124 Mill Lane, West Hampstead, London

Description

Freehold end terrace building, internally arranged to provide three self-contained flats. Two flats are vacant and one flat is sold off on a long lease.

Accommodation

Lower Ground Floor Flat: reception room/kitchen, two bedrooms, shower room and rear garden. Raised Ground Floor Flat: reception room/kitchen, bedroom and shower room. Upper Maisonette: subject to a long lease.

Location

The property is situated on the north side of Mill Lane, close to its junction with Broomsleigh Street. Local shops and amenities are available to the south east within West Hampstead. West Hampstead's stations (Thameslink Rail, Jubilee Line and Mildmay Line) are approximately 0.6 miles away. The A41 is within easy reach, providing access to the M1 motorway. Hampstead Heath is approximately 1.5 miles to the east.

Tenure / Property Information

Investment Analysis

The £650,000+ guide cannot be independently validated from the supplied evidence. The comparable evidence is limited and inconsistent: the £475,000 2021 sale is recorded as “Other”, while the £1,000,000 2014 and £700,000 2008 sales are materially dated and lack sufficient detail for direct comparison. No floor areas, condition, lease terms, service-charge information, income evidence or relevant current rental comparables are supplied. GDV and maximum bid therefore cannot be supported.

Investment Snapshot

Strategy Recommendation

Do not bid on the supplied evidence alone. First verify the title and long lease, inspect the two vacant flats, obtain current valuation and rental evidence, and identify all buyer, seller and third-party charges.

Works Required

No specific repair or refurbishment works are evidenced. Obtain a full inspection, confirm the condition of both vacant flats and review the long lease before budgeting 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 without supported GDV, rent, refurbishment costs, lease details and finance-related costs. The long-lease sale of the upper maisonette may materially affect the freehold’s income and resale position.

Buy-to-Let Analysis

BTL returns cannot be established because no sufficiently specific rental evidence or auctioneer rent estimate is supplied. The building comprises two vacant flats plus one flat sold off on a long lease, so income, lease arrangements and any interaction between the flats require verification.

Flip Analysis

A flip appraisal cannot be supported because there is no reliable current GDV, no condition or refurbishment budget, no selling-cost allowance and no evidence of the value or terms of the long lease. The guide price alone is insufficient to calculate a surplus.

Investor Risks & Due Diligence

• No sufficiently specific rental evidence or auctioneer rent estimate is supplied.

• One flat is sold off on a long lease; the lease terms, income and obligations are not provided.

• No condition survey or refurbishment cost evidence is supplied.

• Buyer premium, administration charges and other possible fees are unspecified.

• The supplied comparable sales are limited, inconsistent and partly materially dated.

• The £650,000+ guide is not a formal valuation and cannot be tested reliably from the evidence supplied.

Recommendation

Do not bid on the supplied evidence alone. First verify the title and long lease, inspect the two vacant flats, obtain current valuation and rental evidence, and identify all buyer, seller and third-party charges.

Strategy Rating

Analysis Confidence

The property description and tenure/occupancy are provided, but key valuation inputs are missing, including floor areas, condition, rent, lease terms, EPC, costs and current comparable evidence.