31 Turners Close, Bramfield, Hertford, Hertfordshire

Description

Vacant long leasehold self-contained first floor flat. GIA approximately 49.70 sq m (535 sq ft).

Accommodation

Reception room, bedroom, kitchen and bathroom

Location

The property is situated off the east side of Turners Close. The shops and amenities of Hertford are to the south east. Hertford North rail station is approximately 2.7 miles to the south east. The A602 is to the east and Panshanger is to the south.

Tenure / Property Information

Investment Analysis

The only completed comparable is 29 Turners Close, a leasehold flat/maisonette sold for £225,000 in November 2023. It is on the same close but no floor, size, condition or specification is supplied, and it is not a current transaction. £225,000 is therefore used only as an indicative base GDV proxy, not a formal valuation. The £60,000+ guide implies a substantial apparent value gap, but the guide is not the purchase price and no condition, works or buyer-cost evidence is available.

Investment Snapshot

Strategy Recommendation

Treat as a potential value-led purchase only, subject to an inspection, legal review of the new lease, confirmation of all auction charges and independent valuation. Do not set a maximum bid or rely on the apparent margin until condition, costs and achievable rent are evidenced.

Works Required

No refurbishment works are supported by the supplied evidence. A survey and inspection are required before specifying or costing works; the description only confirms a reception room, bedroom, kitchen and bathroom.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

Using the indicative £225,000 GDV proxy, 75% refinance equates to £168,750. However, purchase price, refurbishment cost, buyer/admin fees and finance costs are unknown, so cash left in and actual BRRR viability cannot be calculated. The new 125-year lease at peppercorn ground rent is potentially supportive, subject to legal review.

Buy-to-Let Analysis

BTL viability cannot be reliably established because no directly comparable flat rent or auctioneer rent estimate is supplied. The £1,200 pcm evidence is for a one-bedroom terraced house in Hertfordshire, while the £800 pcm evidence is for London apartments; neither is sufficiently comparable to underwrite rent for this flat. No yield can therefore be calculated.

Flip Analysis

The guide-to-indicative-GDV difference is approximately £165,000 before refurbishment, acquisition, finance, selling and tax costs. This is not a projected flip surplus because the eventual purchase price, works, selling allowance and other costs are unsupported.

Investor Risks & Due Diligence

• The £60,000 guide is an opening guide rather than a confirmed purchase price.

• Buyer premium, admin charge and other seller or third-party fees are unspecified.

• The sole comparable completed in 2023 may differ in size, condition, floor and specification.

• No condition evidence or refurbishment budget is available.

• Achievable rent cannot be established from the supplied rental listings.

• EPC, council tax, parking and heating information is not supplied.

• The new lease and its terms should be independently reviewed before bidding.

Recommendation

Treat as a potential value-led purchase only, subject to an inspection, legal review of the new lease, confirmation of all auction charges and independent valuation. Do not set a maximum bid or rely on the apparent margin until condition, costs and achievable rent are evidenced.

Strategy Rating

Analysis Confidence

There is one same-close completed sale and clear tenure/occupancy information, but no condition, rent, EPC, charges, council tax, parking, heating, current valuation evidence or buyer-cost schedule.