20 Portway, Chippenham, Wiltshire, SN14 0BQ

Description

Well proportioned 1 bedroom ground floor flat in need of modernisation and situated on the favoured west side of town close to numerous amenities. Ideal investment or first time buy.

Accommodation

Entrance hall, living/dining room, kitchen, bedroom, bathroom and useful store room.

Location

Situated on the favoured west side of Chippenham, close to numerous amenities.

Tenure / Property Information

Investment Analysis

The only supplied completed sales are for 16 Portway, the same postcode, at £79,000 in 2006 and 2012. These are materially historic and do not establish a current market value. A provisional base GDV of £79,000 is used solely as an evidence-led reference point, subject to condition, lease terms and current market evidence.

Investment Snapshot

Strategy Recommendation

Potentially attractive as a rental or first-time-buyer opportunity only if inspection confirms manageable modernisation costs and the legal pack confirms acceptable lease terms and charges. Do not bid on the current evidence without a refurbishment budget and lease review.

Works Required

Modernisation of the flat, including review and updating of the kitchen, bathroom, decoration, floor finishes and general presentation, subject to inspection. No specific defects or costs are supplied.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

Using the historic £79,000 same-postcode sale as a provisional GDV reference, 75% refinancing would be approximately £59,250. A meaningful BRRR assessment cannot be completed because refurbishment costs, buyer costs, lease details and a current valuation are unavailable. The new 999-year lease is subject to legal-pack confirmation.

Buy-to-Let Analysis

The auctioneer estimates rent at £9,600 per annum, equivalent to £800 pcm. Against the £55,000 guide, this indicates a gross yield of approximately 17.45%. This is an estimate rather than passing rent, and no service charge, ground rent, operating costs, finance costs or buyer fees are supplied, so net yield and total-cost yield cannot be established.

Flip Analysis

A provisional £79,000 GDV reference is above the £55,000 guide, but refurbishment costs, acquisition costs, selling costs and a current valuation are unavailable. No reliable flip surplus or maximum bid can therefore be calculated.

Investor Risks & Due Diligence

• Historic comparable sales from 2006 and 2012 may not represent current value.

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

• The new 999-year lease and its terms are subject to the legal pack.

• No ground rent, service charge or other leasehold costs are supplied.

• The £9,600 annual rent is an auctioneer estimate rather than passing rent.

• Resident parking is first come, first served rather than allocated.

• Electric heating may affect running costs, but no EPC or energy-cost evidence is supplied.

Recommendation

Potentially attractive as a rental or first-time-buyer opportunity only if inspection confirms manageable modernisation costs and the legal pack confirms acceptable lease terms and charges. Do not bid on the current evidence without a refurbishment budget and lease review.

Strategy Rating

Analysis Confidence

The property description, guide, tenure and auctioneer rent estimate are available, but the valuation evidence is historic, rental evidence is from unrelated postcodes, and refurbishment costs, lease charges, EPC, council tax and auction fees are missing.