Marvins says ..

Property Oracle says ..

This property in Worsley Lane, Cowes, Isle of Wight, presents itself as a unique opportunity with a blend of advantages and disadvantages. The listing highlights the potential for development, as planning permission exists for the construction of two new houses on the site.

The current structure is a bungalow that is in need of significant renovation. While some rooms appear recently painted, the internal flooring is largely unfinished and would require substantial work to make it habitable. The presence of a reasonable-sized garden adds value to the property, particularly given the sought-after location. Gurnard’s proximity to the beach and sailing club makes it desirable, with nearby streets showing high average property prices. The fact there is good local schooling nearby is also a positive.

However, the lack of specified square footage in the listing for the main house makes it tricky to gauge the true value accurately per square foot. The lack of bathrooms and bedrooms in the property information further complicates any conclusion on its price point, and indeed the price of the whole property. This could potentially be a developer’s project and is unlikely to appeal to a family looking to move in without a significant renovation project. The property’s current condition necessitates a substantial investment in renovation before it becomes fully functional and increases value significantly.

Ultimately, the investment potential lies heavily in the planning permission and the ability to build two new properties, rather than the existing structure itself. Therefore, the current listed price may seem fair for those looking to complete this project.

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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