28 Church Lane, East Finchley

Description

A Terrace Ground Floor Shop of approximately 750 sq ft requiring modernisation and Upper Maisonette. The ground floor shop comprises retail premises, kitchen, rear room and WC, with sole use of the garden at rear with brick built outbuilding. Plans have been drawn up to convert the ground floor shop into a two bedroom self-contained garden flat; an application has not been submitted.

Accommodation

Ground Floor Shop: retail premises, kitchen, rear room and WC. Sole use of garden at rear with brick built outbuilding. First Floor Maisonette (28A).

Location

Situated off High Road, close to local shopping/travelling facilities including East Finchley and Finchley Central Tube Stations (Northern Line). Cherry Tree Wood and Highgate Wood are also nearby.

Tenure / Property Information

Investment Analysis

The supplied comparable evidence is limited to historic sales of 30B and 38 Church Lane, with the latest sale dated 2016 and no floor-area, condition or current-value adjustment. It does not provide a reliable current valuation for this mixed-use asset. The proposed two-bedroom garden-flat conversion has not been submitted for planning approval, so a converted GDV cannot be supported. The £2,000 pcm figure is a generic advertised rental listing for East Finchley and is not sufficiently specific to this property.

Investment Snapshot

Strategy Recommendation

Do not bid on the supplied evidence alone. Proceed only after obtaining planning and building-control advice, a measured valuation separating the freehold and long-lease interests, a detailed refurbishment quotation and confirmation of all special-condition fees.

Works Required

Modernisation of the approximately 750 sq ft ground-floor shop is required. The drawn-up proposal to convert it into a two-bedroom self-contained garden flat would require the relevant planning and building-control consents; no application has been submitted. No additional works can be costed from the evidence.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

A BRRR assessment cannot be reliably quantified because no supported GDV, refurbishment budget or property-specific rent is available. Refinance value would also depend on the unsubmitted conversion proposal and the legal treatment of the long lease over the upper maisonette.

Buy-to-Let Analysis

A BTL yield cannot be established. The only rental evidence is a generic £2,000 pcm advertised asking rent for properties in East Finchley, not a rent specific to this shop, proposed flat or upper maisonette. The upper maisonette is subject to a 999-year lease at a peppercorn ground rent, while the ground-floor unit is vacant.

Flip Analysis

A flip surplus cannot be calculated. The historic Church Lane comparables are not sufficiently current or directly comparable, and no supported refurbishment cost, current GDV or selling allowance is supplied. The proposed conversion remains unapproved.

Investor Risks & Due Diligence

• The proposed two-bedroom garden-flat conversion has not been submitted for planning approval.

• The ground-floor shop requires modernisation, but no supported refurbishment budget is available.

• The upper maisonette is already sold on a 999-year lease at a peppercorn ground rent, so the acquired interests require careful legal and valuation review.

• The historic sold comparables are dated and do not establish a current value for this mixed-use property.

• The only rental evidence is a generic advertised asking rent and cannot support a property-specific yield.

• The seller may charge additional completion fees under the special conditions, but the amount is not supplied.

• EPC and council-tax information are stated as TBC or not provided.

Recommendation

Do not bid on the supplied evidence alone. Proceed only after obtaining planning and building-control advice, a measured valuation separating the freehold and long-lease interests, a detailed refurbishment quotation and confirmation of all special-condition fees.

Strategy Rating

Analysis Confidence

Evidence includes a guide price, tenure and description, but lacks a current directly comparable valuation, property-specific rent, refurbishment budget, planning outcome, EPC, council-tax information and complete fee schedule.