42 Mill Close, Wisbech, Cambridgeshire, PE13 3BD

Description

First-floor apartment with two bedrooms. The accommodation comprises an open plan living room and kitchen, two bedrooms and a bathroom. Externally, there is off-street parking. The property is well located for a range of local amenities including shops, transport links and schools. The total approximate floor area, taken from the EPC, is 48m2.

Accommodation

Open plan living room and kitchen, two bedrooms and a bathroom.

Location

Well located for a range of local amenities including shops, transport links and schools.

Tenure / Property Information

Investment Analysis

Five same-development leasehold flat sales support a broad evidenced range of £63,000–£85,000. The two most recent sales were £70,000 in April 2024 and £75,000 in August 2024. A base GDV of £70,000 is used, with £63,000 low and £85,000 high scenarios. Differences in condition, floor area, lease terms and specification are not evidenced.

Investment Snapshot

Strategy Recommendation

Investigate the legal pack and obtain condition, lease-cost and rental information before bidding. The price-to-comparable relationship is attractive at the guide, but the evidence is insufficient to recommend a firm BTL, BRRR or flip bid.

Works Required

No specific refurbishment works are evidenced in the supplied information. Confirm condition, lease terms, ground rent, service charge and any required works from the legal pack before bidding.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

The indicative refinance at 75% of the £70,000 base GDV is £52,500. Total project cost cannot be calculated because refurbishment costs, ground rent, service charge and other potential legal or special-condition fees are unknown. The remaining lease term is approximately 88 years based on a 125-year lease commencing in 1989.

Buy-to-Let Analysis

BTL assessment cannot be completed because no sufficiently specific rental evidence or auctioneer rent estimate is supplied. Ground rent and service charge are also unknown. At the £32,000 guide, the buyer premium is £1,200 due to the stated minimum, before any other applicable costs.

Flip Analysis

The evidenced base GDV is £70,000 against a £32,000 guide. At the guide, the purchase price plus the minimum buyer premium is £33,200 before refurbishment, legal, transfer, search, seller-cost reimbursement and other applicable fees. A reliable flip surplus cannot be calculated without works and selling-cost allowances.

Investor Risks & Due Diligence

• Ground rent and service charge are not supplied and must be confirmed in the legal pack.

• Additional legal, search, transfer, seller-cost reimbursement and other special-condition fees may apply.

• No sufficiently specific rental evidence is available, so rental income and yield cannot be established.

• Property condition and any required refurbishment are not evidenced.

• Leasehold terms should be reviewed; the stated 125-year lease from 1989 implies approximately 88 years remaining in 2026.

Recommendation

Investigate the legal pack and obtain condition, lease-cost and rental information before bidding. The price-to-comparable relationship is attractive at the guide, but the evidence is insufficient to recommend a firm BTL, BRRR or flip bid.

Strategy Rating

Analysis Confidence

Same-development sold comparables and auction terms are supplied, but rental evidence, condition, refurbishment costs, lease charges and potential special-condition fees are unavailable.