106 Eldon Road, Wood Green, London, N22 5EE

Description

A Vacant Six Room Mid Terrace House Offered With Planning Permission for a Single Storey Rear Wrap-Around Extension

Accommodation

Ground Floor: Two Rooms, Kitchen, WC. First Floor: Three Rooms, Bathroom. Outbuilding: Room, Shower Room.

Location

The property is situated on a residential road close to local shops and amenities. The open spaces of Lordship Recreation Ground are within easy reach. Transport links are provided by Turnpike Lane underground station (Piccadilly line) and Alexandra Palace rail station.

Tenure / Property Information

Investment Analysis

The supplied completed sales on Eldon Road range from £495,000 to £607,500 in 2017–2018, with the subject property recorded at £231,000 in 2007. These comparables are dated and do not establish a current market value. A cautious base GDV estimate of £607,500 uses the highest supplied comparable, while £495,000 is used as a lower evidence-supported scenario. The £320,000+ guide is materially below those historic comparables, but the impact of condition, the permitted extension, outbuilding configuration and purchaser costs cannot be quantified from the evidence.

Investment Snapshot

Strategy Recommendation

Proceed only subject to satisfactory legal-pack review, survey and confirmation that the planning permission is usable. The headline BTL yield is attractive at the guide, but the dated GDV evidence and unknown works costs make a firm BRRR or flip bid inappropriate.

Works Required

The evidence supports consideration of the permitted single-storey rear wrap-around extension. No construction specification, condition report or other defect information is supplied, so no additional works or cost allowance can be quantified.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

Using the base GDV estimate of £607,500, a 75% refinance would be approximately £455,625. However, refurbishment costs, total acquisition costs, finance costs and valuation risk are unknown. The refinance outcome and cash left in therefore cannot be reliably established.

Buy-to-Let Analysis

The supplied advertised asking rent is £3,300 pcm, equivalent to £39,600 annually. Against the £320,000 guide, this indicates a headline gross yield of approximately 12.38%, before finance, voids, management, maintenance, tax and acquisition costs. This is asking-rent evidence rather than achieved rent, and no passing rent or operating costs are supplied.

Flip Analysis

The supplied GDV evidence indicates £495,000–£607,500 from dated local sales. A flip surplus cannot be calculated because refurbishment costs, selling costs, legal costs, finance costs and any extension construction costs are not supplied. The historic comparables should not be treated as a current formal valuation.

Investor Risks & Due Diligence

• Dated comparable evidence may not represent current Wood Green market value.

• The £3,300 pcm figure is an advertised asking rent, not an achieved or passing rent.

• No condition report or refurbishment budget is supplied.

• The cost, feasibility and timing of the permitted rear extension are unconfirmed.

• Additional disbursements, legal fees, search fees, seller-cost reimbursement or transfer fees may be payable under the auction conditions.

• Finance, selling, void, maintenance and tax costs are not provided.

Recommendation

Proceed only subject to satisfactory legal-pack review, survey and confirmation that the planning permission is usable. The headline BTL yield is attractive at the guide, but the dated GDV evidence and unknown works costs make a firm BRRR or flip bid inappropriate.

Strategy Rating

Analysis Confidence

The property description, tenure, vacancy, guide, one rental asking figure and several completed sales are supplied, but the sales are dated and there is no condition survey, works budget, current valuation, achieved rent, finance cost or complete purchaser-cost schedule.