eastergate, Chichester, PO203
£1,75007/240.78 miBarnett Close Eastergate PO204
£1,20006/240.83 miNyton Road Westergate PO202
£1,15007/240.84 miNyton Road, Westergate, PO202
£1,50007/240.86 miChurch Lane, Eastergate3
£1,25006/240.88 miAldingbourne House, Aldingbourne Drive, Crockerhill2
£1,29507/240.92 miLime Avenue, Chichester2
£1,75006/240.95 miHighview Road Eastergate PO204
£1,29506/241.02 miSt Georges Walk, Eastergate3
£1,15006/241.17 miBarnham Road, Eastergate2
£1,30007/241.2 miOaks Close, Westergate3
£2,75007/241.22 miDownview Road, Bognor Regis5
£1,05007/241.37 miLamorna Gardens Westergate PO202
£2,19507/241.39 miSackville Gardens, Barnham4
£1,45006/241.4 miHasler Grove, Aldingbourne2
£1,45006/241.42 mi-3
£1,60005/241.43 mi-3
£1,50007/241.44 miWoodgate Park Woodgate PO203
£2,60006/241.49 miSummer Close, Aldingbourne5
£2,25006/241.49 miSummer Close, Woodgate, Chichester, PO204
£2,80007/241.52 mi-3
£1,05008/241.54 miElm Grove South, Barnham, Bognor Regis, PO222
£1,50006/241.57 miElm Grove, Barnham3
£2,25006/241.62 mi-4
£4,85012/241.63 mi-5
£4,85012/241.63 miWest Walberton Lane, Walberton, Arundel, BN185
£1,19503/241.65 mi-2
£1,80006/241.65 miEasthampnett Lane, Easthampnett, Chichester, West Sussex, PO183
£1,25006/241.71 miThicket Lane, Halnaker2
£1,20007/241.71 miPark Farm Cottages1
£1,99512/241.71 miSchool Hill, Slindon, Arundel, BN183
£2,00007/241.74 mi86 Barnham Road4
£1,59512/241.78 miLidsey Road, Woodgate, Chichester, PO203
£95005/241.8 mi-1
£1,30007/241.84 miWarren Way, Bognor Regis3

Local Area Statistics

Population in PO20

32,437

Population in Chichester

75,877

Town centre distance

5.22 miles away

Nearest school

0.50 miles away

Nearest train station

1.90 miles away

 

 

Rental demand

Landlord's market

Rental growth (12m)

+7%

Sales demand

Buyer's market

Capital growth (5yrs)

+14%

Property History

Listed for £550,000

September 17, 2024

Floor Plans

Description

  • End of terrace cottage +
  • Scope to extend (STPP) +
  • Semi-rural location +
  • Two reception rooms & conservatory +
  • Two bedrooms +
  • Private garden & adjacent pony paddock +
  • Two allocated parking spaces +
  • Solar panels providing supplementary electricity +

Situated in a secluded and picturesque semi-rural setting, this two-bedroom end terrace cottage presents a rare opportunity for those seeking a property with excellent potential for modernisation and improvement. Nestled on the outskirts of Chichester, this charming residence offers a tranquil retreat while still being conveniently located just five miles from the town centre.

The property boasts ample scope for extension, subject to obtaining the necessary planning permissions, making it an attractive proposition for those looking to create their dream home in a sought-after location. With its own private garden, the property also benefits from an adjacent pony paddock. The total area spans approximately two acres, providing a sense of space and tranquillity rarely found in properties of this nature.

Upon entering the residence, there is an entrance hall leading to a sitting room. An inner hall flows into a separate dining room, and the kitchen. Additional features include a conservatory with underfloor heating, perfect for enjoying the garden, and a convenient wet room.

The first floor comprises a dual aspect principal bedroom, a second bedroom, and a bathroom complete with a classic rolltop bath, adding a touch of elegance to the space. The property also benefits from two allocated parking spaces, ensuring convenience for residents and guests alike.

The garden, which wraps around the property, is mainly laid to lawn, creating an ideal space for outdoor activities and al fresco dining. Beyond the garden, a woodland area provides a sense of seclusion and privacy.

Noteworthy to mention is the upcoming installation of a new shared waste treatment centre in autumn 2024. Once operational, the associated running costs will be evenly divided between the three cottages. The area shaded in pink on the plan is to be equally owned and maintained (shared cost) by the three cottages. Arun District Council - 24/25 Tax Band D £2,257.59 From Chichester proceed east on the A27 and at the Fontwell roundabout take the third exit off into Fontwell Avenue. After Fontwell race course take the first turning on the right into Level Mare Lane. Continue for 0.65 of a mile and turn right onto a private drive and the cottages are on the right after a short distance. what3words.com/conquest.pods.mobile

EPC Rating: E Garden Adjacent paddock Parking - Allocated parking

Agent Details

Henry Adams, Chichester

01243 973395

Next Steps?

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