12 Kempton Close, Erith, Kent, DA8 3SR

Description

A Vacant Second Floor Two Bedroom Flat in Need of Modernisation. The property comprises a second floor two bedroom flat situated within a purpose built block arranged over ground and two upper floors.

Accommodation

Second Floor: Kitchen/Reception Room, Two Bedrooms, Bathroom.

Location

The property is situated on a residential road close to local shops and amenities. The open spaces of Holly Hill Open Space are within easy reach. Transport links are provided by Erith rail station.

Tenure / Property Information

Investment Analysis

Same-road completed sales range from £94,000 to £190,000, with three 2024 sales at £120,000, £127,000 and £141,000. The £190,000 2025 sale may reflect superior condition or other differences, which are not evidenced. A cautious scenario range is £120,000–£190,000, with £141,000 used as the base GDV indication. The approximately 81-year lease and need for modernisation may affect value, but no quantified adjustment is supported.

Investment Snapshot

Strategy Recommendation

Proceed only subject to legal-pack review, lease and service-charge checks, inspection and a priced works schedule. Treat as a potential modernisation-led hold or resale, not a bid-ready project.

Works Required

Modernisation is required, but the evidence does not specify the scope or condition of individual elements. Obtain the legal pack and inspection evidence before pricing kitchen, bathroom, decoration, flooring or other works.

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 refurbishment costs, service charges, finance costs and a supported refinance valuation are unavailable. At the £141,000 base GDV, 75% refinance would be £105,750 before lender deductions, but total project cost cannot be calculated.

Buy-to-Let Analysis

Advertised two-bedroom rents range from £1,047 to £1,750 pcm, but these are asking rents and are not subject-specific achieved rents. The implied gross yield on the £141,000 base GDV is approximately 8.91%–14.89%; yield on the guide alone would be approximately 13.23%–22.11% before works, finance, service charges, management, voids and other costs. BTL viability cannot be confirmed without reliable rent, service-charge and works information.

Flip Analysis

A flip may have potential if the flat can be modernised economically, but the works scope and cost are not supplied. The £120,000–£190,000 comparable range is wide and may reflect differing condition or other characteristics. No supported flip surplus can therefore be calculated.

Investor Risks & Due Diligence

• Approximately 81 years remain on the lease, which may affect mortgageability, resale and value.

• The property is described as needing modernisation, but no detailed condition survey or works cost is supplied.

• Rental evidence comprises advertised asking rents rather than achieved rents and varies materially from £1,047 to £1,750 pcm.

• Comparable sales range widely from £94,000 to £190,000 and condition differences are not evidenced.

• The £1,800 inc VAT administration charge applies, with any additional legal-pack disbursements currently unspecified.

• Service charges, ground rent and reserve-fund or major-works liabilities are not supplied.

Recommendation

Proceed only subject to legal-pack review, lease and service-charge checks, inspection and a priced works schedule. Treat as a potential modernisation-led hold or resale, not a bid-ready project.

Strategy Rating

Analysis Confidence

There are several same-road completed sales and rental advertisements, but condition-adjusted comparability, refurbishment costs, service charges, lease terms beyond the stated length and achieved rent are unavailable.