19A George Street, St. Albans, Hertfordshire

Description

This spacious apartment is arranged across the first and second floors of an attractive, Grade II listed building in the heart of the city centre conservation area, adjacent to the Cathedral open gardens. The property is let, producing £1800 pm. Features include exposed beams, sash windows, timber floors and contemporary kitchen and bathroom fittings.

Accommodation

Ground Floor: Entrance with stairs to the first floor. First Floor: Hallway with study area and stairs to the second floor, sitting room, kitchen / dining room, bedroom, bathroom. Second Floor: Bedroom.

Location

Heart of the city centre conservation area, adjacent to the Cathedral open gardens. Attractive Grade II listed building.

Tenure / Property Information

Investment Analysis

The only supplied sale comparable is the same apartment, sold for £325,000 in November 2006. This supports a historical reference point but is not reliable evidence of current market value because of its age. The £235,000+ guide is materially below that historical sale price, while current rental evidence ranges from £1,500 pcm advertised asking rent to the stated passing rent of £1,800 pcm. No current sales comparables, EPC, service charge, ground rent, or special-condition costs are supplied.

Investment Snapshot

Strategy Recommendation

Potentially suitable as a cash-flow-led BTL if the £1,800 pcm rent is verified and lease, service-charge and special-condition checks are satisfactory. Do not rely on the 2006 sale for a flip or refinance valuation without current comparable evidence.

Works Required

No refurbishment works are identified in the supplied description. The apartment is described as having contemporary kitchen and bathroom fittings and is currently let. A zero works allowance is used for the base calculations only; inspection and lease/special-condition review are still required.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

Using the historical same-property sale as a £325,000 base GDV, 75% refinance would be approximately £243,750. Against the £237,340 base purchase-plus-known-cost figure, this indicates approximately £6,410 cash released before finance costs, tax and any unprovided costs. The GDV evidence is from 2006, so refinance assumptions are low confidence.

Buy-to-Let Analysis

At the stated £1,800 pcm rent, annual rent is £21,600 and the gross yield is approximately 9.19% on the £235,000 guide, or 9.10% including the £2,340 buyer fee and no works allowance. Using the £1,500 pcm advertised asking-rent evidence would imply approximately 7.59% on the guide. These are gross figures and exclude finance, service charge, ground rent, management, maintenance, voids, tax and any additional special-condition fees.

Flip Analysis

A base resale reference of £325,000 is supported only by the same apartment's November 2006 sale. Against the £237,340 base purchase and known buyer-fee cost, the unadjusted difference is £87,660 before selling costs, finance, tax and any works. A formal flip surplus is not calculated because no supported selling-cost allowance or current GDV evidence is supplied.

Investor Risks & Due Diligence

• The only sale comparable is from November 2006 and may not represent current value.

• The stated £1,800 pcm rent should be verified against the tenancy, payment history and rent review terms.

• Service charge, ground rent, reserve-fund obligations and lease restrictions are not supplied.

• Additional fees may be payable under the Special Conditions of Sale.

• Grade II listing and conservation-area location may constrain future alterations.

• Finance, tax, management, maintenance and void costs are excluded from the gross-yield calculations.

Recommendation

Potentially suitable as a cash-flow-led BTL if the £1,800 pcm rent is verified and lease, service-charge and special-condition checks are satisfactory. Do not rely on the 2006 sale for a flip or refinance valuation without current comparable evidence.

Strategy Rating

Analysis Confidence

The guide, stated rent, tenure, lease length, buyer fee and one same-property sale are supplied, but the valuation comparable is historic and key ownership and transaction costs are missing, including service charge, ground rent, EPC and special-condition fees.