48 Tolhurst House, Chichester Road, Southend-on-Sea, Essex

Description

This purpose built studio apartment is presented in excellent decorative order throughout and benefits from a private balcony. Ideally located for Southend High Street, the Seafront and Mainline Railway Stations the property is to be sold with a tenant in situ.

Accommodation

Communal Entrance Lobby - stairs and lifts to 2nd Floor; Personal Entrance Door - stairs down to: Lobby with storage space and open access to Lounge / Bedroom: 13'4 x 13'3 red to 10'7, with access to Private Balcony: 20'2 x 6'1 with Estuary glimpse; Kitchen: 8'8 x 6'9; Shower Room: 6'2 x 5'8.

Location

Ideally located for Southend High Street, the Seafront and Mainline Railway Stations.

Tenure / Property Information

Investment Analysis

The five supplied Land Registry comparables are leasehold flats at Tolhurst House, although they relate to number 45 rather than number 48. Completed prices range from £82,000 to £125,000 between March 2022 and July 2023, with a median of £110,000. A base GDV of £110,000 is therefore used cautiously; the evidence does not establish an exact current value for this studio.

Investment Snapshot

Strategy Recommendation

Treat as a cautious income-led purchase only after verifying the tenancy, rent, lease and all auction fees. Do not rely on the apparent GDV uplift or proceed without satisfactory legal and financial due diligence.

Works Required

No refurbishment works are evidenced: the apartment is described as being in excellent decorative order. Allow for inspection, cleaning and routine compliance checks only if required, but no monetary works allowance is supported by the evidence.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

Using the cautious £110,000 base GDV, 75% refinancing equates to approximately £82,500. Total acquisition cost cannot be calculated because buyer/admin fees, other auction charges and any works cost are unspecified. Refinance feasibility and cash left in are therefore unconfirmed.

Buy-to-Let Analysis

The property is tenanted, but no passing rent, tenancy terms, deposit information or external rental evidence is supplied. BTL yield, cash flow and affordability cannot therefore be established. The tenant-in-situ position requires verification before bidding.

Flip Analysis

The comparable evidence suggests a broad £82,000–£125,000 value range, but the sales concern number 45 rather than the subject number 48 and are dated 2022–2023. A resale surplus cannot be calculated without supported acquisition costs, selling costs and any works allowance.

Investor Risks & Due Diligence

• No passing rent or tenancy terms are supplied, so income and yield cannot be assessed.

• The comparable sales relate to number 45 rather than the subject number 48 and span a wide price range.

• Lease length, service charge, ground rent and other lease obligations are not supplied.

• Buyer premium, administration charge and other auction fees are unspecified.

• The property is tenanted, requiring verification of tenancy status, rent, arrears, deposit and vacant-possession implications.

Recommendation

Treat as a cautious income-led purchase only after verifying the tenancy, rent, lease and all auction fees. Do not rely on the apparent GDV uplift or proceed without satisfactory legal and financial due diligence.

Strategy Rating

Analysis Confidence

There is useful same-building completed-sale evidence and a clear guide price, but the comparables are for a different flat number, while rent, lease length, tenancy details, EPC, charges, buyer fees and works costs are absent.