2 Bed Terraced House, Refurb/BRRR, Lancaster, LA1 1RE, £180,000

King Street, Lancaster, Lancashire, LA1 1RE - 3 views - 5 months ago

Sold STC
Refurb/BRRR
ROI: 2%
~68 m²
+12 photos

ValuationOvervalued

Sold Prices£100.5K - £245K
Sold Prices/m²£1.3K/m² - £3.6K/m²

 

 

Square Metres

~68.11 m²
Price/m²£2.6K/m²

Value Estimate

£139,686

 

 

End Value (After Refurb)

£173,750

Investment Opportunity

Cash In

 

Purchase Finance

Bridging Loan

Deposit (25%)

£45,000

Stamp Duty & Legal Fees

£6,600

Refurb Costs

£27,537

Bridging Loan Interest

£4,725

Total Cash In

£85,612

 

 

Cash Out

 

Monetisation

FlipRefinance & Rent

Revaluation

£173,750

Mortgage (After Refinance)

£130,313

Mortgage LTV

75%

Cash Left In

£85,612

Equity

£43,438

Rent Range

£641 - £1,647

Rent Estimate

£889

Running Costs/mo

£741

Cashflow/mo

£148

Cashflow/yr

£1,779

ROI

2%

Gross Yield

6%

Local Sold Prices

50 sold prices from £100.5K to £245K, average is £135K. £1.3K/m² to £3.6K/m², average is £2.1K/m².

