144A High Street, Newport, Isle Of Wight

Description

This freehold block of five flats is situated in the heart of the town centre at Newport, the Isle of Wight's county town. The block comprises four, two-bedroom flats and a smaller one-bedroom unit, all of which are at present vacant. The apartments require some upgrading and refurbishment but are considered very worthy of the works required beyond which it is considered that the block will be ideally suited to addition to an income producing letting portfolio.

Accommodation

Ground Floor: Flat 1 comprises kitchen/living room, bedroom, shower room with W.C.; Flat 5 comprises kitchen/living room, two bedrooms, shower room with W.C. First Floor: Flat 2 comprises kitchen/living room, two bedrooms, shower room with W.C.; Flat 3 comprises kitchen/living room, two bedrooms, shower room with W.C. Second Floor: Flat 4 comprises kitchen/living room, two bedrooms, shower room with W.C. Outside: enclosed garden to the rear.

Location

Town centre location in Newport, the Isle of Wight's county town.

Tenure / Property Information

Investment Analysis

The evidence confirms a freehold town-centre block containing five vacant flats: four two-bedroom units and one one-bedroom unit, with a rear garden. The guide is £320,000–£350,000, but there are no completed-sale comparables, rental evidence, formal GDV, refurbishment budget or supported valuation. The flats require some upgrading and refurbishment, with EPC ratings ranging from C to E. Value and investment returns cannot therefore be independently quantified from the supplied evidence.

Investment Snapshot

Strategy Recommendation

Treat as a potential refurbishment-to-let acquisition only after obtaining a full inspection, refurbishment quotations, rental evidence and confirmation of all auction costs. Do not bid on yield or refinance assumptions that are unsupported by the supplied evidence.

Works Required

Undertake an inspection and obtain quotations for the stated upgrading and refurbishment of the five flats. Scope, costs and any works needed to address the EPC E rating of Flat 4 should be confirmed before bidding. No specific defects or works have been evidenced.

Rental & Market Context

Potential BRRR Position

A BRRR assessment cannot be quantified because refurbishment costs, post-works GDV, achievable rents and finance assumptions are unavailable. The vacant possession and five-unit configuration may support a refurbishment-to-let concept, but the EPC range, including an E-rated flat, and the unspecified works require due diligence before relying on refinancing.

Buy-to-Let Analysis

The block is expressly described as suitable for an income-producing letting portfolio, and all five flats are vacant. However, no sufficiently specific rental comparables or auctioneer rent estimate were supplied, so rent, yield, operating surplus and an appropriate acquisition price cannot be established. Buyer premium, administration charges and other possible non-optional costs are also unspecified.

Flip Analysis

A flip appraisal cannot be completed. There are no completed-sale comparables, supported GDV, refurbishment budget or selling-cost allowance. The guide range alone is insufficient to calculate a resale surplus.

Investor Risks & Due Diligence

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

• The flats are vacant, so there is no passing income evidenced.

• The property requires upgrading and refurbishment, but no quantified works budget is supplied.

• Flat 4 has an EPC rating of E; the cost and scope of any required improvement works are unconfirmed.

• Buyer premium, administration charges and other possible non-optional auction costs are unspecified.

• No completed-sale comparables or formal GDV evidence are supplied.

Recommendation

Treat as a potential refurbishment-to-let acquisition only after obtaining a full inspection, refurbishment quotations, rental evidence and confirmation of all auction costs. Do not bid on yield or refinance assumptions that are unsupported by the supplied evidence.

Strategy Rating

Analysis Confidence

The property description, tenure, occupancy, accommodation, guide range and EPC/council-tax information are supplied, but there are no sales comparables, rental evidence, refurbishment costs, GDV or complete buyer-cost figures.