David Hill says ..

Property Oracle says ..

This property presents a unique redevelopment opportunity in the desirable village of Laneshawbridge, Lancashire. The listing details describe a range of modern farm buildings and a substantial traditional stone barn with planning permission for conversion into four separate dwellings. The substantial plot size of over 21,500 sq ft is a significant advantage, offering considerable potential for development.

However, the provided aerial photos clearly show that the existing structures are in a state of disrepair. The roofs and exteriors show signs of age and wear, requiring extensive renovation. Furthermore, the total lack of bedrooms or bathrooms reflects that this property requires substantial work before becoming habitable. The property is currently in a raw state, and would require significant financial investment and considerable planning to develop the land to its fullest potential.

The location is positive, being in a desirable village close to amenities like a primary school and with convenient access to Colne train station. Nearby property prices suggest that the area is popular, however, the £450,000 list price should be viewed with caution due to the required renovations. While the land value seems suitable, the price must be assessed after accounting for the very significant costs of conversion.

Potential buyers should conduct a thorough due diligence before purchasing, which should include a structural survey and detailed costings for the renovations. Investors and developers familiar with refurbishment projects might find this a worthwhile investment with the potential for substantial returns. A family looking for a move-in ready property would need to factor in extensive and costly redevelopment which may take many months and therefore the property may not suit all buyers.

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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