PriceDateDistanceAddressBeds 
£125K05/210.22 mi23, Meeting House Lane, Lancaster, Lancashire LA1 1TX2
£139.9K12/230.25 mi22, Sylvester Street, Lancaster, Lancashire LA1 5DG2
£128.5K04/210.25 mi28, Sylvester Street, Lancaster, Lancashire LA1 5DG2
£135K03/210.25 mi38, Sylvester Street, Lancaster, Lancashire LA1 5DG2
£140K03/240.25 mi16, Sylvester Street, Lancaster, Lancashire LA1 5DG2
£160K11/210.26 mi68, Sibsey Street, Lancaster, Lancashire LA1 5DF2
£165.5K04/210.26 mi15, Sibsey Street, Lancaster, Lancashire LA1 5DF2
£188K03/240.26 mi34, Sibsey Street, Lancaster, Lancashire LA1 5DF2
£182K07/230.26 mi15, Sibsey Street, Lancaster, Lancashire LA1 5DF2
£160K05/210.27 mi2, Springfield Street, Lancaster, Lancashire LA1 4XL2
£110K06/210.27 mi1, Lincoln Road, Lancaster, Lancashire LA1 5DJ2
£119K01/210.27 mi9, Lincoln Road, Lancaster, Lancashire LA1 5DJ2
£130K01/230.28 mi17, Lincoln Road, Lancaster, Lancashire LA1 5DJ2
£125K01/210.29 mi34, Tower Court, Lancaster, Lancashire LA1 4XH2
£177.5K07/230.29 mi4, Lincoln Road, Lancaster, Lancashire LA1 5DN2
£175K09/230.29 mi20, Lincoln Road, Lancaster, Lancashire LA1 5DN2
£108.7K10/230.33 mi27, St Peters Road, Lancaster, Lancashire LA1 3BS2
£178K03/210.34 mi7, Bath Mill Lane, Lancaster, Lancashire LA1 3QJ2
£117K04/210.35 mi7, Woodville Street, Lancaster, Lancashire LA1 3QD2
£245K03/230.39 mi18, Cromwell Road, Lancaster, Lancashire LA1 5BD2
£132K08/230.39 mi15, Melbourne Road, Lancaster, Lancashire LA1 3QB2
£117K04/210.4 mi13, Stirling Road, Lancaster, Lancashire LA1 3DE2
£138.9K06/230.4 mi5, St Georges Quay, Lancaster, Lancashire LA1 1HL2
£131K04/210.41 mi20, Argyle Street, Lancaster, Lancashire LA1 3DD2
£150K10/230.41 mi17, Argyle Street, Lancaster, Lancashire LA1 3DD2
£121.5K03/240.41 mi26, Lune Terrace, Lancaster, Lancashire LA1 2AQ2
£161K05/230.42 mi22, Aberdeen Road, Lancaster, Lancashire LA1 3DA2
£124K03/210.42 mi38, Aberdeen Road, Lancaster, Lancashire LA1 3DA2
£126.8K02/210.42 mi62, Aberdeen Road, Lancaster, Lancashire LA1 3DA2
£158K05/230.42 mi62, Aberdeen Road, Lancaster, Lancashire LA1 3DA2
£145K09/230.42 mi16, Denis Street, Lancaster, Lancashire LA1 1QX2
£117.5K03/240.42 mi10, Denis Street, Lancaster, Lancashire LA1 1QX2
£182K08/230.42 mi76, Prospect Street, Lancaster, Lancashire LA1 3BJ2
£140K03/230.43 mi5, Elgin Street, Lancaster, Lancashire LA1 3DG2
£103K02/210.43 mi35, Elgin Street, Lancaster, Lancashire LA1 3DG2
£140K05/210.44 mi8, Charles Court, Lancaster, Lancashire LA1 4UZ2
£151.5K05/230.44 mi6, Charles Court, Lancaster, Lancashire LA1 4UZ2
£160K03/240.44 mi26, Nun Street, Lancaster, Lancashire LA1 3PJ2
£124.5K03/210.45 mi17, Clarence Street, Lancaster, Lancashire LA1 3BG2
£134K03/230.46 mi54, Melrose Street, Lancaster, Lancashire LA1 3DL2
£135K03/240.46 mi10, Melrose Street, Lancaster, Lancashire LA1 3DL2
£129K10/230.46 mi38, Melrose Street, Lancaster, Lancashire LA1 3DL2
£108.5K12/210.46 mi14, Dunkeld Street, Lancaster, Lancashire LA1 3DQ2
£127.5K11/210.46 mi29, Dunkeld Street, Lancaster, Lancashire LA1 3DQ2
£140K07/230.46 mi14, Dunkeld Street, Lancaster, Lancashire LA1 3DQ2
£100.5K11/200.46 mi28, Mill Street, Lancaster, Lancashire LA1 3PL2
£147K01/230.47 mi18, Mill Street, Lancaster, Lancashire LA1 3PL2
£165K01/230.48 mi20, Mill Street, Lancaster, Lancashire LA1 3PL2
£116.5K06/210.48 mi11, Beech Street, Lancaster, Lancashire LA1 5PL2
£130K05/230.48 mi2, Beech Street, Lancaster, Lancashire LA1 5PL2

Local Rents

50 rents from £641/mo to £1.6K/mo, average is £895/mo.

