131-133 Whitecross Street, Islington, London

Description

The property comprises a ground floor shop with three self contained flats above, access to which is via an entrance fronting Whitecross Street. The vendor advises the flats and roof underwent a significant refurbishment program in 2025 which included the facade and internal areas.

Accommodation

Ground floor shop with three self contained flats above; total accommodation approximately 214.33 sq m (2,307 sq ft).

Location

Whitecross Street is within the London Borough of Islington, on the northern edge of the City of London, close to Old Street and the Barbican cultural district. The property is situated on the west side of Whitecross Street, close to its junction with Fortune Street and Dufferin Street. Whitecross Street Market is one of the oldest surviving street markets in London and operates on weekdays from about 11.00 am to 3.00 pm. Barbican Underground Station is 525m away.

Tenure / Property Information

Investment Analysis

The £1.7m+ guide is used as a provisional base GDV/purchase benchmark, not a formal valuation. Evidence includes a £1.35m completed sale at 133 Whitecross Street in 2021, £900,000 at 135 Whitecross Street in 2022 and £1.14m at 161 Whitecross Street in 2019. These are not directly comparable enough to establish a reliable current valuation. The 2025 refurbishment and mixed shop/three-flat configuration may support the guide, but the property is let and the detailed rent roll, lease terms, VAT amount and buyer costs are unavailable.

Investment Snapshot

Strategy Recommendation

Treat as an income-led freehold mixed-use investment only if the full rent roll, leases, refurbishment evidence, VAT position and legal pack support the guide. Do not set a maximum bid until the missing costs and passing rents are verified.

Works Required

The vendor advises that the flats, roof, facade and internal areas underwent significant refurbishment in 2025. No further works allowance is made because current condition, specifications, warranties and any remaining defects are not evidenced. Verify the refurbishment scope, compliance documentation and condition before bidding.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

Using the guide as a provisional £1.7m GDV gives an indicative 75% refinance figure of £1.275m. However, refurbishment costs, VAT, buyer/admin fees and the actual income profile are unavailable, so cash left in and equity cannot be reliably calculated. The existing leases to 2030 and 2033 may support income continuity but could restrict refurbishment, vacant possession or rental-growth strategies.

Buy-to-Let Analysis

The auctioneer estimates £125,000 per annum in 2028, equivalent to £10,416.67 pcm, producing an 8.82% gross yield against the £1.7m guide. This is a future estimate rather than passing rent, and the current rent schedule, rent review provisions, service obligations and lease liabilities are not supplied. The separate £2,342 pcm advertised rental evidence cannot be treated as total property rent because its unit and comparability are unspecified. VAT and unknown acquisition costs will reduce the net return.

Flip Analysis

A flip appraisal cannot be supported reliably. The property was reportedly significantly refurbished in 2025, but no current works budget, selling costs, VAT treatment or verified resale valuation is supplied. The £1.7m guide is therefore not sufficient evidence of a profitable resale margin, and estimated flip surplus is not calculated.

Investor Risks & Due Diligence

• The £125,000 annual rent is an auctioneer estimate for 2028, not confirmed passing rent.

• The three flats are let on a single lease expiring in 2030, creating concentration and lease-expiry risk.

• The shop lease expires in 2033; its rent, covenant and review terms are not supplied.

• VAT is applicable, but the amount and recoverability are unknown.

• Buyer premium, administration charges and other third-party costs are not quantified.

• The 2025 refurbishment is described but not evidenced by a detailed scope, warranties or compliance documentation.

• The completed sales provided are limited and not sufficiently comparable to establish a reliable current GDV.

• The current rent roll and the relationship between the £2,342 pcm advertised rent and the subject property are unclear.

Recommendation

Treat as an income-led freehold mixed-use investment only if the full rent roll, leases, refurbishment evidence, VAT position and legal pack support the guide. Do not set a maximum bid until the missing costs and passing rents are verified.

Strategy Rating

Analysis Confidence

The property description, tenure, occupancy, lease expiries, guide, selected completed sales and one future rent estimate are supplied, but current passing rents, lease economics, VAT amount, acquisition fees, EPC, condition detail and formal valuation evidence are missing.