5 Bed Terraced House, Refurb/BRRR, Lancaster, LA1 1YS, £395,000

1 Castle Hill, Lancaster, LA1 1YS - 5 months ago

Sold STC
Refurb/BRRR
~178 m²
+5 photos

ValuationFair Value

Sold Prices£250K - £1.0M
Sold Prices/m²£1.6K/m² - £4.3K/m²

 

 

Square Metres

~178.28 m²
Price/m²£2.2K/m²

Value Estimate

£402,900

 

 

End Value (After Refurb)

£382,035

Investment Opportunity

Cash In

 

Purchase Finance

Bridging Loan

Deposit (25%)

£98,750

Stamp Duty & Legal Fees

£30,700

Refurb Costs

£72,080

Bridging Loan Interest

£10,369

Total Cash In

£213,649

 

 

Cash Out

 

Monetisation

FlipRefinance & Rent

Revaluation

£382,035

Mortgage (After Refinance)

£286,526

Mortgage LTV

75%

Cash Left In

£213,649

Equity

£95,509

Rent Range

£481 - £3,250

Rent Estimate

£1,131

Running Costs/mo

£1,440

Cashflow/mo

£-309

Cashflow/yr

£-3,709

Gross Yield

3%

Local Sold Prices

30 sold prices from £250K to £1.0M, average is £462.5K. £1.6K/m² to £4.3K/m², average is £2.5K/m².

PriceDateDistanceAddressBeds 
£250K05/210.4 mi77, Ashfield Avenue, Lancaster, Lancashire LA1 5DZ5
£680K01/230.5 miWoodmuir, Westbourne Road, Lancaster, Lancashire LA1 5EF5
£390K03/210.52 mi23, South Road, Lancaster, Lancashire LA1 4XJ5
£460K03/210.54 mi39, Meadowside, Lancaster, Lancashire LA1 3AQ5
£370K03/210.54 mi13, Meadowside, Lancaster, Lancashire LA1 3AQ5
£260K04/240.61 mi21, Dale Street, Lancaster, Lancashire LA1 3AP5
£640K03/230.83 mi2, Marlton Way, Lancaster, Lancashire LA1 5BW5
£521.3K02/210.95 mi6, Belle Vue Avenue, Lancaster, Lancashire LA1 4DD5
£1.0M09/230.96 miMatingold, Stanmore Drive, Lancaster, Lancashire LA1 5BL5
£365K11/230.97 mi1, Anderson Close, Lancaster, Lancashire LA1 3JE5
£800K06/210.97 miAldercliffe, Haverbreaks Road, Lancaster, Lancashire LA1 5BJ5
£375K01/231.03 mi21, Winster Park, Lancaster, Lancashire LA1 5TH5
£485.5K10/201.08 mi2, Parkgate Drive, Lancaster, Lancashire LA1 3FE5
£465K11/201.11 mi14, Standen Park House, Lancaster, Lancashire LA1 3FF5
£300K11/201.12 mi5, Calder Way, Morecambe, Lancashire LA3 3RX5
£635K10/201.15 mi6, Oaklands Court, Aldcliffe, Lancaster, Lancashire LA1 5AT5
£1.0M10/221.16 miCoach House, Oaklands Court, Aldcliffe, Lancaster, Lancashire LA1 5AX5
£530K12/201.2 mi12, Craiglands Court, Aldcliffe, Lancaster, Lancashire LA1 5AU5
£379.9K12/201.22 mi1, Trent Close, Morecambe, Lancashire LA3 3SR5
£440K06/211.23 mi44, Scotforth Road, Lancaster, Lancashire LA1 4SB5
£445K03/211.26 mi30, Spruce Avenue, Lancaster, Lancashire LA1 5LB5
£485K10/211.27 miPeel Grange, Green Lane, Lancaster, Lancashire LA1 2ES5
£500K12/221.28 mi67, Masonfield Crescent, Lancaster, Lancashire LA1 3SR5
£527.5K11/201.36 mi35, Lindbergh Avenue, Lancaster, Lancashire LA1 5FR5
£520K03/211.36 mi22, Lindbergh Avenue, Lancaster, Lancashire LA1 5FR5
£587.5K06/231.53 mi23, Yealand Drive, Lancaster, Lancashire LA1 4EW5
£335K09/221.55 mi44, Hadrian Road, Morecambe, Lancashire LA3 3BX5
£425K12/221.66 mi2, Buseph Drive, Morecambe, Lancashire LA4 6PQ5
£266K12/201.77 mi6, Sandown Road, Lancaster, Lancashire LA1 4LN5
£273K12/201.77 mi1, Sandown Road, Lancaster, Lancashire LA1 4LN5

Local Rents

41 rents from £481/mo to £3.3K/mo, average is £1.1K/mo.

