12 Car Parking Spaces at Lollard Street, Lambeth, London, SE11 6PX

Description

Twelve parking spaces, part let, producing £10,800 per annum with an ERV of £15,120 per annum. Reflecting a gross initial yield of 19% on the ERV.

Accommodation

The lot comprises twelve parking spaces.

Location

The site is situated on a residential road close to local shops and amenities. The open spaces of Lambeth Walk are within easy reach. Transport links are provided by Vauxhall underground station (Victoria line) and rail station.

Tenure / Property Information

Investment Analysis

The auctioneer states £15,120 annual ERV and a 19% gross initial yield on ERV, implying an indicative value of approximately £79,579. This is broadly consistent with the £80,000+ guide. No directly comparable parking-space sales were supplied; the residential flat sales on Lollard Street are not reliable valuation comparables for this lot. Buyer premium, legal costs and disbursements are not quantified.

Investment Snapshot

Strategy Recommendation

Consider as a yield-focused parking investment only if the legal pack confirms the leases/licences, rent obligations and rights to underlet. Do not rely on the ERV until the vacant and underlet bays are verified.

Works Required

No physical refurbishment works are evidenced. The investment opportunity is limited to managing the five let bays, five rights/underlet bays and two vacant bays, subject to reviewing the licences and legal pack.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

Using the implied £79,579 value from the auctioneer's 19% ERV yield, 75% refinancing would provide approximately £59,684. Against the £81,800 guide purchase plus administration charge, approximately £22,116 would remain invested before finance costs, tax, buyer premium and other disbursements. No refurbishment uplift is evidenced.

Buy-to-Let Analysis

At the £80,000 guide, the current £10,800 annual income produces a 13.5% gross yield, reducing to approximately 13.2% including the stated £1,800 administration charge. The auctioneer's £15,120 ERV would imply approximately 18.9% at the guide, but this is an estimate rather than achieved rent. The five vacant or underlet/right-of-use positions require legal and occupancy verification.

Flip Analysis

A flip is not supported by the evidence. The lot is an income-producing leasehold parking investment, no refurbishment or resale uplift is identified, and no selling-cost allowance or parking-space resale comparables were supplied.

Investor Risks & Due Diligence

• Five bays are let, five are subject to rights/underlet arrangements and two are vacant; the actual enforceability and income position require legal-pack verification.

• Current annual income of £10,800 is below the auctioneer's £15,120 ERV estimate.

• Buyer premium, legal fees, transfer fees, search costs, seller-cost reimbursement and other disbursements may increase the acquisition cost.

• The lot is leasehold, although approximately 993 years remain; lease terms, ground rent and other lease liabilities were not supplied.

• No direct parking-space sales comparables were provided, so the implied GDV is yield-derived rather than supported by completed parking transactions.

Recommendation

Consider as a yield-focused parking investment only if the legal pack confirms the leases/licences, rent obligations and rights to underlet. Do not rely on the ERV until the vacant and underlet bays are verified.

Strategy Rating

Analysis Confidence

The tenure, lease length, occupancy summary, passing income, ERV, guide and administration charge are supplied, but there are no parking comparables and buyer premium, legal costs, disbursements and detailed occupational terms are unquantified.