10, Ivyday Grove, Streatham, London, SW16 2XD

Description

By order of a major housing association. Freehold two floor mid terrace requiring updating. Further potential. Full vacant possession. The property may be suitable for a rear or loft/mansard conversion for additional accommodation, subject to all consents where necessary.

Accommodation

First floor: Three bedrooms, bathroom/WC. Ground floor: Entrance hall, reception room and dining room, kitchen. Outside: Front and rear gardens.

Location

Situated on Ivyday Grove, well positioned for the amenities of Streatham, Tooting, Clapham and Wandsworth. Transport options include local bus routes, rail connections via Streatham or Streatham Hill and road links via the A23, A214 and A205 South Circular.

Tenure / Property Information

Investment Analysis

The five supplied same-street freehold terraced sales range from £560,000 to £740,000, with the most recent sale at £622,000 in April 2023. A provisional base GDV of £622,000 is used, with low and high scenarios based on the supplied comparable range. This remains indicative because bedroom counts, internal condition, floor areas and any subsequent market movement are not provided. The £485,000 guide is approximately £137,000 below the base GDV before works, fees and selling costs.

Investment Snapshot

Strategy Recommendation

Proceed only conditionally after a full survey, detailed refurbishment quotation and review of the special conditions. The most supportable route is a straightforward updating project; do not underwrite conversion or rental income from the supplied evidence.

Works Required

General updating is stated to be required, but no detailed schedule or cost evidence is supplied. Assess the existing accommodation, kitchen, bathroom, finishes and services before bidding. Rear or loft/mansard conversion potential should be treated as conditional on planning, building regulations and other necessary consents.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

Using the provisional £622,000 base GDV, 75% refinance proceeds would be approximately £466,500. Cash left in cannot be calculated because the updating budget and total project cost are unknown. Conversion upside is only potential and requires the relevant consents.

Buy-to-Let Analysis

BTL returns cannot be established reliably. The only rental evidence is an advertised £2,047 pcm asking rent for a different flat at Streatham Court, so it is not suitable evidence for this three-bedroom house. Refurbishment costs, finance costs and total acquisition cost are also unavailable.

Flip Analysis

The supplied comparable evidence indicates a provisional GDV range of £560,000 to £740,000, with a £622,000 base case. A flip surplus cannot be calculated because refurbishment costs, selling costs and any applicable seller fees are not supplied.

Investor Risks & Due Diligence

• The required updating works and their cost are unspecified.

• Rear or loft/mansard conversion potential is subject to all necessary consents and cannot be assumed.

• The rental evidence relates to a different flat and does not establish rent for this house.

• The comparable sales span 2019 to 2023 and lack bedroom, floor-area and condition details.

• The seller may charge additional completion fees under the special conditions.

• Parking and heating details require confirmation from the auction centre.

Recommendation

Proceed only conditionally after a full survey, detailed refurbishment quotation and review of the special conditions. The most supportable route is a straightforward updating project; do not underwrite conversion or rental income from the supplied evidence.

Strategy Rating

Analysis Confidence

There are five same-street completed sales and a stated guide price, but no detailed condition, floor area, comparable bedroom data, refurbishment budget, subject-specific rent, finance costs or confirmed seller fees.