RentDateDistanceAddressBeds 
£1,20004/240.03 miWindermere House, Middle St, Lancaster, LA12
£1,20005/240.04 mi-2
£1,05005/240.04 miMiddle Street, Windermere House Middle Street, LA12
£92505/240.06 miHigh Street, Lancaster2
£89504/240.1 miFenton Court, Fenton Street, Lancaster2
£1,49505/240.14 mi-2
£1,64703/250.14 mi-2
£70004/240.15 miThurnham Street, City Centre, Lancaster, LA12
£1,10005/240.16 miRoyal View, Knight's Bridge Apartments, Lancaster, LA12
£99505/240.17 mi27 Castle Hill, Lancaster2
£1,05005/240.17 miNightingale House, LA1 4JT2
£87505/240.19 miNelson Street, Lancaster2
£75004/240.2 miSt James Court, Lancaster2
£67505/240.2 miSt James Court, Wheatfield Court2
£1,10004/240.21 miThe Roundhouse, Robert Street, LA12
£90004/240.22 miAalborg Place, Court View House, LA12
£1,02504/240.22 miCastle Park, Lancaster 2
£75005/240.24 miCromwell Building, Lancaster, LA12
£85004/240.24 mi-2
£75006/240.24 mi-2
£95012/240.25 mi-2
£85002/250.25 mi-2
£64105/240.25 miBulk Street, Lancaster2
£89501/250.26 mi-2
£82506/240.26 miCastle Park Mews, Chennell House Castle Park Mews, LA12
£90006/240.27 miCastle Park Mews, Lancaster2
£75006/240.29 mi-2
£75005/240.3 miWater Street, Lancaster, LA12
£97504/240.31 miLune Square, Damside Street2
£94505/240.31 miLune Square, Lancaster, LA12
£89505/240.31 miLune Square, Lancaster, LA12
£87505/240.32 miDamside Street, Lancaster2
£90001/250.32 mi-2
£90012/240.32 mi-2
£75005/240.32 miSt Peters Road Lancaster2
£95004/240.32 mi-2
£82505/240.33 miWingate Saul Road, LA12
£65905/240.33 miGreenfield Court, Quarry Road, Lancaster, Lancashire, LA12
£77505/240.37 miSouth Road, Lancaster, LA12
£65004/240.4 miArgyle Street, Lancaster2
£65006/240.41 mi-2
£65005/240.41 miQuarry Mount Mews, Lancaster, LA12
£70003/240.41 mi-2
£89506/240.41 mi-2
£92505/240.41 miWhitbarrow Square, Lancaster, LA12
£92506/240.41 miWhitbarrow Square, Lancaster, LA12
£89505/240.42 mi-2
£75004/240.43 miElgin Street, Lancaster2
£82512/240.45 mi-2
£72502/250.45 mi-2

Local Area Statistics

Population in LA1

52,095

Population in Lancaster

74,075

Town centre distance

0.60 miles away

Nearest school

0.10 miles away

Nearest train station

0.27 miles away

 

 

Rental demand

Balanced market

Rental growth (12m)

+34%

Sales demand

Balanced market

Capital growth (5yrs)

+16%

Property History

Listed for £180,000

November 14, 2024

Floor Plans

Description

  • Renovation project with potential +
  • City centre location - former Chinese take away +
  • Accommodation over two floors plus stairs to loft room +
  • Rear yard with WC and store room +
  • Sold chain free +

Renovation Project in Prime Lancaster City Centre Location - Former Chinese takeaway offers an exciting renovation opportunity right in the heart of Lancaster’s city centre. With substantial potential for transformation, this Grade II Listed building combines a prime location with a spacious, multi-floor layout ready for imaginative development.

Having stood empty for some time, the property retains the layout of its previous business, making it ideal for someone looking to create a unique living or mixed-use space. On the ground floor, a street-level entry opens into the original shop front and customer service area, leading through to a large kitchen space. Access from the kitchen provides entry to two cellar rooms, offering valuable storage or the potential for further conversion, and rear stairs lead to the accommodation on the upper floors and the rear yard.

The first floor currently features a generously sized kitchen/family room and a bathroom. Ascend to the second floor to find two additional bedrooms, with stair access to a large loft room—perfect for an extra bedroom, office, or creative studio.

Externally to the rear is an enclosed yard an outside WC and brick shed store.

Though the property requires substantial upgrading throughout, its location and size offer incredible possibilities. With no onward chain and priced at fair market value, this unique property is a fantastic investment opportunity with limitless potential for those ready to bring it back to life.

Agent's note: We have been informed by the seller that the building is Grade II listed. Plans to convert the property to a 5 bedroom, 3 bathroom house (subject to planning approval) are available from the branch which have been provided to us by the seller. Plans could be adjusted to retain commercial use on the ground floor with an open plan living room and kitchen on the first floor with three bedrooms and two bathrooms on the second and attic floor - again subject to the appropriate approvals and permissions. Please enquire.

Agent Details

Entwistle Green, Lancaster

01524 938270

Next Steps?

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