119 St. Andrews Road South, Lytham St Annes, Lancashire

Description

A semi-detached building comprising 6 x one bedroom flats. The property is in need of modernisation and externally benefits from a rear yard. Well located for the local and recreational amenities of Lytham St Annes. Investment let at £4,320 per annum plus vacant possession of five flats.

Accommodation

6 x one bedroom flats

Location

Located on St. Andrews Road South close to the turning for St Thomas Road. Local amenities can be found on Back St Anne's Road West, St Anne's Road West and Wood Street. Recreational amenities of Lytham St Annes Beach, Ashton Gardens and Royal Lytham and St Annes Golf Club are all easily accessible. Transport: St Annes-On-The-Sea - National Rail.

Tenure / Property Information

Investment Analysis

The five supplied completed sales are individual leasehold flats on St Andrews Road South, ranging from £65,000 to £111,000. Applying that evidence mechanically to six flats gives a low-to-high aggregate indication of £390,000 to £666,000, with £100,000 per flat used as a base scenario (£600,000). This is only an extrapolation: the comparables may differ in condition, size, specification and tenure terms, while this building is described as needing modernisation.

Investment Snapshot

Strategy Recommendation

Potential refurbishment-led resale or refinance opportunity, but proceed only after verifying the six-flat configuration, inspecting the building, obtaining a detailed works budget and establishing achievable rents. The current passing income alone does not support a conventional BTL purchase at the guide.

Works Required

Modernisation of the six one-bedroom flats, subject to inspection and specification. No specific internal, structural, services or compliance defects, and no quantified works scope, are supplied. The rear yard is noted in the description but no works are assumed.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

The base GDV scenario is £600,000, producing a theoretical 75% refinance figure of £450,000. However, refurbishment cost, achievable post-works rents, finance costs, fees and the lender's treatment of the six-flat leasehold building are not supplied, so cash left in and project viability cannot be established.

Buy-to-Let Analysis

The only stated income is £4,320 per annum from one let flat; five flats are vacant. This equates to approximately 2.62% gross income against the £165,000 guide price, but it is not a stabilised six-flat yield. No sufficiently specific rental evidence is provided for the vacant flats, and operating costs, compliance costs and refurbishment costs are unknown.

Flip Analysis

The extrapolated GDV scenarios are £390,000, £600,000 and £666,000. A flip surplus cannot be calculated because refurbishment costs, selling costs and other transaction costs are unavailable. The comparable evidence is for individual flats and should not be treated as a formal valuation of the whole building.

Investor Risks & Due Diligence

• Five of the six flats are vacant, so the stated £4,320 annual income does not represent stabilised income.

• The building is described as needing modernisation, but the scope and cost of works are unknown.

• No sufficiently specific rental evidence is available for the vacant flats.

• The GDV scenarios are extrapolated from individual flat sales and may not reflect this building's condition, size, specification or title terms.

• Leasehold terms beyond the stated 999-year lease, including any service-charge or management obligations, are not supplied.

• Buyer, administration and other transaction costs are not supplied.

• EPC, council tax, heating and parking information are unavailable.

Recommendation

Potential refurbishment-led resale or refinance opportunity, but proceed only after verifying the six-flat configuration, inspecting the building, obtaining a detailed works budget and establishing achievable rents. The current passing income alone does not support a conventional BTL purchase at the guide.

Strategy Rating

Analysis Confidence

There is useful same-road completed-sale evidence and a stated current rent, but no rental comparables, refurbishment budget, property condition detail, buyer or administration fees, EPC, council tax, heating or parking information. The GDV is therefore an extrapolated scenario rather than a formal valuation.