48 New Road, Ilford, Essex, IG3 8AR

Description

Description PLEASE REGSITER ON AUCTIONEERS WEBSITE FOR LEGAL PACK AND VIEWNING INFO A three-bedroom terrace house with a rear extension offering a genuine value-add opportunity for developers and investors, requiring full refurbishment throughout. The property benefits from a long leasehold with 889 years remaining, offering the practical security of a freehold-equivalent term, note there has not been a demand for the ground rent of £5 for over 40 years. INCOME GENERATING £17,520 PER ANNUM Positioned within a short distance of Seven Kings Station (Elizabeth line, Zone 4), offering fast links into central London and Essex, with local schools, shops and transport links close by. This is a location that supports strong rental demand and resale liquidity for investors looking to let or sell on. Accommodation comprises entrance hall / lounge which is currently used as a ground floor bedroom / galley kitchen / dining room/ second lounge / ground floor shower room/ three bedrooms on first floor / bathroom / garden / concrete shed with felt roof.

Location

48 New Road, Ilford, Essex, IG3 8AR

Investment Analysis

Investment Snapshot

Strategy Recommendation

Preferred strategy: BRRR / Refurbishment & Resale. Confirm this against the legal pack, inspection, finance and local market evidence before bidding.

Works Required

• Obtain a condition / structural survey

• Electrical and heating checks

• Allow for decoration and repairs

• Kitchen and bathroom modernisation

• Flooring and full internal decoration

• Review lease, service charge, ground rent and major works

HB initial works allowance: £32,000–£72,000. This is an investment-feasibility allowance, not a contractor quotation.

Rental & Market Context

The auction particulars state current rental income of approximately £17,520 per annum. For initial appraisal only, HB estimates market rent at approximately £975–£1,200 pcm (£11,700–£14,400 pa). This is an HB estimate and should be verified against current local lettings.

GDV / Resale Analysis

HB indicative post-works / stabilised value range: £459,999–£540,000. This is an appraisal estimate only, not a RICS valuation. Verify against recent genuinely comparable sold evidence.

Properties Sold Within Approx. 5 Miles

Specific sold transactions are not contained in the supplied scrape, so no unverified addresses or sold prices have been inserted. Check recent Land Registry / local comparable evidence before setting a maximum bid.

Potential BRRR Position

Illustrative middle case: guide £400,000 plus midpoint works of £52,000 gives about £452,000 before acquisition/finance costs. At the midpoint HB value of £500,000, an illustrative 75% refinance is about £375,000, leaving approximately £77,000 of purchase/works capital before transaction costs.

Flip Analysis

Midpoint HB value £500,000 less guide and midpoint works gives an initial gross spread of about £48,000. This is not profit: SDLT, auction fees, legal fees, finance, holding costs, utilities, insurance, selling fees and contingency must also be deducted.

Investor Risks & Due Diligence

• Review the full legal pack, title and special conditions

• Confirm buyer's premium / auction administration charges and completion timetable

• Obtain a suitable condition or structural survey

• Verify refurbishment quotations and contingency

• Verify current rental evidence and recent comparable sales

• Confirm lender requirements, valuation and exit finance

• Verify tenancy agreements, deposits, rent history and landlord compliance

Recommendation

Initial recommendation: BRRR / Refurbishment & Resale. Proceed only if the legal pack, condition, funding and exit-value evidence support the proposed maximum bid.

Strategy Rating

Buy-to-Let: ★★★★☆ | BRRR: ★★★☆☆ | Flip/Resale: ★★★☆☆