23, Curriott Hill Road, Crewkerne, Somerset

Description

Long leasehold first floor, two-bedroom self-contained flat requiring modernisation. By order of a Major Housing Association.

Accommodation

First floor: Two bedrooms, reception room and balcony, kitchen, bathroom/WC, hall. Gross Internal Area GIA: approximately 60 sq m (644 sq ft).

Location

The property is situated on Curriott Hill Road between its junctions with Barn Close and Lyme Road within the Somerset market town of Crewkerne. Public transport links include Crewkerne mainline railway station and local bus services. Road links include the A30 and A303, providing access towards Yeovil, Exeter and London. Shopping amenities are available locally within Crewkerne Town Centre, with an extensive range of shops, bars and restaurants in Yeovil. Recreational pursuits can be found at Bincombe Beeches Local Nature Reserve, Henhayes Recreation Ground and the surrounding Somerset countryside.

Tenure / Property Information

Investment Analysis

Evidence includes leasehold flat sales on the same road at £95,000 in 2019 and £130,000 in 2023. Given the subject requires modernisation and its exact comparative condition is unknown, an indicative GDV range of £95,000–£130,000 is used, with a £115,000 base case. The £69,500 guide is before the £1,800 contract documentation fee and any applicable seller charges.

Investment Snapshot

Strategy Recommendation

Potentially suitable for a value-led BTL or refurbishment-led resale, but only after reviewing the legal pack, lease terms and service condition and obtaining a refurbishment quotation. Do not rely on the headline yield until full costs and achievable rent are verified.

Works Required

Modernisation of the flat as required, together with inspection and potential reinstatement of disconnected services. The evidence does not quantify the works or identify specific defects, so a refurbishment budget cannot be supported.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

At the £115,000 base GDV, 75% refinance is approximately £86,250. However, total project cost cannot be calculated because no supported refurbishment allowance is available and seller charges are not quantified. BRRR viability therefore depends on the auction price, actual condition and legal/leasehold costs.

Buy-to-Let Analysis

The advertised asking rent is £1,050 pcm, equivalent to £12,600 annually. This produces an indicative 18.13% gross yield against the £69,500 guide before works and other costs. The rent is an asking rent rather than achieved rent, and the disconnected services, modernisation requirement, leasehold costs and unknown seller charges could materially reduce the net return.

Flip Analysis

The evidence supports an indicative resale range of £95,000–£130,000, with a £115,000 base GDV. A flip surplus cannot be calculated because refurbishment costs, seller charges and selling costs are not supported. The guide-to-GDV spread is not sufficient on its own to establish a viable margin.

Investor Risks & Due Diligence

• All services are disconnected and no warranties or guarantees are given for the heating system or services.

• The flat requires modernisation, but no quantified works schedule or cost evidence is provided.

• Lease information other than the proposed 990-year term is awaited, including potentially material leasehold obligations.

• The property has no parking.

• The £1,800 contract documentation fee is payable by the buyer and additional seller charges may apply.

• The £1,050 pcm rental figure is an advertised asking rent, not an achieved passing rent.

Recommendation

Potentially suitable for a value-led BTL or refurbishment-led resale, but only after reviewing the legal pack, lease terms and service condition and obtaining a refurbishment quotation. Do not rely on the headline yield until full costs and achievable rent are verified.

Strategy Rating

Analysis Confidence

There are same-road completed sales and one advertised rental, but the subject's condition, lease details, refurbishment cost, seller charges and achieved rent are not established.