23C, St. Stephens Gardens, London, W2 5QU

Description

Long leasehold second floor self-contained flat requiring updating. Full vacant possession. By order of a major housing association.

Accommodation

Entrance hall, one bedroom, reception room, kitchen, bathroom/WC, store room

Location

St Stephens Gardens is located off Chepstow Road and well positioned for the amenities of Bayswater, Notting Hill, Maida Vale and Paddington. Transport options include road links via the A40/M40 or the A5, local bus routes or Royal Oak, Westbourne Park or Bayswater Stations.

Tenure / Property Information

Investment Analysis

The supplied evidence comprises five completed sales on the same street, ranging from £500,000 to £582,877 for sales in 2022–2025, plus an older £749,950 sale from 2022. The most recent evidence is £545,000 and £560,000 for 27 St Stephens Gardens in 2024–2025. However, the comparable flat addresses, sizes, bedroom counts, condition and lease terms are not supplied, so comparability cannot be confirmed. A provisional base GDV of £560,000 is used only as an evidence-led estimate, with a low scenario of £500,000 and high scenario of £582,877.

Investment Snapshot

Strategy Recommendation

Do not set a firm bid or proceed on the provisional GDV alone. Obtain and review the legal pack, confirm the new lease terms and charges, inspect the flat, obtain refurbishment quotations and establish local rental evidence before considering a flip or BTL purchase.

Works Required

Update the flat as supported by the description, potentially including internal finishes, kitchen and bathroom presentation, subject to inspection. No detailed defects, specification or contractor pricing has been supplied, so a refurbishment budget cannot be established. Review the new 125-year lease and all special conditions before bidding.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

Using the provisional £560,000 GDV, 75% refinance is £420,000. BRRR cash recycling cannot be calculated because refurbishment costs, total acquisition costs, finance costs and any applicable seller charges are unknown. The new lease is stated to be 125 years at a peppercorn ground rent, but the remaining legal terms require review.

Buy-to-Let Analysis

BTL viability cannot be established because no sufficiently specific rental comparable or auctioneer rent estimate is provided. The flat is vacant, and the £1,800 inclusive-of-VAT contract documentation fee is known, but refurbishment, other seller charges, finance, service charge and letting costs are not supplied.

Flip Analysis

A provisional GDV range of £500,000–£582,877 is indicated by same-street completed sales, but the comparables are not confirmed as equivalent flats. Flip surplus cannot be calculated because works, total acquisition costs and resale costs are unsupported. The known £1,800 documentation fee and potentially applicable seller charges should be allowed for.

Investor Risks & Due Diligence

• Comparable sale sizes, bedroom counts, condition and lease terms are not supplied, limiting the reliability of the provisional GDV.

• The flat requires updating, but no detailed condition report or refurbishment cost is provided.

• No sufficiently specific rental evidence is available, so BTL yield and cash flow cannot be established.

• Lease information is otherwise awaited and must be checked in the Legal Pack.

• The seller may charge additional completion fees under the Special Conditions of Sale.

• Service charge, reserve fund, insurance and other lease-related costs are not supplied.

• The known £1,800 inclusive-of-VAT contract documentation fee is payable by the buyer.

Recommendation

Do not set a firm bid or proceed on the provisional GDV alone. Obtain and review the legal pack, confirm the new lease terms and charges, inspect the flat, obtain refurbishment quotations and establish local rental evidence before considering a flip or BTL purchase.

Strategy Rating

Analysis Confidence

There is useful same-street completed-sale evidence and a stated lease term, but the comparable property details, floor area, rent, refurbishment scope, service charge, legal terms and total purchase costs are unavailable.