41b, Park Parade, HARLESDEN, London, NW10 4JE

Description

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

Accommodation

Second floor: Two bedrooms, loft storage area. First floor: Reception room, kitchen, bathroom/WC, landing. Ground floor: Entrance.

Location

The property is situated on Park Parade between its junctions with Sellons Avenue and Springwell Avenue. Public transport links include Willesden Junction and Harlesden mainline rail stations together with a network of local bus services serving the surrounding vicinity. Road links include the A406 and A40. Shopping amenities can be found locally within Harlesden with an extensive range of shops, bars and restaurants being found in Westfields Shopping Centre to the south and Wembley to the north. Recreational pursuits can be found locally at the open spaces of Roundwood Park, Bramshill Road Open Space, King Edward VII Park and Roundwood Park.

Tenure / Property Information

Investment Analysis

The supplied completed-sale evidence includes the same property at £178,993 in December 2013, and nearby same-street leasehold flats at £285,000 in 2018 and £340,000 in 2020. These older comparables support a broad evidence range of £285,000–£340,000, but condition, timing and specification differences prevent a more precise current valuation. The £340,000 base GDV is an evidence-led estimate rather than a formal valuation.

Investment Snapshot

Strategy Recommendation

Investigate as a potential refurbishment-led BTL or BRRR purchase, subject to a full inspection, lease and service-charge review, confirmed rentability and detailed works quotations. Do not bid to a fixed maximum until those costs and any Special Conditions fees are known.

Works Required

Modernisation is required, but the evidence does not quantify the works. A condition survey and contractor quotations are required before budgeting. Confirm the kitchen, bathroom, decoration, flooring, services, heating, windows, lease compliance and any communal or structural obligations without assuming defects.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

At the base GDV of £340,000, a 75% refinance would be £255,000. This indicates apparent refinance headroom against the £125,000 guide and the known £1,800 documentation fee, but total project cost cannot be calculated because refurbishment costs, service charge, ground rent, seller fees and other acquisition costs are unknown. Actual refinance eligibility and valuation are unconfirmed.

Buy-to-Let Analysis

At the advertised asking rent of £2,250 pcm, annual gross rent is £27,000 and the gross yield on the £125,000 guide is 21.6%, before refurbishment, service charge, ground rent, finance, voids, management and other costs. The rent is an asking rent, not achieved rent. The unknown service charge, ground rent and seller fees prevent a reliable net-yield or maximum-bid calculation.

Flip Analysis

A flip may have potential based on the £285,000–£340,000 completed-sale evidence against the £125,000 guide, but refurbishment costs and selling costs are unsupported. A reliable flip surplus and maximum bid cannot therefore be calculated. The flat is described as requiring modernisation, so the margin could be materially reduced by the eventual works.

Investor Risks & Due Diligence

• Refurbishment scope and cost are not quantified.

• The £2,250 pcm figure is an advertised asking rent rather than achieved rent.

• Annual service charge, ground rent and review details are unavailable.

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

• Historic comparables may not represent the current market or the subject property's post-works condition.

• EPC, heating and parking details are unconfirmed.

• Leasehold obligations and building-related costs require verification.

Recommendation

Investigate as a potential refurbishment-led BTL or BRRR purchase, subject to a full inspection, lease and service-charge review, confirmed rentability and detailed works quotations. Do not bid to a fixed maximum until those costs and any Special Conditions fees are known.

Strategy Rating

Analysis Confidence

There is useful same-street completed-sale evidence and one advertised rental, but the evidence is historic, the property requires modernisation, and refurbishment, service charge, ground rent, seller fees, EPC, heating and parking details are unavailable.