269, Morland Road, CROYDON, Surrey, CR0 6HE

Description

Leasehold three bedroom flat. Investment.

Accommodation

Three bedrooms, reception room, kitchen, bathroom/WC

Location

The property is situated on Morland Road. Public transport links include Elmers End Rail Station, Blackhorse Lane Tram Links Stop and local bus services. Road links include the A222, which links to the A23. Shopping amenities are available locally on Lower Addiscombe Road, with cafes, bars and restaurants. Recreational facilities are available in South Norwood Country Park and Lloyd Park.

Tenure / Property Information

Investment Analysis

The supplied sold comparables on Morland Road range from £208,500 to £273,000, with the latest recorded sale at £273,000 in September 2024. These comparables are not confirmed as identical in size, condition, lease length or floor position. A base GDV of £230,000 is used as a cautious estimate, with £208,500 as the low case and £273,000 as the high case. The 62-year lease is a material valuation and mortgageability risk, and lease terms, ground rent and service charge remain unknown.

Investment Snapshot

Strategy Recommendation

Proceed only with substantial due diligence and a conservative bid limit after confirming the tenancy, lease terms, ground rent, service charge, fees and financing availability. On the current evidence, this is not sufficiently attractive for a confident BTL, BRRR or flip purchase at the guide.

Works Required

No condition defects or required works are evidenced. Allow for inspection and verification of the lease, service charge, ground rent, tenancy documentation and any required compliance works before bidding.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

At the £170,000 guide, 75% of the £230,000 base GDV is approximately £172,500. However, total project cost cannot be calculated because refurbishment costs, buyer premium, seller fees, service charge, ground rent and finance costs are unknown. Refinancing may also be constrained by the 62-year lease. The available evidence does not establish a reliable BRRR surplus or cash requirement.

Buy-to-Let Analysis

The only rental evidence is an advertised asking rent of £550 pcm, equivalent to £6,600 annually. This produces a gross yield of 3.88% against the £170,000 guide, before the £1,800 admin charge, other possible seller fees, finance, service charge, ground rent, maintenance, voids and tax. The actual passing rent is not supplied, so BTL returns cannot be fully established. The 62-year lease may restrict lending and future resale.

Flip Analysis

Using the £230,000 base GDV, a resale margin cannot be calculated because refurbishment costs and selling costs are unsupported. The £1,800 admin charge is known, but buyer premium and possible seller fees are not. The short lease could reduce the achievable resale price and buyer pool, making a flip dependent on lease information and the ability to extend the lease.

Investor Risks & Due Diligence

• Only an advertised asking rent of £550 pcm is supplied; passing rent and tenancy terms are unverified.

• The lease has only 62 years remaining, creating potential mortgageability, valuation and resale risk.

• Ground rent, service charge, lease covenants and lease-extension terms are unknown.

• Property condition and refurbishment requirements are unknown.

• Buyer premium and any seller-charged completion fees are unknown.

• The sold comparables are not confirmed as identical in condition, accommodation, floor position or lease length.

• Parking and heating information are unavailable.

Recommendation

Proceed only with substantial due diligence and a conservative bid limit after confirming the tenancy, lease terms, ground rent, service charge, fees and financing availability. On the current evidence, this is not sufficiently attractive for a confident BTL, BRRR or flip purchase at the guide.

Strategy Rating

Analysis Confidence

There are several nearby completed sales and one rental asking figure, but the comparables' lease and property details are unconfirmed. Passing rent, condition, refurbishment cost, service charge, ground rent, buyer premium, seller fees and full lease information are unavailable.