12 Barfield, Ryde, Isle Of Wight, PO33 2JP

Description

Located close to Vernon Square in one of the more sought after areas of Ryde, this substantial freehold detached property enjoys stunning sea views from the top floor flat. The building has for many years been configured as flats, with the now derelict basement having also previously been a flat. Two of the three existing flats are currently let, with the top floor flat currently vacant and requiring modernisation.

Accommodation

Flat 1, ground floor: entrance hall, three bedrooms, living room, storage room, kitchen and bathroom with W.C. Flat 2, first floor: entrance hall, two bedrooms, kitchen, bathroom with shower and separate W.C. Flat 3, second floor: stairs up to entrance hall, two bedrooms, living room, kitchen, bathroom and separate W.C. Basement: previously used as Flat 4 but currently unoccupied. Outside: rear garden.

Location

Close to Vernon Square in Ryde, Isle of Wight. The property has stunning sea views from the top floor flat.

Tenure / Property Information

Investment Analysis

The only sold comparable is a single freehold flat at 3 Barfield, Ryde, sold for £240,000 in October 2015. It is not sufficient to establish a current GDV for this three-flat freehold building with basement. The guide is £290,000–£310,000 plus potentially payable fees. The £1,100 pcm rental evidence is a general Isle of Wight advertised asking rent and cannot reliably establish rents for the individual flats or the whole building.

Investment Snapshot

Strategy Recommendation

Do not commit above the guide without verified flat-by-flat rents, inspection-based refurbishment costs, legal/planning review and evidence of current whole-building value. The existing partially occupied arrangement may suit an income-led strategy, but returns are currently unquantifiable.

Works Required

Modernisation of vacant Flat 3 is supported by the description. The basement is described as derelict and previously used as a flat, so any works would require detailed inspection and confirmation of its lawful and practical future use. No specific building defects, services condition or refurbishment costs are supplied.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

A BRRR assessment cannot be completed reliably because current rents, refurbishment costs, current value, GDV, finance costs and applicable buyer fees are not supplied. Refinance capacity therefore cannot be established.

Buy-to-Let Analysis

Two flats are let under Assured Periodic Tenancy Agreements, but no passing rents are supplied. Flat 3 is vacant and requires modernisation; the basement is unoccupied. The generic £1,100 pcm advertised asking rent cannot support a reliable property-level rental or yield calculation.

Flip Analysis

A resale analysis cannot be supported from the evidence. The only comparable is a 2015 sale of one flat, rather than the whole three-flat building, and no refurbishment budget or selling allowance is available.

Investor Risks & Due Diligence

• Flat 3 is vacant and requires modernisation.

• The basement is described as derelict and unoccupied.

• Two flats are let, but passing rents and tenancy details beyond the tenancy type are not supplied.

• The supplied sold comparable is a single flat from 2015 and may not represent the current value of the whole building.

• Administration, search, other non-optional fees, Stamp Duty, Land Registry fees and VAT may be payable, but amounts are not supplied.

• Flat 1 and Flat 2 have EPC ratings of E.

Recommendation

Do not commit above the guide without verified flat-by-flat rents, inspection-based refurbishment costs, legal/planning review and evidence of current whole-building value. The existing partially occupied arrangement may suit an income-led strategy, but returns are currently unquantifiable.

Strategy Rating

Analysis Confidence

Evidence includes occupancy, tenure, description and one dated single-flat comparable, but lacks current property-specific rents, GDV evidence, refurbishment costs, fee amounts and detailed legal or physical information.