118 High Street East, Wallsend, Tyne And Wear, NE28 7RH

Description

A one bedroom first floor flat offering an excellent opportunity for investors looking to add to their portfolio. Situated on High Street East in Wallsend, the property is deceptively spacious and benefits from a convenient location close to local amenities and transport links.

Accommodation

Entrance hallway with stairs leading to the landing, lounge, kitchen, bathroom and double bedroom.

Location

Ideally positioned within easy reach of a range of shops, everyday amenities and excellent transport links, including Wallsend Metro Station, providing connections to Newcastle and the wider Tyne and Wear area.

Tenure / Property Information

Investment Analysis

The guide is £30,000–£40,000. Evidence includes the same property selling for £62,000 in November 2009 and nearby 114 High Street East selling for £43,000 in December 2014 and £44,000 in March 2011. These historic sales are not sufficiently current or detailed to establish a reliable present-day GDV. Tenure, lease details, condition, EPC, council tax and rental evidence are unavailable. A £3,600 including VAT admin charge is confirmed, while further buyer premium and legal/disbursement costs may apply.

Investment Snapshot

Strategy Recommendation

Do not proceed on the supplied evidence alone. Only consider bidding after reviewing the legal pack, confirming tenure and lease quality, inspecting condition, obtaining current local valuation evidence and establishing achievable rent and all auction costs.

Works Required

No specific defects or refurbishment requirements are evidenced. Allow for inspection and verification of the stated accommodation only; no works budget can be supported from the supplied information.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

A BRRR assessment cannot be completed without a reliable current GDV, supported rent, refurbishment budget and confirmed lease/legal position. The £3,600 admin charge is known, but buyer premium and other possible special-condition costs are not quantified.

Buy-to-Let Analysis

BTL analysis cannot be completed because no sufficiently specific rental comparable or auctioneer rent estimate is provided. Gross yield, operating costs and likely cash flow cannot therefore be established. The legal pack should confirm tenure, lease terms, service charges, restrictions and any occupancy matters before bidding.

Flip Analysis

A flip appraisal cannot be reliably calculated. The available comparable evidence is historic, with the same property recorded at £62,000 in 2009 and a nearby flat at £43,000 in 2014. Current GDV, works, selling costs and legal costs are unsupported.

Investor Risks & Due Diligence

• Tenure and lease details are not supplied and require legal-pack verification.

• No sufficiently specific rental evidence or passing rent is available.

• Property condition is not evidenced, so refurbishment costs cannot be estimated.

• Additional buyer premium, special-condition costs, legal fees, transfer fees, search fees and seller-cost reimbursements may apply but are unquantified.

• Historic comparable sales may not represent current market value.

Recommendation

Do not proceed on the supplied evidence alone. Only consider bidding after reviewing the legal pack, confirming tenure and lease quality, inspecting condition, obtaining current local valuation evidence and establishing achievable rent and all auction costs.

Strategy Rating

Analysis Confidence

The property description and guide are provided, but current valuation, rent, condition, tenure, lease details and several transaction costs are unavailable. The comparable sales are historic and limited.