29 Station Road, Billingshurst

Description

A detached house arranged as two self-contained flats. The self-contained ground floor flat comprises an entrance hall, living room, kitchen, two bedrooms and bathroom/WC. Off-street parking and private rear patio. Vacant possession of the self-contained ground floor flat and subject to the lease of the self-contained first floor flat.

Accommodation

Entrance hall; living room; kitchen; bedroom one; bedroom two; bathroom/WC

Location

Situated on Station Road, close to the amenities available in Billingshurst Village and travelling facilities including Billingshurst Train Station. Station Road Community Gardens is also nearby.

Tenure / Property Information

Investment Analysis

The only supplied comparable is the same property, sold for £130,000 on 30 November 2010. This is historic and does not establish a current market value or GDV. The £120,000+ auction guide is not a formal valuation. The property is a vacant two-bedroom ground-floor flat within a building where the self-contained first-floor flat is leasehold, with a £100 per annum ground rent rising every 20 years. Current valuation, rental and condition evidence is insufficient.

Investment Snapshot

Strategy Recommendation

Do not proceed on the current evidence without a current valuation, local rental assessment, full legal pack and inspection. Treat the guide as an auction entry point rather than a supported investment value.

Works Required

No specific defects or refurbishment requirements are evidenced. Allow for inspection, confirmation of the flat’s condition, EPC assessment, and review of the lease and shared-building obligations before budgeting for any works.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

A BRRR assessment cannot be established because current GDV, rent, refurbishment cost and refinance terms are unsupported. The lease of the first-floor flat, including its £100 per annum ground rent and review pattern, should be reviewed for its impact on value, management and future refinance.

Buy-to-Let Analysis

BTL analysis cannot be established because no sufficiently specific rental comparable or auctioneer rent estimate is supplied. The flat is vacant, but achievable rent, operating costs, finance costs and current value require verification. At the £120,000 guide, the £1,500 buyer premium would make the known guide-plus-premium consideration £121,500 before any other costs, works or seller fees.

Flip Analysis

A flip surplus cannot be calculated. The only sale evidence is the same property at £130,000 in 2010, which is too historic to support a current resale value. Current GDV, works, selling costs and any seller fees are not supplied.

Investor Risks & Due Diligence

• Current market value is unsupported; the only comparable is a 2010 sale of the same property.

• No sufficiently specific rental evidence or passing rent is supplied, so yield cannot be established.

• The first-floor flat is sold on a lease and carries a £100 per annum ground rent rising every 20 years.

• The property is vacant, so rental income is not currently evidenced.

• EPC is stated as TBC.

• Additional seller fees may be payable under the special conditions of sale.

• Condition and refurbishment requirements are not evidenced.

Recommendation

Do not proceed on the current evidence without a current valuation, local rental assessment, full legal pack and inspection. Treat the guide as an auction entry point rather than a supported investment value.

Strategy Rating

Analysis Confidence

Only one historic comparable is supplied, with no current GDV evidence, rental evidence, condition report, EPC, admin charge or quantified works budget. Known buyer premium is supplied, but other completion costs may apply.