41 Meadow Lane, Parr, St Helens, WA9 3RA
This house (and the whole estate) was constructed of no fines concrete. Not an ideal form of construction but there are no serious problems with it. For more information see http://www.boltonsurveyors.org.uk/Wimpey.html
Accommodation and facilities : 3 beds, full gas central heating and double glazing; drive to front, garden to rear (the tenant also rents an allotment at the rear of his garden but this is not part of the property)
The property is well cared for by the existing tenant and very little maintenance has been required by the landlord over the last 20 years. The tenant has a regulated tenancy paying £2,568 p.a and with security of tenure for life. On the death of the tenant the rent could be increased to a market rent of at least £4,000 p.a. (or the property could be sold with vacant possession).
Possibly improvements: new rendering with solid wall insulation would improve the appearance and energy efficiency of the property. Such works may result in an increase in the regulated rent.
The location: The Parr estate was originally built for rent to coal miners so there are still many retired miners and some who have bought their houses and improved them. Some houses have been improved with grant aid. There are also a lot of unemployed persons on the estate and a lot of neglected houses so in summary, it is not the best but not the worst re the houses and their residents.
The guide price is £30,000, but my valuation is £37,000 which would have a net 8% return after deducting an estimated 20% for repairs, insurance and management costs. It will go for more if investors are happy with a lower return.