28 Brookside, Dudley, Cramlington, Northumberland, NE23 7DL

Description

Two bedroom first floor flat with garage, positioned on a quiet cul-de-sac in Dudley, Cramlington. The property offers a spacious living room, fitted kitchen, two good sized bedrooms and a bathroom. Outside, there is an enclosed front garden, off-road parking and a garage providing useful additional storage.

Accommodation

Spacious living room, fitted kitchen, two good sized bedrooms and a bathroom.

Location

Dudley is well placed for local amenities, with shops, supermarkets, restaurants and pubs all close by. Cramlington Train Station is approximately 3 miles away, with local bus routes and easy access to the A1 and A19 also nearby.

Tenure / Property Information

Investment Analysis

Same-road HM Land Registry sales range from £65,000 to £96,000, with the two most recent recorded sales at £80,000 and £96,000. These comparables are useful evidence but their lease lengths are not supplied, so no reliable adjustment can be made for this property's 45-year lease. A provisional base GDV of £80,000 is used, with £65,000–£96,000 as an evidence-based unadjusted range.

Investment Snapshot

Strategy Recommendation

Proceed only after confirming lease terms, service charge, ground rent, lease-extension options and mortgageability. Subject to those checks, the low guide and indicative rent support a potential BTL/BRRR strategy, but the short lease makes the apparent value and refinance case highly uncertain.

Works Required

No specific refurbishment defects or works are evidenced. Allow for inspection, routine repairs if identified, and legal review of the 45-year lease, service charge and ground rent before bidding. No refurbishment allowance is included in the calculations.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

Using the provisional £80,000 GDV, 75% refinance is £60,000. Against a £43,600 base cost comprising the £40,000 midpoint guide and £3,600 admin charge, this indicates £16,400 cash potentially left in before finance, tax and lease-related costs. However, the 45-year lease may restrict mortgage and refinance availability, and no lease-extension cost or lender criteria are supplied.

Buy-to-Let Analysis

Using the auctioneer's estimated rent of approximately £600 pcm, annual gross rent is £7,200. Against the midpoint guide assumption of £40,000, gross yield is 18.0%; including the known £3,600 admin charge, it is approximately 16.5%. These figures exclude service charge, ground rent, finance, voids, management, maintenance and other auction costs. The rent evidence is indicative rather than achieved rent.

Flip Analysis

A provisional £80,000 GDV against £43,600 of known base acquisition costs suggests £36,400 before selling costs, finance, tax, lease-extension costs and any works. A reliable flip surplus cannot be established because no selling allowance, refurbishment budget or lease-extension cost is supplied. The GDV range is not adjusted for the subject's 45-year lease.

Investor Risks & Due Diligence

• Only 45 years remain on the lease, creating potential mortgage, resale and refinance restrictions.

• Comparable sale lease lengths are not supplied, so the GDV range may not be directly applicable.

• No lease-extension premium or legal cost is supplied.

• Service charge and ground rent are unknown.

• The £600 pcm rent is an auctioneer estimate, not passing rent; supplied rental listings are advertised asking rents and relate to houses in different locations.

• Additional auction charges may apply beyond the stated £3,600 admin charge.

• No condition inspection or refurbishment budget is supplied.

Recommendation

Proceed only after confirming lease terms, service charge, ground rent, lease-extension options and mortgageability. Subject to those checks, the low guide and indicative rent support a potential BTL/BRRR strategy, but the short lease makes the apparent value and refinance case highly uncertain.

Strategy Rating

Analysis Confidence

There are several relevant same-road completed sales and an auctioneer rent estimate, but the subject has only 45 years remaining on the lease and no comparable lease lengths, lease-extension cost, service charge, ground rent, condition report or full auction costs are supplied.