49 Front Street, Leadgate, Consett, DH8 7SE

Description

A self-contained first floor flat requiring modernisation.

Accommodation

Living Room/Kitchen; Bedroom (One); Bedroom (Two); Bathroom/WC

Location

Situated at the junction with Durham Road, close to the amenities available in Consett Town Centre. Consett Park is also nearby.

Tenure / Property Information

Investment Analysis

The only sold comparable is the adjoining 48 Front Street flat, sold leasehold for £26,000 in April 2003. It is too historic to support a current GDV without a reliable adjustment. The property is vacant, first-floor, leasehold and requires modernisation. Rental evidence ranges from £625 to £900 pcm, but consists of advertised asking rents, including houses as well as flats, so it is indicative only. Current value, refurbishment cost and resale GDV cannot be established reliably from the supplied evidence.

Investment Snapshot

Strategy Recommendation

Proceed only after inspection, review of the special conditions and confirmation of current local flat values and refurbishment costs. On the supplied evidence alone, do not rely on the headline guide or rental yields to bid.

Works Required

Modernisation of the self-contained first-floor flat, with the precise scope to be confirmed by inspection. The supplied evidence does not identify specific defects or required works, so no reliable works allowance can be calculated.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

A BRRR strategy cannot be underwritten from the supplied evidence. The 2003 comparable does not establish current GDV, the modernisation scope and cost are unknown, and there is no supported refinance valuation. The long lease and peppercorn ground rent are favourable lease terms, but do not resolve the valuation gap.

Buy-to-Let Analysis

Advertised two-bedroom rents range from £625 to £900 pcm, implying £7,500 to £10,800 annual gross rent before costs if achievable. Against the £3,000 guide alone, this equates to an arithmetic gross yield range of 250% to 360%, but this is not a meaningful project yield because the purchase price, modernisation cost and other completion costs are unknown. The evidence also includes houses and asking rents rather than achieved flat rents.

Flip Analysis

A flip case cannot be quantified because the only comparable is from 2003 and no current GDV, works budget, selling allowance or actual auction purchase price is supplied. The £1,500 buyer fee does not apply if the lot sells below £10,000; at a guide-level purchase below £10,000, the stated buyer fee would be £500 inclusive of VAT, subject to the actual sale price and any further seller fees.

Investor Risks & Due Diligence

• The flat requires modernisation, but the extent and cost of works are unspecified.

• The only sold comparable is from April 2003 and cannot reliably establish current market value.

• Rental figures are advertised asking rents, not achieved rents, and several references concern houses rather than flats.

• The actual auction price is unknown and may materially exceed the guide.

• Additional seller fees may be payable under the special conditions.

• Parking and heating information is not supplied.

Recommendation

Proceed only after inspection, review of the special conditions and confirmation of current local flat values and refurbishment costs. On the supplied evidence alone, do not rely on the headline guide or rental yields to bid.

Strategy Rating

Analysis Confidence

The evidence provides tenure, occupancy, a historic comparable, asking rents and the guide, but no current valuation evidence, inspection detail, refurbishment budget, actual sale price, parking/heating information or supported selling and finance costs.