4 Navy Inn Court, Newlyn, Penzance, Cornwall

Description

A leasehold ground floor flat providing deceptively spacious living accommodation and would now benefit from a course of updating throughout. The property is situated within the popular and sought after fishing seaside town and port of Newlyn with the harbour just around the corner and a range of amenities close by. The property would make a good addition to a rental portfolio or some may wish to call it home, post works.

Accommodation

Communal entrance and hallway. Large entrance lobby, living room, kitchen dining room, inner hall, two bedrooms and bathroom.

Location

Situated within the popular and sought after fishing seaside town and port of Newlyn, with the harbour just around the corner and a range of amenities close by.

Tenure / Property Information

Investment Analysis

The strongest evidence is 27 Navy Inn Court, a leasehold flat sold for £130,000 in June 2021. The two older same-court sales from 1997 and 1998 are not sufficiently current for meaningful valuation support. A base GDV of £130,000 is used as a cautious proxy, but it is not a current formal valuation and the comparable’s condition and specification are not supplied. The £92,000 guide represents approximately 70.8% of that historical comparable, before works, fees and taxes.

Investment Snapshot

Strategy Recommendation

Potential BTL or owner-occupier purchase, subject to survey, legal-pack review and confirmation that updating costs and all auction charges leave sufficient margin. Do not rely on the historical £130,000 comparable as a current resale value without further evidence.

Works Required

Updating throughout is indicated, but the evidence does not define the required scope or costs. A survey and legal-pack review are required before budgeting works.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

Using the £130,000 comparable as the base GDV proxy, 75% refinancing would be approximately £97,500. BRRR viability cannot be confirmed because the refurbishment budget, acquisition charges, finance costs and legal-pack terms are unavailable.

Buy-to-Let Analysis

The supplied advertised asking-rent evidence is £625 pcm, equivalent to £7,500 annually. Against the £92,000 guide price, this indicates an 8.15% gross yield. The all-in yield cannot be established because refurbishment costs, administration and other non-optional charges are unknown. The rent is advertised rather than achieved.

Flip Analysis

A flip assessment cannot be completed reliably. The base GDV proxy is £130,000, but refurbishment costs, selling costs and acquisition charges are unsupported, so no surplus or maximum bid can be calculated.

Investor Risks & Due Diligence

• The property is described as requiring updating throughout, but the condition and works scope are not quantified.

• The £130,000 comparable sale completed in 2021 and may not reflect current value or the subject flat’s condition.

• The rental evidence is advertised asking rent rather than achieved rent.

• Administration, other non-optional auction fees, Stamp Duty, Land Registry fees and VAT may apply but are not quantified.

• Lease terms beyond the proposed new 999-year lease, including any service-charge or building obligations, require legal-pack confirmation.

• Parking and heating information has not been supplied.

Recommendation

Potential BTL or owner-occupier purchase, subject to survey, legal-pack review and confirmation that updating costs and all auction charges leave sufficient margin. Do not rely on the historical £130,000 comparable as a current resale value without further evidence.

Strategy Rating

Analysis Confidence

There is one relevant same-court sale, advertised rental evidence and a clear guide price, but the key inputs—current comparable evidence, condition, works budget, fees, lease details and building costs—are incomplete.