1 Bloom Grove, Lambeth, London, SE27 0HZ

Description

A Freehold Semi Detached Building Arranged to Provide Two Flats Part Let Producing £27,600 Per Annum. One Flat is Sold off on a Long Lease. The property comprises a semi detached building arranged to provide a lower ground and ground floor three bedroom split level flat and a first and second floor split level flat (sold off on a long lease). The property benefits from a private rear garden with direct access.

Accommodation

Flat 1: Lower Ground Floor: Reception Room, Kitchen, Bedroom. Ground Floor: Two Bedrooms, Bathroom. Total G.I.A 91 sq m. Flat 2: First and Second Floors, not inspected.

Location

The property is situated on a residential road close to local shops and amenities. The open spaces of Norwood Park are within easy reach. Transport links are provided by West Norwood rail station.

Tenure / Property Information

Investment Analysis

The only supplied comparable is a same-road freehold flat/maisonette sale at £445,000 in February 2021. It is not sufficiently current or detailed to establish a reliable present GDV for this two-flat freehold building, particularly as Flat 2 is sold on a long lease and was not inspected.

Investment Snapshot

Strategy Recommendation

Potential income-led hold, subject to legal-pack review, confirmation of the £27,600 income and inspection of Flat 2. Do not rely on the 2021 comparable for a flip or refinance strategy.

Works Required

No specific works can be supported from the evidence. Confirm condition and any required works, especially for the uninspected Flat 2, before bidding.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

A BRRR assessment cannot be completed reliably because current GDV, refurbishment cost, finance costs and a verified rent breakdown are unavailable. The 2021 £445,000 comparable provides context only and is not a sufficient current valuation basis.

Buy-to-Let Analysis

The stated income is £27,600 per annum, equivalent to £2,300 pcm. Against the £220,000 guide alone, this indicates a 12.55% gross yield before costs. The income is not externally rent-verified and no breakdown between letting and the £150 annual ground rent is supplied. Confirm tenancy, arrears and passing rent in the legal pack.

Flip Analysis

A flip surplus cannot be calculated because current GDV, works, selling costs and other completion charges are unsupported. The dated single comparable is insufficient for a reliable resale appraisal.

Investor Risks & Due Diligence

• Flat 2 is sold on a 142-year lease and was not inspected.

• The property is only described as part let; tenancy details and income allocation are not supplied.

• The £27,600 annual income is not supported by external rental evidence or a tenancy schedule.

• Disbursements and other purchaser charges are unspecified.

• The only comparable is a single February 2021 sale and may not be directly comparable.

Recommendation

Potential income-led hold, subject to legal-pack review, confirmation of the £27,600 income and inspection of Flat 2. Do not rely on the 2021 comparable for a flip or refinance strategy.

Strategy Rating

Analysis Confidence

The guide, stated income, tenure and lease information are available, but there is no current valuation evidence, external rental comparable, inspection of Flat 2, refurbishment budget or complete fee schedule.