Henry Adams says ..

Property Oracle says ..

This property at 28 Chichester Road, Selsey, is presented as a development opportunity rather than a ready-to-move-in home. The existing structure is a former police house, currently in a state of disrepair, needing substantial renovation or demolition. The listing’s key selling point is the planning permission (22/01171/FUL) to build two new houses on the site. The accompanying plans detail the proposed builds, indicating potential for creating two modern family homes.

The location in Selsey offers proximity to schools, and the potential for seaside living and amenities. The significant plot size is a considerable asset and offers potential development value. However, the current state of the existing structure requires considerable financial investment to even prepare the site for building. This is reflected in the listing price of £600,000. This amount is likely to cover the demolition, remediation, and construction of two new houses, not just the existing structure’s renovation. Therefore, a potential investor should assess the development costs against the expected resale value of the completed properties to determine profitability. The lack of specific information on the existing dwelling’s size adds complexity to a full market valuation. Overall, this is a high-risk, high-reward investment opportunity for developers with the necessary experience and funding. A potential buyer needs to undertake extensive due diligence and consider all potential construction costs.

The provided nearby property prices offer limited comparable data due to the unique nature of this development site with planning permission. Therefore, a thorough market appraisal is required to accurately assess the true value of this opportunity.

Therefore, we give this property 6 / 10. *Disclaimer: This is our option and does constitute a recommendation or financial advice. Do your own research. *

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