33, 35, 37 and 39, California Road, Bristol, Avon, BS30 8AZ

Description

Freehold comprising one flat vacant (flat 33) and 3 flats sold on long leases (flats 35, 37 and 39). By order of a major housing association.

Accommodation

Flat 33 (vacant): entrance hall, two bedrooms, reception room, kitchen and bathroom/WC.

Location

Situated on California Road, well positioned for the amenities of Bristol city centre to the west. Transport options include local bus routes, rail connections via Keynsham or Bristol Temple Meads, and road links via the M4 and M5 motorways.

Tenure / Property Information

Investment Analysis

The £115,000 guide is the only supplied price evidence. No completed sales, sufficiently specific rental comparables, refurbishment specification or formal valuation evidence has been provided. The asset comprises one vacant two-bedroom flat plus three flats already sold on long leases, with stated ground rents of £10 per annum each. Market value, GDV and a supported maximum bid cannot therefore be established.

Investment Snapshot

Strategy Recommendation

Do not bid on the supplied evidence alone. Treat this as a legal-pack and inspection-led freehold assessment; proceed only after confirming lease terms, vacant-flat condition, all completion charges and supported market rent or valuation evidence.

Works Required

No specific defects or works are evidenced. Obtain and review the legal pack, inspect vacant flat 33, confirm its condition and services, and verify the lease terms, ground rents and any management obligations for flats 35, 37 and 39 before budgeting works.

Rental & Market Context

Potential BRRR Position

BRRR cannot be underwritten because GDV, achievable rent, refurbishment cost and refinance value are unsupported. The long-lease disposals limit the freeholder's directly lettable accommodation to vacant flat 33, while the stated £30 annual ground-rent income is insufficient evidence for a refinance case.

Buy-to-Let Analysis

A BTL yield cannot be established because no sufficiently specific market rent or auctioneer rent estimate is supplied for vacant flat 33. The three long-lease flats are not available as ordinary rental units to the freeholder; only stated ground rents of £10 per annum each are identified. Existing income is therefore £30 per annum before any costs, subject to legal-pack confirmation.

Flip Analysis

A flip appraisal cannot be completed because there are no completed sales, supported GDV, condition-based works allowance or selling-cost allowance. The asset is also a mixed freehold interest comprising one vacant flat and three long-lease interests, so resale value depends materially on the legal terms and marketability of those interests.

Investor Risks & Due Diligence

• Flats 35, 37 and 39 are sold on long leases, so the buyer may have limited control over those units and their future income is limited to stated ground rents of £10 per annum each.

• The legal terms, remaining lease lengths, repairing obligations, service-charge arrangements and management liabilities require confirmation from the legal pack.

• The condition and required works for vacant flat 33 are not evidenced.

• No sufficiently specific market rent or completed-sale evidence is supplied.

• The seller may charge additional completion fees under the Special Conditions of Sale.

• Parking and heating information is not supplied.

Recommendation

Do not bid on the supplied evidence alone. Treat this as a legal-pack and inspection-led freehold assessment; proceed only after confirming lease terms, vacant-flat condition, all completion charges and supported market rent or valuation evidence.

Strategy Rating

Analysis Confidence

Only the guide price, tenure, occupancy structure, stated ground rents, EPC and basic accommodation are supplied. There are no sales comparables, rental evidence, works costs, GDV evidence or auctioneer rent estimate.