1 & 2 Dyke Cottages, Rickmansworth Road, Northwood, Greater London

Description

Investment opportunity comprising two adjoining freehold Grade II Listed semi-detached houses. Each house provides two-bedroom accommodation. One house is vacant and one house is subject to an Assured Periodic Tenancy. By Order of Receivers.

Accommodation

1 Dyke Cottage: reception room, kitchen, bathroom and two bedrooms. 2 Dyke Cottage: two reception rooms, kitchen, bathroom, conservatory and two bedrooms. Total GIA approximately 147 sq m (1,582 sq ft), sourced from the EPC for 1 Dyke Cottage. Front and rear gardens.

Location

Situated on the west side of Rickmansworth Road, south of its junction with Copse Wood Way. Northwood Station (Metropolitan Line) is 0.5 miles to the east. The M25 Junction 17 is within reach to the north west and the A40 is to the south. Local shops and amenities are accessible along Green Lane, 0.5 miles to the east. The Gravel Pits and Mount Vernon Hospital, 0.8 miles to the north west, are within easy reach.

Tenure / Property Information

Investment Analysis

The two supplied 31 August 2023 sales at the same Dyke Cottages address were £412,500 and £397,720 for individual freehold semi-detached properties. Their combined indication is £810,220, used as the base GDV proxy for the two houses. This is not a formal valuation: the evidence does not confirm whether the sold properties match the current accommodation, condition, tenancy position or listed-building constraints. The £650,000+ guide is below this combined historic indication, but condition, legal/title and auction costs remain unquantified.

Investment Snapshot

Strategy Recommendation

Proceed only subject to satisfactory legal, tenancy, survey and listed-building due diligence. Treat the opportunity as a conditional two-property investment rather than relying on the apparent guide-to-comparable margin.

Works Required

No condition-based works are evidenced, so no refurbishment allowance is applied. Obtain a full survey and listed-building advice before specifying works; verify the condition and compliance of the vacant house and any works required for the tenanted house.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

Using the supplied comparable-based base GDV proxy, 75% refinance is £607,665. A BRRR cash-left-in calculation cannot be completed because refurbishment costs, buyer/admin fees and other acquisition costs are not supplied. Grade II Listed status and the separate freehold titles plus additional 999-year lease require legal and planning due diligence before relying on refinance value.

Buy-to-Let Analysis

BTL viability cannot be quantified because no sufficiently specific rental evidence or auctioneer rent estimate is supplied. One house is subject to an Assured Periodic Tenancy and the other is vacant, so tenancy documentation, vacant possession position and achievable rent require verification. The two-house freehold structure may provide rental diversification, but operating costs and buyer fees are unknown.

Flip Analysis

A historic combined comparable indication of £810,220 is above the £650,000 guide, but no supported refurbishment budget, acquisition fees, selling costs or current condition evidence is available. A reliable flip surplus and maximum bid therefore cannot be calculated.

Investor Risks & Due Diligence

• Grade II Listed status may constrain alterations and require consent.

• One house is subject to an Assured Periodic Tenancy; tenancy terms, rent and possession position are not supplied.

• One house is vacant, but its condition and compliance status are not evidenced.

• The two separate freehold titles and additional 999-year lease require legal review.

• No rental evidence, buyer/admin fees, refurbishment costs, EPC rating, parking, heating or council-tax details are supplied.

• The comparable sales are historic 2023 transactions and do not establish a current formal valuation.

• Additional seller or third-party charges may apply.

Recommendation

Proceed only subject to satisfactory legal, tenancy, survey and listed-building due diligence. Treat the opportunity as a conditional two-property investment rather than relying on the apparent guide-to-comparable margin.

Strategy Rating

Analysis Confidence

The evidence includes two same-address completed sales and clear title, accommodation and occupancy information, but lacks current condition, rental, EPC, fee, cost and legal-detail evidence. The comparable sales are individual properties and date from 2023.