13a, Ebsworth Street, London, SE23 1ER

Description

Long leasehold first floor flat requiring updating. Potential for loft conversion, subject to consents. Full vacant possession. By order of Mountview Estates PLC.

Accommodation

First floor: two bedrooms, reception room, kitchen, bathroom/WC. Outside: rear garden.

Location

The property is situated on Ebsworth Street close to its junction with Bovill Road. Public transport links include Honor Oak Park Rail Station and local bus services. Road communications include the South Circular Road (A205). Shops, restaurants and cafes are available locally on Brockley Rise and Honor Oak Park. Recreational pursuits can be found at Blythe Hill Fields and Honor Oak Park.

Tenure / Property Information

Investment Analysis

Completed-sale evidence is mixed. The same flat recorded sales of £300,000 and £315,000 in June 2023, while a nearby flat at 15 Ebsworth Street sold for £420,000 in April 2022. The £350,000 guide is above the same-address evidence, and no size, condition specification or current comparable evidence is supplied. Indicative GDV scenarios are therefore £300,000 low, £315,000 base and £420,000 high, with substantial uncertainty.

Investment Snapshot

Strategy Recommendation

Do not bid at the guide without obtaining the full legal pack, confirming service charge and seller fees, inspecting the flat, and establishing a supported refurbishment budget and current resale evidence. On the supplied evidence alone, the property is not attractive for BRRR or a conventional flip; BTL requires rent verification.

Works Required

General updating is supported by the description, but no detailed schedule or condition-cost evidence is provided. A loft conversion is only a potential option and would require all necessary consents; it is excluded from the financial estimates. Service charge, ground rent and heating details require confirmation.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

At the £350,000 guide, the purchase already exceeds the £315,000 base GDV indicated by the closest same-address sales, before the £1,800 contract documentation fee and refurbishment. A 75% refinance against the base GDV would be approximately £236,250, but total project cost cannot be calculated because refurbishment and other completion costs are unsupported. BRRR appears weak on the supplied base evidence.

Buy-to-Let Analysis

Vacant possession supports a letting strategy, but the two advertised two-bedroom rents range from £800 to £1,950 pcm and are asking rents rather than achieved rents. This implies a broad gross yield range of approximately 2.74% to 6.69% against the £350,000 guide, before service charge, finance, voids, maintenance and other costs. A reliable single BTL yield cannot be established.

Flip Analysis

The £350,000 guide is above the £315,000 base GDV and above both recorded same-address sales. Although the £420,000 sale at 15 Ebsworth Street provides a higher scenario, it is a different property and dated 2022. No supported selling allowance or refurbishment budget is available, so flip surplus cannot be calculated and the strategy carries material margin risk.

Investor Risks & Due Diligence

• The £350,000 guide exceeds the two recorded same-address sales of £300,000 and £315,000.

• The £800 to £1,950 pcm rental evidence is highly inconsistent and represents advertised asking rents only.

• Refurbishment costs cannot be quantified from the supplied evidence.

• Annual service charge, ground rent and any seller-charged completion fees are unconfirmed.

• The lease is stated to have 95 years remaining at auction, and lease terms should be verified in the legal pack.

• The potential loft conversion is subject to consents and is not included in the estimates.

• The £420,000 comparable is a different property and from 2022.

Recommendation

Do not bid at the guide without obtaining the full legal pack, confirming service charge and seller fees, inspecting the flat, and establishing a supported refurbishment budget and current resale evidence. On the supplied evidence alone, the property is not attractive for BRRR or a conventional flip; BTL requires rent verification.

Strategy Rating

Analysis Confidence

There are completed sales and rental asking evidence, but the sales are mixed and dated, rental evidence is highly inconsistent, and refurbishment costs, property size, service charge, ground rent, seller fees and detailed condition are unavailable.