33 Cranbourne Street, HULL, East Yorkshire, HU3 1PP

Description

Leasehold two-bedroom first floor flat. Full vacant possession. 3D Tour available.

Accommodation

Two bedroom, reception room, kitchen, bathroom/WC

Location

The property is located on Cranbourne Street. A comprehensive range of shops, bars and restaurants can be found within Hull City Centre lying to the south east. Public transport links are available at Hull Rail Station located to the south along with a network of local bus services serving the surrounding areas. The property is served by road links including the A165 and the A63 both lying to the south east. Recreational pursuits can be found at Pearson Park located to the north.

Tenure / Property Information

Investment Analysis

Same-street sold evidence ranges from £38,000 in August 2022 to £70,000 in March 2026, with a £65,000 sale in December 2023. A base GDV of £65,000 is used, but the comparable lease terms are not supplied and may differ materially from this flat's remaining 32 years and 8 months. The low and high scenarios use the supplied £38,000 and £70,000 sales as evidence-supported reference points, not a formal valuation.

Investment Snapshot

Strategy Recommendation

Do not proceed beyond due diligence unless the lease, service charge, ground rent, special conditions, condition and resaleability are verified. The low guide is attractive relative to nearby sales, but the short lease and unknown costs make the opportunity unsuitable for an evidence-based bid at present.

Works Required

No specific defects or refurbishment requirements are evidenced. Obtain an inspection and 3D-tour review before bidding; confirm the condition of the two bedrooms, reception room, kitchen, bathroom/WC and services. Service charge, ground rent, heating and parking details also require confirmation.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

On the £65,000 base GDV, 75% GDV is £48,750 mathematically. A meaningful BRRR assessment cannot be completed because refurbishment costs, service charge, ground rent, seller fees and finance costs are unknown. The remaining 32 years and 8 months may materially constrain refinancing and lender availability.

Buy-to-Let Analysis

BTL yield cannot be established. The only rental evidence is a £375 pcm advertised asking rent for two-bedroom houses in Willerby, not achieved rent for this Hull flat. The flat's service charge, ground rent and other ownership costs are also unknown. The short remaining lease may restrict mortgage and rental exit options.

Flip Analysis

A flip appraisal cannot be completed because condition, refurbishment costs, seller fees and resale costs are not supplied. The £65,000 base GDV is supported only by nearby sales whose lease terms and property condition are unknown. The £1,800 buyer admin charge is known, while additional seller fees may apply.

Investor Risks & Due Diligence

• Only 32 years and 8 months remain on the lease as of the auction date.

• Annual service charge and ground rent are not supplied, including the ground rent review period and increases.

• Additional seller fees may be payable under the Special Conditions of Sale.

• No property condition or refurbishment cost evidence is supplied.

• The rental evidence is for advertised house rent in Willerby, not achieved rent for this Hull flat.

• Parking and heating details are not supplied.

• Comparable sale lease terms and property condition are not supplied.

• Short lease may restrict mortgage availability and future resaleability.

Recommendation

Do not proceed beyond due diligence unless the lease, service charge, ground rent, special conditions, condition and resaleability are verified. The low guide is attractive relative to nearby sales, but the short lease and unknown costs make the opportunity unsuitable for an evidence-based bid at present.

Strategy Rating

Analysis Confidence

There are several same-street sold comparables and a stated guide price, but lease terms of the comparables, condition, refurbishment costs, rental evidence, service charge, ground rent, seller fees and financeability are incomplete.