16 Elms Close, Little Wymondley, Hitchin, Hertfordshire

Description

A two bedroom first floor flat. The property forms part of a purpose built block. In need of modernisation. Vacant.

Accommodation

First Floor - Entrance Hallway, Reception Room, Kitchen, Two Bedrooms, Bathroom/WC.

Location

Located on Elms Close, accessed off Stevenage Road. Local amenities and daily essentials available along Stevenage Road and within Hitchin centre. Recreational amenities include nearby green spaces such as the Great Ashby District Park. Transport links via A1 and Hitchin station. Transport Hitchin - Great Northern, Thameslink.

Tenure / Property Information

Investment Analysis

Four HM Land Registry sales of leasehold flats at Elms Close completed between February and November 2024 for £145,000–£160,000, averaging £153,000. These are relevant same-close comparables, but the evidence does not confirm identical size, condition, floor, lease terms or specification. A base GDV of £153,000 is therefore used, with a supported comparable range of £145,000–£160,000. The new 990-year lease is noted, but service charge, ground rent and other lease terms are unavailable.

Investment Snapshot

Strategy Recommendation

Treat as a conditional refurbishment opportunity rather than committing to BTL, BRRR or a flip. Proceed only after confirming the legal-pack terms, leasehold charges, condition, refurbishment quotations and achievable resale value.

Works Required

Modernisation of the flat is required, based on the auction description. The available evidence does not specify which elements require work, so no reliable works scope or cost allowance can be quantified. Obtain a survey, contractor quotations and review the legal pack before bidding.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

A potential BRRR route is indicated by the guide price being below the comparable-sale range, but refurbishment costs, rent, leasehold charges and finance assumptions are unavailable. The 75% GDV refinance figure and cash left in cannot be calculated reliably. Validate condition, lease terms, lender acceptability and achievable rent before proceeding.

Buy-to-Let Analysis

The property is vacant and no sufficiently specific rental comparable or auctioneer rent estimate is supplied. Rent and gross yield therefore cannot be established. Buyer fees and VAT may also apply but are not quantified.

Flip Analysis

At the £115,000 guide, the indicative difference to the £153,000 base GDV is £38,000 before refurbishment, buyer fees, VAT, finance, selling costs and tax. Because works and selling allowances are unsupported, no reliable flip surplus or maximum bid can be calculated.

Investor Risks & Due Diligence

• The flat is described as needing modernisation, but the extent and cost of works are unknown.

• No reliable rental evidence is available, so BTL income and yield cannot be assessed.

• Buyer fees and VAT may apply, but no amounts are supplied.

• Leasehold service charge, ground rent and other legal-pack terms are not provided.

• The comparable sales are from 2024 and may not reflect the value at the analysis date.

• The comparables may differ from the subject in size, floor, condition and specification.

Recommendation

Treat as a conditional refurbishment opportunity rather than committing to BTL, BRRR or a flip. Proceed only after confirming the legal-pack terms, leasehold charges, condition, refurbishment quotations and achievable resale value.

Strategy Rating

Analysis Confidence

Same-close completed-sale evidence supports a provisional GDV range, but there is no subject-specific survey, rental evidence, refurbishment cost, leasehold-cost information or quantified auction fees.