16, Lisle Street, Wallsend, Tyne and Wear, NE28 8QY

Description

Two-bedroom ground floor flat. Requires refurbishment throughout. The property is to be sold as seen.

Accommodation

Ground Floor: Entrance Hall, Lounge, Two Bedrooms, Conservatory, Kitchen Area (no units), Bathroom and Separate WC. External: Rear Garden Area.

Location

Located within a residential area of Wallsend, close to local shops and amenities. The property is set on the outskirts of Newcastle and is convenient for the Coast Road (A1058) and the A19, giving access to surrounding districts and towns. It is close to the main shopping area and a short drive to the metro station and Tyne Tunnel.

Tenure / Property Information

Investment Analysis

The supplied sold evidence comprises five leasehold flat/maisonette sales on Lisle Street from £57,500 to £80,000. The most recent comparable, 27 Lisle Street, sold for £69,000 in February 2025. Given the subject property requires refurbishment throughout and is sold as seen, a base GDV of £69,000 is used, with an evidence-based low/high range of £60,000–£80,000. This is an estimated resale range, not a formal valuation.

Investment Snapshot

Strategy Recommendation

Potential refurbishment-led BTL or resale, but obtain a full inspection, refurbishment quotation and legal-pack review before bidding. Do not rely on the guide-to-GDV difference as profit and do not set a maximum bid without verified works and fee costs.

Works Required

Refurbishment throughout as stated in the particulars, including fitting out the kitchen area where no units are present. The exact scope, specification and cost require inspection and review of the legal pack; no allowance is assumed without supplied cost evidence.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

At the £48,000 guide, the indicative refinance at 75% of the £69,000 base GDV is £51,750. However, total project cost and cash left in cannot be calculated because refurbishment costs, potentially applicable seller fees and other project costs are not supplied. Lease information is also awaited, so refinanceability remains subject to lender and legal review.

Buy-to-Let Analysis

The two supplied rental listings indicate an advertised asking rent of £750 pcm, equivalent to £9,000 annually. Against the £48,000 guide price this gives an indicative gross yield of 18.75%, before refurbishment, finance, management, maintenance, voids, taxes and acquisition costs. A yield on the completed total cost cannot be established because refurbishment costs and any seller fees are unknown. Asking rent is not evidence of achieved rent.

Flip Analysis

The base GDV is estimated at £69,000 from the supplied Lisle Street comparables. A flip surplus cannot be calculated because refurbishment costs and any selling allowance or seller fees are not provided. The apparent difference between the guide and GDV should not be treated as profit until the refurbishment scope and all transaction costs are known.

Investor Risks & Due Diligence

• The property requires refurbishment throughout and is sold as seen.

• The kitchen area has no units; the full extent of required works is not supplied.

• Refurbishment costs are unavailable, preventing a reliable total project cost, maximum bid or flip surplus calculation.

• The rental evidence consists only of advertised asking rents, not achieved rents or a passing tenancy.

• Lease information is awaited and buyers are directed to the legal pack.

• Additional seller fees may be payable on completion but are not quantified.

• Parking and heating information is unavailable.

• The supplied comparables vary from £57,500 to £80,000 and may not reflect the subject property's condition or specification.

Recommendation

Potential refurbishment-led BTL or resale, but obtain a full inspection, refurbishment quotation and legal-pack review before bidding. Do not rely on the guide-to-GDV difference as profit and do not set a maximum bid without verified works and fee costs.

Strategy Rating

Analysis Confidence

There is useful same-street sold evidence and two asking-rent listings, but the refurbishment cost, lease information, parking/heating details, seller fees and exact legal position are unavailable.