12, West Street, Wisbech, Cambridgeshire, PE13 2ND

Description

One bedroom ground floor flat previously let producing £475 per calendar month and now to be sold with vacant possession. Situated close to the town and hospital, the property would make an ideal investment purchase or first time buy. Some refurbishment required.

Accommodation

Entrance hall, Lounge, Kitchen, Shower room, Bedroom

Location

Close to town centre and hospital

Tenure / Property Information

Investment Analysis

Completed sales evidence for nearby leasehold flats at 2 and 2A West Street ranges from £89,000 to £96,000, with the latest supplied sale at £91,000 in September 2023. Allowing for the subject property's 86-year lease and unspecified refurbishment requirement, an indicative GDV range of £89,000 to £91,000 is used, with a £90,000 base case. This is an estimate rather than a formal valuation, as size, exact condition, service charges, ground rent and full lease details are unavailable.

Investment Snapshot

Strategy Recommendation

Potentially attractive low-entry BTL or refurbishment purchase, but proceed only after verifying the lease, all completion fees, service charges, ground rent and a contractor's refurbishment quotation. Do not bid solely on the apparent GDV spread.

Works Required

Some refurbishment is stated as required, but no specific defects or scope are supplied. Obtain a full inspection and lease information before budgeting works; do not assume a cost from the available evidence.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

At a £90,000 base GDV, 75% refinancing would be approximately £67,500. However, refurbishment costs, service charges, ground rent, legal costs and any other completion fees are not supplied, so total project cost and cash left in cannot be calculated reliably. The 86-year lease and awaited lease information also require review before relying on a refinance outcome.

Buy-to-Let Analysis

The flat previously produced £475 pcm, equivalent to £5,700 annually and a 19% gross yield against the £30,000 guide before refurbishment, admin fees, finance and operating costs. Advertised one-bedroom rents range from £600 to £725 pcm, but these are asking rents rather than achieved rents and are not sufficient to establish a reliable current rent. The £1,800 buyer admin charge and unspecified seller fees reduce the effective return.

Flip Analysis

The supplied comparable evidence supports an indicative resale value around £89,000–£91,000. A flip surplus cannot be calculated because refurbishment costs, selling costs and any seller completion fees are unknown. The apparent spread from the £30,000 guide should not be treated as profit without those costs and confirmation of condition and lease terms.

Investor Risks & Due Diligence

• Only 86 years remain on the lease and the full lease information is awaited.

• The property requires some refurbishment, but the scope and cost are unknown.

• Advertised rents are asking rents and may not be achieved; the prior rent was £475 pcm.

• An £1,800 buyer admin charge applies, and the seller may charge additional completion fees.

• The comparable sales relate to nearby flats at 2 and 2A West Street rather than the exact subject property.

• Service charges, ground rent, parking and heating information are not supplied.

Recommendation

Potentially attractive low-entry BTL or refurbishment purchase, but proceed only after verifying the lease, all completion fees, service charges, ground rent and a contractor's refurbishment quotation. Do not bid solely on the apparent GDV spread.

Strategy Rating

Analysis Confidence

There are relevant nearby completed sales, a prior rent and advertised rental evidence, but the subject's exact condition, size, lease terms, recurring lease costs, refurbishment budget and potential seller fees are unavailable.