24, Maiden Lane Centre, Reading, Berkshire, RG6 3HD

Description

Leasehold first floor flat

Accommodation

Mezzanine level bedroom, reception room, kitchen, bathroom/wc

Location

The property is located within Maiden Place. Shopping amenities are available locally and within Earley Town Centre lying to the west and within Reading Town Centre located to the north west. Public transport links can be found at Earley Train Station lying to the north along with a network of local bus services serving the surrounding areas. The property is served by road links including the A3290 located to the north and the M4 lying to the south. Recreational pursuits are available locally.

Tenure / Property Information

Investment Analysis

Same-development Land Registry sales range from £152,100 to £240,000, with the two latest supplied sales in 2021-22 at £216,100 and £240,000. The comparables are different flat numbers and their size, condition and lease terms are not supplied, so a precise valuation is not supportable. A broad evidence-based scenario range is £152,100-£240,000, with £216,100 used as the base GDV. The guide represents a substantial apparent discount, but this may reflect the unknown lease, service charge, ground rent, condition and additional completion costs.

Investment Snapshot

Strategy Recommendation

Proceed only as a highly conditional value-led purchase after reviewing the lease and all special conditions. BTL or BRRR may appear attractive at the guide, but the unknown lease and running costs make the asset unsuitable for an unconditional bid. Do not underwrite a flip without confirming condition and resale costs.

Works Required

No specific physical defects or works are evidenced. Obtain the EPC recommendations for the F-rated property and verify whether any improvement works are required. Review the lease, service charge, ground rent and building obligations before committing to works.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

At the guide plus the known £1,800 contract fee, the indicative base cost is £101,800 before works and other completion costs. A 75% refinance against the £216,100 base GDV would be £162,075, theoretically exceeding this limited known-cost basis by £60,275. This is highly conditional because lease length, lenderability, valuation, works, service charges, ground rent and seller fees are unknown.

Buy-to-Let Analysis

The supplied advertised asking rents are £875-£1,150 pcm, implying gross yields of 8.75%-13.80% against the £100,000 guide. Using the guide plus the known £1,800 contract documentation fee gives an indicative yield range of approximately 8.60%-13.56%, before service charge, ground rent, management, maintenance, voids, finance and tax. Passing rent is not evidenced, and lease costs remain unknown, so net yield cannot be established.

Flip Analysis

The supplied same-development sales support a broad £152,100-£240,000 GDV range, with £216,100 as the base case. Against the guide plus the £1,800 known fee, the apparent pre-selling-cost surplus is £114,300 before any refurbishment, finance, tax, selling costs and unknown seller charges. A reliable flip surplus cannot be calculated because works and selling allowances are unsupported.

Investor Risks & Due Diligence

• Lease length, annual service charge, ground rent and review terms are unavailable.

• The seller may charge additional completion fees under the special conditions.

• The EPC is rated F and no costed improvement scope is supplied.

• Rental figures are advertised asking rents rather than achieved or passing rents.

• The comparable sales relate to different flat numbers and do not provide size, condition or lease-term details.

• The property is leasehold and lenderability may depend on the missing lease information.

Recommendation

Proceed only as a highly conditional value-led purchase after reviewing the lease and all special conditions. BTL or BRRR may appear attractive at the guide, but the unknown lease and running costs make the asset unsuitable for an unconditional bid. Do not underwrite a flip without confirming condition and resale costs.

Strategy Rating

Analysis Confidence

The evidence includes same-development completed sales, asking rents and a known buyer documentation fee, but the subject lease terms, service charge, ground rent, condition, floor area, parking, heating, seller fees and achieved rent are unavailable.