23 Preston Road, Westcliff-on-Sea, Southend-on-Sea, SS0 7NB

Description

Freehold investment secured against a detached building arranged as four self-contained flats with long leases. There is also a side plot offering potential for development, subject to all necessary consents, and two parking spaces, currently let.

Accommodation

Four self-contained flats. Side plot measuring 23' x 110' (7.01m x 33.52m). Two parking spaces.

Tenure / Property Information

Investment Analysis

The £30,000 guide is stated as PLUS FEES. No completed sales, comparable freehold valuations, flat rents, parking income, planning consent or development valuation are supplied, so market value and GDV cannot be reliably estimated. The asset comprises four flats subject to long leases, with ground-rent income and two currently let parking spaces.

Investment Snapshot

Strategy Recommendation

Consider only as a specialist freehold ground-rent and parking-income investment after verifying lease income, title, costs and side-plot planning. Do not rely on the guide price alone.

Works Required

No physical defects or refurbishment requirements are evidenced. Verify lease documentation, ground-rent receipts, parking agreements, title, condition and planning potential for the 23ft x 110ft side plot.

Rental & Market Context

Potential BRRR Position

BRRR cannot be underwritten: no refurbishment budget, rental income, GDV or refinance valuation is evidenced. The existing long leases and uncertain side-plot planning position require due diligence before considering refinance potential.

Buy-to-Let Analysis

BTL yield cannot be established because no passing rents or directly comparable flat rents are supplied. The four flats are subject to long leases, while the two parking spaces are currently let but their income is unknown. The supplied house asking rents are not sufficient evidence for valuing these flats.

Flip Analysis

A flip appraisal is unsupported because there are no comparable sales, GDV evidence, works costs or selling-cost allowance. The side plot offers only potential development subject to all necessary consents.

Investor Risks & Due Diligence

• Four flats are subject to long leases, so lease terms, covenants and enforceability require review.

• Ground-rent income is specified, but actual collection and lease compliance are not evidenced.

• Two parking spaces are stated to be let, but their rental income and agreement terms are unknown.

• Side-plot development is expressly subject to all necessary consents.

• Buyer, administration and other auction fees are unspecified.

• No condition, EPC, council-tax or building-running-cost information is supplied.

Recommendation

Consider only as a specialist freehold ground-rent and parking-income investment after verifying lease income, title, costs and side-plot planning. Do not rely on the guide price alone.

Strategy Rating

Analysis Confidence

Core valuation inputs are missing, including completed comparables, flat rents, parking income, condition, fees, planning evidence and development value.