RentDateDistanceAddressBeds 
£60704/240.16 miSt. Georges Quay, Lancaster, LA13
£68904/240.16 miKing Street, Lancaster, LA14
£62405/240.16 miKing Street, Lancaster, LA14
£1,10002/240.18 miSt George's Quay, Lancaster, LA13
£90005/240.2 miCromwell Building, Lancaster, LA13
£95005/240.2 miCromwell Building, Lancaster, LA13
£1,05002/240.2 mi-3
£90006/240.2 mi-3
£79504/240.21 miHarrier Court, Fenton Street, Lancaster3
£49503/240.22 mi-6
£65004/240.24 miCable Street, Lancaster, LA13
£1,07504/240.26 miSt Lukes Court, Fairfield Road, Lancaster3
£1,30012/240.26 mi-3
£1,83303/250.26 mi-4
£79504/240.26 miFairfield Road, Lancaster3
£51605/240.28 mi16, Kelsey Street, Lancaster4
£51605/240.31 mi65, Blades Street, Lancaster6
£2,70803/250.31 mi-5
£1,20005/240.33 miAbram Close, Lancaster3
£1,75012/240.35 mi-3
£3,25003/250.35 mi-6
£2,27505/240.36 mi-3
£2,49202/250.36 mi-3
£1,35004/240.37 miNelson Street, Lancaster, LA14
£1,15012/240.37 mi-4
£1,00004/240.38 miAbram Close, Lancaster3
£48105/240.44 mi31, Gladstone Terrace, Lancaster5
£62005/240.44 mi17, Gladstone Terrace, Lancaster5
£49404/240.44 mi50, Regent Street, Lancaster10
£79504/240.49 miTower Court, Lancaster, LA13
£1,50008/230.51 mi-3
£1,40004/240.51 mi-3
£1,25007/240.51 mi-3
£1,10008/240.51 mi-3
£49405/240.53 mi6, Milking Stile Lane, Lancaster6
£1,10010/230.54 mi-4
£95004/240.55 miBalmoral Road, Lancaster, LA13
£1,10005/240.55 miBalmoral Road, Lancaster3
£1,05004/240.59 miAberdeen Road, Lancaster, LA13
£1,05003/240.59 mi-3
£1,00005/240.59 miDale Street, Primrose, Lancaster4

Local Area Statistics

Population in LA1

52,095

Population in Lancaster

74,075

Town centre distance

0.78 miles away

Nearest school

0.20 miles away

Nearest train station

0.18 miles away

 

 

Rental demand

Balanced market

Rental growth (12m)

+34%

Sales demand

Balanced market

Capital growth (5yrs)

+16%

Property History

Price changed to £395,000

February 12, 2025

Listed for £450,000

November 2, 2024

Floor Plans

Description

  • Rare opportunity! +
  • Mid terrace Grade II Listed Georgian double fronted +
  • Requires complete renovation +
  • Spacious, versatile rooms +
  • Extensive accommodation over three floors +
  • Small private flagged yard at the rear +
  • Amenities within walking distance +
  • City centre location, close to Lancaster Castle +

This versatile property now requires complete renovation but with extensive accommodation over three floors as well as a cellar it has immense potential for a number of uses (possibly one fabulous townhouse, apartments or offices?) subject to the necessary consents. Unusual for such a central property in this part of the city there is also a small private flagged yard at the rear. A key selling point for the property is the rarity of such an opportunity in such a central and prime location. It is located on historic Castle Hill which runs between The Judges’ Lodgings Museum and St Mary’s Parade which borders the grounds of Lancaster Castle, thereby sealing its credentials of being exceptionally central. The adjoining property was the offices and workshops of nationally famous cabinet makers Gillow & Co until 1882, indeed, No.1 was believed to have been used as their workshop and showroom. Tucked down Castle Hill which is a no-through road, the property won’t see a large amount of passing traffic. The city’s amenities and train station are all within walking distance so this is a location where you could happily live car free. Historic England has classified the property as Grade II Listed, the schedule provides the following details: “Warehouse and workshop…. 1770, gutted by fire 1985, then converted. Probably by Richard Gillow.…..To the right of the top stage of the loading slot are the stone brackets of a former crane….. HISTORY: built for the manufacture and display of furniture by the Gillows, who were described by Thomas Pennant in his 'Tour of Scotland' as 'very ingenious cabinet-makers... who fabricate most excellent and neat goods at remarkably cheap rates, which they export to London and the plantations'. This warehouse was described by Richard Gillow as 'newly built' in June 1770.” For the full listing, please visit historicengland.org.uk Ground Floor
Enter into the spacious reception room and then through into a hallway where the focal point is the impressive gently curved wide staircase leading to the first floor. Beyond the initial reception room and hall, the ground floor comprises a cloakroom, kitchen and second large reception room that has a door leading out to the rear courtyard. A secondary stairwell provides a second set of stairs running from the ground to second floor. First Floor
Off the split-level first floor landing is, to the rear of the property, a cloakroom and large bedroom. To the front, there is a second generous bedroom with French doors to a Juliette balcony. Second Floor
A wide set of gently curved stairs continues to the second floor, again with a split-level landing. To the rear of the property is a shower room, bathroom, two bedrooms and a living kitchen and off the front landing, a large bedroom. From this floor there are attractive and interesting views over city centre rooftops. Outside
The courtyard provides access from the external steps down to the cellar. Directions
what3words castle.view.slice
Situated on a no-through road, for viewings we recommend you park nearby and approach on foot. Leaving our office, turn right and proceed down Castle Hill. The property is on the right hand side. Services
Mains electricity, gas, water and drainage. Gas fired central heating from two combination Worcester boilers. We are informed by the vendor that the systems have not been used for at least the last ten years. No assurances will be provided as to functionality. Broadband
Ultrafast speed potentially available from Openreach of 1000 Mbps download and for uploading 220 Mbps. Mobile
Indoor: EE, O2 and Vodaphone are reported as ‘likely’ for both Voice and Data services. Three is reported as providing ‘limited’ Voice and Data services.
Outdoor: EE, Three, O2 and Vodaphone are reportedas ‘likely’ for both Voice and Data services.
Enhanced data: 5G is predicted to be available around this location (outdoors only).
Broadband and mobile information provided by Ofcom. Important Note
When viewing, please wear sturdy footwear and bring a torch. Entry to the cellar is at the sole risk of the potential purchaser with no liability to the vendor or Agent. Local Authority Charges
Lancaster City Council – Council Tax band D Tenure
Freehold Included in the sale
The property is sold as seen.

Agent Details

Matthews Benjamin, Lancaster

01524 967263

Next Steps?

This deal was sourced from Rightmove. Contact the landlord/agent for a viewing now 💪