4 Chambers House Blackheath Avenue, Ipswich, Suffolk, IP3 8XT

Description

Spacious three bedroom apartment in a converted Victorian hospital with garage and garden. First-floor apartment with lift access, open-plan living, dining and kitchen area with an impressive 22-foot ceiling, two bedrooms, two bathrooms, a utility room and a versatile mezzanine space offering potential to create a spacious third bedroom. Features include oversized sash windows, original cornicing, a single garage, allocated parking and a private garden.

Accommodation

Open-plan living, dining and kitchen area; workspace area beneath the staircase; kitchen with Shaker-style cabinets, granite worktops, integrated dishwasher and fridge/freezer, gas hob and electric oven; utility room; bathroom; master bedroom with en-suite; versatile mezzanine currently used as a bedroom and lounge area; storage area that could alternatively be used as a walk-in wardrobe.

Tenure / Property Information

Investment Analysis

The five supplied HM Land Registry sales in Chambers House range from £337,500 to £375,000, with an average of £360,500. They are useful same-building evidence, although individual flat specifications and sale-date adjustments are not supplied. A base GDV of £360,500 is therefore used, with the observed sales range as the low and high scenarios. The £220,000 guide represents a substantial discount to these historic same-building sales, but leasehold costs, condition and the mezzanine's legal status require verification.

Investment Snapshot

Strategy Recommendation

Potentially suitable for a long-term BTL or BRRR review at or near the guide, subject to legal-pack, service-charge, mezzanine and condition checks. Do not rely on the headline refinance spread or historic sales without confirming the flat's marketability and all ownership costs.

Works Required

No specific repair or refurbishment works are evidenced in the supplied description. Budgeting should remain subject to inspection and the legal pack; the mezzanine's use as a potential third bedroom should be legally and practically verified.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

Using the base GDV of £360,500, a 75% refinance is £270,375. Against the guide plus the stated buyer premium and admin charge, and assuming no works allowance solely because no works are evidenced, this indicates £47,675 more refinance proceeds than the analysed acquisition cost before finance, tax and other costs. This is not a cash-out or profit conclusion because service charges, legal and other auction costs, condition, lender valuation and refinance terms are unknown.

Buy-to-Let Analysis

At the supplied advertised asking rent of £950 pcm, annual gross rent is £11,400. This equates to 5.18% on the £220,000 guide and 5.12% on the guide plus the £1,500 buyer premium and £1,200 admin charge. These figures exclude service charge, maintenance, voids, tax, finance and other auction costs, and the rent is not an achieved passing rent. The estimated gross yield against the evidence-based GDV range is approximately 3.04%–3.38%.

Flip Analysis

The base GDV is £360,500 against an analysed cost of £222,700 comprising the guide, buyer premium and admin charge only. No refurbishment allowance or supported selling-cost allowance is available, so a reliable flip surplus cannot be established. The apparent gross difference is not a net profit estimate.

Investor Risks & Due Diligence

• Leasehold service charge details and ground-rent review terms are not supplied.

• The £950 pcm figure is an advertised asking rent rather than an achieved or passing rent.

• Additional auction, legal, search, transfer and sellers' cost reimbursements may apply but are not quantified.

• The mezzanine is described as offering potential for a third bedroom; its planning, building-regulation and lease position are not evidenced.

• The comparable sales are historic and individual flat specifications are not supplied.

• Condition and any required works have not been evidenced, so the zero works allowance used in the illustrative total cost is not a condition estimate.

Recommendation

Potentially suitable for a long-term BTL or BRRR review at or near the guide, subject to legal-pack, service-charge, mezzanine and condition checks. Do not rely on the headline refinance spread or historic sales without confirming the flat's marketability and all ownership costs.

Strategy Rating

Analysis Confidence

Same-building completed-sale evidence, one advertised rent and stated auction charges are available, but unit-specific comparability, condition, service charge, ground-rent review, other acquisition costs and the mezzanine's legal status are incomplete.