145A High Street, Watford, Hertfordshire, WD17 1NA

Description

A First and Second Floor Two Bedroom Flat in Need of Modernisation. The property comprises a first and second floor two bedroom flat situated within a mid terrace building arranged over ground and two upper floors.

Accommodation

First Floor: Bedroom. Second Floor: Open Plan Reception/Kitchen, Bedroom, Bathroom.

Location

The property is situated on a residential road close to local shops and amenities. The open spaces of Cassiobury Park are within easy reach. Transport links are provided by Watford Junction overground and rail station.

Tenure / Property Information

Investment Analysis

The supplied completed sales show £169,000 for 145A The Parade in June 2008 and £250,000 for 143A The Parade in December 2018, with other nearby numbered properties recording £165,000 in 2012. However, the subject is described as 145A High Street, the comparables are identified as The Parade, and there is no current comparable evidence or formal valuation. A current GDV cannot therefore be supported reliably from the supplied evidence.

Investment Snapshot

Strategy Recommendation

Treat as a potential modernisation project only, subject to independent valuation, detailed inspection, rental evidence and full legal-pack review. Do not rely on the historic comparables to justify a bid above the guide.

Works Required

Modernisation of the two-bedroom flat, including the open-plan reception/kitchen and bathroom, subject to inspection and the legal pack. No specific defects or works budget are evidenced, so no cost allowance is provided.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

A BRRR assessment cannot be reliably completed because current GDV, refurbishment cost, rent and finance assumptions are unsupported. The long stated lease term of approximately 178 years is favourable in duration, but leasehold charges and legal terms are not supplied.

Buy-to-Let Analysis

BTL yield cannot be established because no sufficiently specific rental comparable or auctioneer rent estimate is supplied. The £130,000+ guide is before the known £1,800 administration fee and any other purchaser costs.

Flip Analysis

A flip surplus cannot be calculated. The available sales evidence is historic and relates to addresses described as The Parade rather than the subject's stated High Street address; refurbishment and resale costs are also unknown.

Investor Risks & Due Diligence

• No sufficiently specific rental evidence, so rental income and yield are unverified.

• Modernisation is required but the scope and cost of works are not supplied.

• Available comparables are historic and identified as The Parade, whereas the subject is stated as High Street.

• Additional purchaser costs may include search fees, sellers’ costs, legal fees, transfer fees, disbursements and possible buyer-premium charges.

• Leasehold service charges, ground rent, restrictions and other lease terms are not supplied.

• No parking, heating or council-tax information is provided.

Recommendation

Treat as a potential modernisation project only, subject to independent valuation, detailed inspection, rental evidence and full legal-pack review. Do not rely on the historic comparables to justify a bid above the guide.

Strategy Rating

Analysis Confidence

The property description, lease term, guide and administration fee are supplied, but there is no current valuation evidence, rental evidence, refurbishment budget, council tax, service-charge information or complete purchaser-cost schedule.