24 Pitfield Crescent, Thamesmead, London, SE28 8RG

Description

The property comprises a first floor two bedroom flat situated within a purpose built building arranged over ground and first floors. The property requires a program of refurbishment.

Accommodation

First Floor: Reception Room, Kitchen, Two Bedrooms, Bathroom

Location

The property is situated on a residential road close to local shops and amenities. The open spaces of Gallions Reach Park are within easy reach. Transport links are provided by Abbey Wood underground station (Elizabeth line).

Tenure / Property Information

Investment Analysis

The £245,000 completed sale of 20 Pitfield Crescent in November 2021 is the only relatively recent comparable and provides an indicative GDV anchor. It is not confirmed to have the same condition, lease length or specification as this flat. The subject has approximately 61 years remaining and requires refurbishment, while no current flat rental evidence or updated comparable is supplied. The £245,000 figure is therefore an evidence-based estimate rather than a formal valuation.

Investment Snapshot

Strategy Recommendation

Do not bid on the current evidence alone. Obtain the legal pack, confirm lease terms and any lease-extension implications, inspect the flat, price the refurbishment and verify achievable flat rent before considering a BTL or resale strategy.

Works Required

A refurbishment programme is required, but the supplied evidence does not specify the works, condition items, specification or cost. Obtain a full schedule and contractor quotations before bidding.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

At the estimated £245,000 GDV, 75% refinance equates to £183,750. BRRR viability cannot be confirmed because refurbishment costs, buyer premium, disbursements, legal costs and other leasehold costs are unavailable. The approximately 61-year lease may also affect valuation and refinancing eligibility.

Buy-to-Let Analysis

The supplied £1,750 pcm asking rent for a two-bedroom Thamesmead house implies £21,000 annual rent and a 14.0% gross yield against the £150,000 guide. However, it is advertised house rent rather than achieved rent for this flat, and refurbishment, leasehold and other ownership costs are unknown. Net yield and yield on total cost cannot be established.

Flip Analysis

The £245,000 same-street 2021 sale provides an indicative resale anchor, but the subject's refurbishment requirement and shorter lease are not quantified against that comparable. A flip surplus cannot be calculated because works, acquisition extras and selling costs are unsupported.

Investor Risks & Due Diligence

• Approximately 61 years remain on the lease, which may restrict mortgageability, refinancing and resale.

• The property requires refurbishment, but the scope and cost are not supplied.

• The £1,750 pcm rental evidence is an advertised asking rent for a two-bedroom house, not an achieved rent for this flat.

• Buyer premium, disbursements, legal fees and other purchaser charges are not quantified.

• Current EPC rating is E.

• Service charge, ground rent and other leasehold liabilities are not supplied.

Recommendation

Do not bid on the current evidence alone. Obtain the legal pack, confirm lease terms and any lease-extension implications, inspect the flat, price the refurbishment and verify achievable flat rent before considering a BTL or resale strategy.

Strategy Rating

Analysis Confidence

There is one relatively recent same-street completed sale and one advertised rent, but no detailed condition, refurbishment budget, current flat rental comparable, service charge, ground rent, buyer premium or full legal-cost information.