41a, Park Parade, Harlesden, London, NW10 4JE

Description

Long leasehold ground and first floor self-contained flat requiring modernisation. By order of a Major Housing Association.

Accommodation

First floor: one bedroom, bathroom/WC. Ground floor: one bedroom, reception room, kitchen, separate WC. Outside: rear garden.

Location

Situated on Park Parade between its junctions with Sellons Avenue and Springwell Avenue. Public transport links include Willesden Junction and Harlesden mainline rail stations, with local bus services. Road links include the A406 and A40. Local shopping amenities are available in Harlesden, with further shops, bars and restaurants at Westfield Shopping Centre and Wembley. Recreational facilities include Roundwood Park, Bramshill Road Open Space and King Edward VII Park.

Tenure / Property Information

Investment Analysis

The supplied completed sales on Park Parade range from £285,000 in 2018 to £340,000 in 2020, with older 2013 sales at £178,993 and £135,000. A base GDV of £312,500 is used as an indicative midpoint of the more recent same-street evidence, with a £285,000 low case and £340,000 high case. This is not a formal valuation: sale dates are historic, flat sizes and condition are not supplied, and the subject requires modernisation.

Investment Snapshot

Strategy Recommendation

Potential refurbishment-led resale or refinance opportunity, but only subject to verifying the lease, service charge, ground rent, special conditions, property condition and a priced works schedule. Do not rely on the guide-to-GDV spread alone.

Works Required

Modernisation of the self-contained two-bedroom flat, including the kitchen, bathroom/WC areas, separate WC, decoration and general finishes as required. The evidence does not identify specific defects or support a quantified works budget.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

At the £125,000 guide, the known purchase price plus the £1,800 inclusive contract documentation fee is £126,800, before works and any seller charges. A 75% refinance against the indicative £312,500 base GDV would be £234,375, but cash left in cannot be calculated because refurbishment, service charge, ground rent, finance, tax and other completion costs are unsupported.

Buy-to-Let Analysis

BTL analysis cannot be established because no sufficiently specific rental comparable or auctioneer rent estimate is supplied. The flat is vacant, but service charge, ground rent, EPC and any other landlord costs are also unknown.

Flip Analysis

The indicative base GDV is £312,500, supported only by historic same-street completed sales. A flip surplus cannot be calculated because refurbishment costs, selling costs, finance costs and any applicable seller fees are not supplied. The apparent margin over the guide is therefore not a reliable project profit.

Investor Risks & Due Diligence

• Historic comparables may not reflect current market value.

• The property requires modernisation, but no inspection detail or quantified works budget is supplied.

• Annual service charge and ground rent are unknown.

• The seller may charge additional completion fees under the special conditions.

• Rental evidence is insufficient to establish achievable rent or yield.

• Leasehold terms, restrictions and other special conditions should be checked before bidding.

• EPC, heating and parking information are not supplied.

Recommendation

Potential refurbishment-led resale or refinance opportunity, but only subject to verifying the lease, service charge, ground rent, special conditions, property condition and a priced works schedule. Do not rely on the guide-to-GDV spread alone.

Strategy Rating

Analysis Confidence

There are several same-street completed sales and clear tenure/occupancy information, but the comparables are historic, no dimensions or detailed condition are supplied, and rent, works, service charge, ground rent and seller fees are unknown.