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Basset Street, Redruth

South West

£295,000
Listed on 02/11/2023

Property Details

Bedrooms
N/A
Type
Detached house

Description

This property presents a compelling investment opportunity, featuring a building plot that has received outline planning permission for the development of three detached houses spread over three stories. Each proposed residence is designed to include four bedrooms, a garage, and private rear gardens, appealing to families and potential buyers looking for spacious living. Conveniently located at the top of Basset Street, this site is within easy reach of local amenities, including shops, schools, and public transport options such as the main line railway station and bus stops—making it an attractive option for future residents. The area is recognized as a desirable residential neighborhood, further enhancing the investment potential of this project. The outline planning permission was granted under decision PA20/11496 on May 19, 2021. The dimensions of the plot are approximately 23 meters by 17 meters at its maximum depth; however, these measurements should be confirmed through physical assessment. Additionally, there is a right of way providing access to the adjacent property named Westcliffe. Currently, the vendor is in discussions with utility providers to ascertain costings for essential services, which will be crucial as development progresses. Overall, this property not only offers a chance to develop attractive family homes but also positions itself well within a growing community ripe for investment in both residential living and rental markets.

Investment Analysis

(TR15 area)
Area Average
£274/sq ft
Avg Rent (weekly)
£217
Avg Yield
4.3%

Renovation Potential

Heavy Refurb
Est. Renovation Cost
£450,000 - £600,000
Note: Renovation cost estimates are AI-generated based on property location and general characteristics, and may not reflect actual costs.
Monthly Sales
18
Average per month
Market Turnover
13%
Properties sold annually

Local Market Trend (TR15)

Area prices are stable by +0.9% over the last 12 months
3 year growth: 1.5%
5 year growth: 22.4%
Investment Disclaimer: Analysis based on TR15 area averages and may not reflect property-specific factors like condition, exact location, or unique features. Any renovation cost estimates provided are AI-generated and should be considered indicative only. Renovation costs vary significantly based on property condition and scope of work. Always conduct professional surveys and get multiple quotes before making investment decisions.

Location

Basset Street, Redruth
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Mortgage Calculator

£
£
£
%
%
years

Current average 2-year fixed rate is 4.19%

Current average variable rate is 6.78%

Monthly Repayments
£1,081
Based on a loan of £221,250 over 30 years at 4.19% interest

These results are estimates and are only intended as a guide. Make sure you obtain accurate figures from your lender before committing to any mortgage. Your home may be repossessed if you do not keep up repayments on a mortgage.

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YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE