36 High Street, Nuneaton, Warwickshire

Description

Long leasehold self-contained flat requiring refurbishment. This property is being sold as two separate flats. Lot 139 is 36 High Street, Nuneaton, Warwickshire, CV11 5DA and Lot 139a is 36A High Street, Nuneaton, Warwickshire, CV11 5DA.

Accommodation

Unit: 36 ground floor. One bedroom, reception room, kitchen, shower room/WC.

Location

Situated on High Street. Public transport links include Nuneaton Mainline Railway Station and local bus services. Road links include the A444 and M6 motorway. Shopping amenities are available in Nuneaton Town Centre, with shops, bars and restaurants. Riversley Park provides nearby open space.

Tenure / Property Information

Investment Analysis

The only directly matching completed sales are 36 and 36A High Street at £60,500 each on 15 April 2008. Other supplied comparables are older and range from £17,500 to £42,500. These historic transactions do not establish a current GDV, particularly as the flat requires refurbishment. Current market value and resale value therefore remain unsupported without current comparables, inspection and refurbishment costing.

Investment Snapshot

Strategy Recommendation

Proceed only after reviewing the legal pack, confirming all lease charges and seller fees, inspecting the flat and obtaining a firm refurbishment budget. Do not rely on the historic £60,500 sales as current GDV evidence.

Works Required

The property is described as requiring refurbishment, but no defects or scope are specified. Obtain a full inspection and schedule of works before bidding; the refurbishment allowance cannot be quantified from the supplied evidence.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

A BRRR assessment cannot be completed because current GDV, refurbishment cost, service charge, ground rent and refinance value are unsupported. The known £1,800 inclusive-of-VAT contract documentation fee is payable in addition to the purchase price, while further seller fees may apply.

Buy-to-Let Analysis

Supplied advertised asking rents for comparable one-bedroom properties are £600–£695 pcm, equivalent to £7,200–£8,340 per year. Against the £50,000 guide, this indicates an ungeared gross yield range of approximately 14.40%–16.68%, before refurbishment, service charge, ground rent, management, voids, maintenance and other costs. These are asking rents rather than achieved rents, and the property’s actual rent is unconfirmed.

Flip Analysis

A flip calculation cannot be supported. The matching £60,500 sales are from 2008 and no current GDV, refurbishment budget, selling costs or applicable seller fees are supplied.

Investor Risks & Due Diligence

• Current GDV is not supported by the supplied historic comparables, which date from 2008 or earlier.

• The refurbishment requirement has no stated scope, condition schedule or cost allowance.

• Annual service charge, ground rent, review terms and increases are unknown.

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

• Rental evidence consists of advertised asking rents rather than achieved rents.

• Parking and heating details are not supplied.

• The property is leasehold, so legal and lease-document review is required before bidding.

Recommendation

Proceed only after reviewing the legal pack, confirming all lease charges and seller fees, inspecting the flat and obtaining a firm refurbishment budget. Do not rely on the historic £60,500 sales as current GDV evidence.

Strategy Rating

Analysis Confidence

The property description, tenure, guide, one known buyer charge and rental asking evidence are supplied, but current valuation evidence, refurbishment scope and cost, lease charges, seller fees and achieved rent are missing.