Hollis Morgan says ..

Property Oracle says ..

This property in Cribbs Causeway, Bristol, presents a unique investment opportunity. It is a derelict bungalow situated on a sizable plot of approximately 1.33 acres. While the property itself is in disrepair and requires extensive work, the land’s potential is the key factor.

The location benefits from its proximity to Cribbs Causeway shopping centre, providing convenient amenities and access to the M4/M5 motorway network and nearby railway stations. However, the immediate surroundings, as seen in the aerial photographs, show ongoing development. The presence of newly built houses suggests positive growth in the area, but the undeveloped land around the subject property indicates the area is still in a phase of development. The long-term potential for the area is high, given the convenient location, although the short-term environment needs to be considered.

The condition of the existing building is very poor, it’s considered derelict. Buyers must factor in the cost of demolition or significant renovation, which could significantly influence the overall feasibility and return on investment of the project. It’s essential to note the significant cost implications associated with bringing the property up to a habitable standard or re-developing it entirely.

The size of the land is the most notable feature of this property. The 1.33-acre plot represents significant development potential. Subject to planning permission, it could be used for a larger residential property, a number of smaller units, or even a small-scale residential development. A potential buyer needs to thoroughly investigate planning permissions and regulations. This large plot alone will drive up the price, which would need to be offset by obtaining the correct planning permissions.

The list price of £950,000 is the most critical aspect to consider. The price reflects the value of the land and the potential for redevelopment, but it is crucial to conduct a thorough feasibility study to determine the profitability of any potential development. This should include a detailed assessment of construction costs, planning permission requirements, and potential sales values to obtain an accurate estimation of the overall return on investment. The price should be viewed as high but reasonable, given the potential of the land, but subject to the risk of planning approvals.

Therefore, we give this property 5 / 10. *Disclaimer: This is our option and does constitute a recommendation or financial advice. Do your own research. *

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