11, Yattendon Court, Thatcham and garage, Berkshire, RG18 0UT

Description

The auctioneers were unable to inspect the property at the time of print. It is understood that the property comprises 2 bedroom accommodation. Purchasers are deemed to rely upon their own enquiries as to the internal layout of the property. The properties are being sold by the mortgagees not in possession. No keys will be provided upon the sale of the properties.

Accommodation

It is understood that the property comprises 2 bedroom accommodation.

Location

The property is located on Yattendon Court. Yattendon provides village amenities with a further range of amenities found within Thatcham and Newbury town centres both lying to the south west. The property is served by road links including the M4 located to the south and the A34 lying to the west. Recreational pursuits are available throughout the surrounding countryside.

Tenure / Property Information

Investment Analysis

HM Land Registry comparables in the same development range from £315,000 to £375,000. A base GDV of £350,000 is used as a cautious midpoint, with £315,000 low and £375,000 high. However, the comparables cannot be adjusted reliably because size, condition, garage rights, service charges and lease terms are not provided. The subject has only 50 years remaining, is uninspected and has ground rent TBC, so the GDV scenarios are low-confidence and may not reflect the value of the subject flat.

Investment Snapshot

Strategy Recommendation

Do not bid solely on the apparent discount. Proceed only after reviewing the legal pack, confirming the 50-year lease economics and occupancy, obtaining access or a survey, and establishing all completion and lease-related costs. If those checks are satisfactory, the strongest apparent use is income investment, subject to lease and lender approval.

Works Required

No internal inspection was possible and no specific defects or works are evidenced. Obtain access or a survey, confirm the internal layout and heating, and review the lease, service charge, ground rent and Special Conditions before budgeting works.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

At the £150,000 guide, 75% of the indicative £350,000 base GDV is £262,500. Total project cost cannot be calculated because refurbishment costs, seller fees, lease costs, service charges and other completion costs are unknown. Refinanceability is also uncertain given the 50-year lease, unconfirmed occupancy and absent inspection.

Buy-to-Let Analysis

The single advertised 2-bed rental listing indicates £1,250 pcm, equivalent to £15,000 annually and a 10.0% gross yield on the £150,000 guide. This is an asking rent, not achieved rent, and no service charge, ground rent, finance, maintenance, void or management costs are supplied. The 50-year lease and uncertain occupancy materially weaken the BTL case until the legal pack and letting position are verified.

Flip Analysis

The indicative gross spread between the £150,000 guide and £350,000 base GDV is substantial, but it is not a reliable flip surplus. Works, selling costs, finance, taxes, lease-related deductions and any additional seller fees are unsupported, while the property is uninspected and the 50-year lease may reduce both value and buyer demand.

Investor Risks & Due Diligence

• Only 50 years remain on the lease, with further lease information awaited.

• Ground rent is TBC and service charge information is not supplied.

• The auctioneers could not inspect the property and no keys will be provided after sale.

• Occupancy cannot be confirmed; the mortgagees are not in possession.

• Internal layout, condition and required works are unverified.

• The rental evidence is an advertised asking rent rather than an achieved rent.

• Additional seller fees may be payable under the Special Conditions of Sale.

• EPC rating is E.

• The sold comparables cannot be reliably adjusted for lease length, condition, size or garage details.

Recommendation

Do not bid solely on the apparent discount. Proceed only after reviewing the legal pack, confirming the 50-year lease economics and occupancy, obtaining access or a survey, and establishing all completion and lease-related costs. If those checks are satisfactory, the strongest apparent use is income investment, subject to lease and lender approval.

Strategy Rating

Analysis Confidence

Same-development sold comparables and one advertised rent are available, but the property is uninspected, occupancy is unknown, the lease has only 50 years remaining, ground rent and other lease costs are TBC, and refurbishment and seller fees are unavailable.