3 Greencoat Mansions, Westminster, London, SW1P 1PG

Description

A first floor studio flat. The property forms part of an attractive corner building. In need of modernisation. Vacant.

Accommodation

First Floor - Entrance Hallway, Studio Room, Kitchen, Bathroom/WC.

Location

Situated on Greencoat Place, accessed off Stillington Street and Willow Place. Shopping facilities are available locally on Victoria Street and in the surrounding area of St James and Westminster. Recreational facilities can be found at St James Park and Green Park, both conveniently close by. Nearby road communications are via the A202 and A302. Transport: Victoria - Victoria / Circle / District / Gatwick Express / Southern / Thameslink / Southeastern; St James - Circle / District.

Tenure / Property Information

Investment Analysis

The strongest evidence comprises two same-building leasehold flat sales completed on 11 November 2024 at £350,000 and £380,000. The subject's size, condition relative to the comparables and the comparables' exact accommodation are not supplied. A base GDV of £365,000 is therefore used, with a supported evidence range of £350,000–£380,000. Older same-building sales at £545,000, £555,000 and £360,000 are given less weight because of their age and lack of further specification.

Investment Snapshot

Strategy Recommendation

Potential refurbishment and resale opportunity, subject to confirming the legal pack, lease terms, comparable flat sizes/condition and a detailed works quotation. Do not rely on the one-bedroom rent evidence for BTL underwriting.

Works Required

Modernisation of the vacant first-floor studio flat, including the entrance hallway, studio room, kitchen and bathroom/WC. The evidence does not specify the required scope, specification or cost of works.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

At the base GDV, a 75% refinance is approximately £273,750. However, total project cost cannot be calculated because refurbishment costs and applicable buyer/admin fees or VAT are not supplied. Cash left in and equity cannot therefore be established.

Buy-to-Let Analysis

BTL yield cannot be established reliably. The available £2,999 pcm rental evidence is for one-bedroom flats, whereas the subject is a studio, so it is not directly applicable. Works, leasehold costs, buyer fees and VAT are also unavailable.

Flip Analysis

The £220,000 guide is below the £350,000–£380,000 same-building 2024 sales evidence, but the property needs modernisation and the scope and cost are unknown. Buyer fees, VAT and selling costs are also not supplied, so a reliable flip surplus or maximum bid cannot be calculated.

Investor Risks & Due Diligence

• The property is described as needing modernisation, but the scope and cost of works are not provided.

• The guide price excludes the auctioneer's buyer fee and VAT may apply.

• The supplied rental evidence relates to one-bedroom flats rather than this studio flat.

• Comparable sales do not include floor area, condition or detailed accommodation, limiting GDV precision.

• The new 990-year lease and its terms require review in the legal pack.

Recommendation

Potential refurbishment and resale opportunity, subject to confirming the legal pack, lease terms, comparable flat sizes/condition and a detailed works quotation. Do not rely on the one-bedroom rent evidence for BTL underwriting.

Strategy Rating

Analysis Confidence

There are two recent same-building completed sales and a clear guide price, but the subject's floor area, comparable details, refurbishment cost, leasehold charges, buyer fees, VAT and directly comparable studio rent are unavailable.