2 The Drive, Harwich, Essex

Description

An attractive detached house close to the beach. Situated in a highly desirable area along a tree lined road leading down to the beach is this detached house requiring modernisation.

Accommodation

Three double bedroom accommodation with a 26' living/dining room, double glazing, garage and further parking space, and good size gardens. The area to the side offers potential for development (STPP).

Location

Situated in a highly desirable area along a tree lined road leading down to the beach, close to the beach, in a prestigious location.

Tenure / Property Information

Investment Analysis

The supplied same-road detached freehold sales range from £335,000 to £530,000. The more recent 2025–2026 evidence ranges from £350,000 to £440,000. Given this property requires modernisation, a cautious evidence-based HB GDV range is £350,000–£440,000, with a £400,000 base estimate. This is not a formal valuation and the comparables do not provide sufficient detail on size, condition or specification for precise adjustment.

Investment Snapshot

Strategy Recommendation

Proceed only subject to a full inspection, legal-pack review, quantified modernisation quotation and planning review of the side-area development potential. Do not rely on the stated potential development or the base GDV until verified.

Works Required

Modernisation of the three-bedroom detached house, with the exact scope to be established by inspection and the legal pack. The EPC G rating indicates that energy-performance improvement may also need consideration. No quantified works specification or cost evidence is supplied.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

At the £400,000 base GDV, 75% refinance is £300,000. However, total project cost and indicative cash left in cannot be calculated because no refurbishment allowance or complete purchaser-cost estimate is supplied. The strategy depends on confirming the modernisation budget, finance terms and achievable post-works value.

Buy-to-Let Analysis

Supplied local advertised asking rents are £1,000–£1,049 pcm; the £1,300 figure is for Walton on the Naze and is less directly relevant. Using £1,000 pcm gives £12,000 annual rent and a 4.80% gross yield against the £250,000 guide. A yield on total project cost cannot be established because refurbishment costs and unspecified disbursements are unavailable. Asking rents are not achieved rents.

Flip Analysis

The evidence supports an indicative base resale value of £400,000, with a £350,000–£440,000 scenario range. A flip surplus cannot be calculated because refurbishment costs, selling costs and some purchaser disbursements are not supplied. The £250,000 guide plus the known £2,700 buyer premium and admin charge is not a complete project cost.

Investor Risks & Due Diligence

• Current EPC rating G may indicate significant energy-performance improvement requirements.

• The property requires modernisation, but no survey, scope of works or refurbishment cost is supplied.

• The side-area development potential is expressly subject to planning permission and is not assured.

• Rental figures are advertised asking rents rather than achieved rents, and one comparable is outside Harwich.

• Legal-pack disbursements and other purchaser charges are unspecified.

• The guide price is stated as plus fees and may not reflect the eventual auction price.

Recommendation

Proceed only subject to a full inspection, legal-pack review, quantified modernisation quotation and planning review of the side-area development potential. Do not rely on the stated potential development or the base GDV until verified.

Strategy Rating

Analysis Confidence

There is useful same-road sold-price evidence and some local rental evidence, but property-specific condition, floor area, refurbishment costs, achieved rent, selling costs and complete purchaser disbursements are unavailable.