4A Penryn Street, Redruth, Cornwall, TR15 2SP

Description

A Thee Storey Three Bedroom Maisonette Subject to a Regulated Tenancy Producing £4,500 Per Annum

Accommodation

Lower Ground Floor: Bathroom. Ground Floor: Entrance. First Floor: Reception Room, Kitchen. Second Floor: Two Bedrooms. Third Floor: Attic Bedroom. Exterior: Rear yard.

Location

Situated on a residential road close to local shops and amenities. The open spaces of Fairfields Park are within easy reach. Transport links are provided by Redruth rail station.

Tenure / Property Information

Investment Analysis

The strongest evidence is the £52,500 completed sale of 1 Penryn Street on 20 August 2026. Other same-street leasehold flat/maisonette sales range from £45,000 to £109,000, but most are from 2006–2009 and may differ in size, condition and specification. A cautious evidence-based GDV range is £45,000–£69,500, with £52,500 used as the base case. The property is subject to an unregistered regulated tenancy, so vacant-possession or investment value may differ from comparable sales.

Investment Snapshot

Strategy Recommendation

Investigate as a regulated-tenancy income purchase only if the tenancy, rent, title and lease are satisfactory. Do not bid on the guide alone: obtain the legal pack, quantify all fees and verify condition before setting a maximum price.

Works Required

No specific refurbishment works are evidenced. Confirm the physical condition, statutory compliance, lease terms and any repair obligations through inspection and the legal pack before budgeting works.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

At the £20,000 guide, adding the known £1,800 administration charge gives a partial base cost of £21,800, excluding unknown buyer premium, legal, search, transfer and other disbursement costs. A 75% refinance against the £52,500 base GDV would be £39,375, implying £17,575 more than this partial cost could be released before finance, tax and other costs. This is highly dependent on lender acceptance of the regulated tenancy, valuation, lease and legal title; no refurbishment allowance has been included because condition evidence is absent.

Buy-to-Let Analysis

The passing rent is £4,500 per annum (£375 pcm), producing 22.50% gross yield on the £20,000 guide and approximately 20.64% against the £21,800 purchase plus stated £1,800 administration charge. This is based on the existing regulated tenancy, not market rent. The supplied £1,150–£1,600 pcm rental evidence relates to advertised three-bedroom houses, not this maisonette, so it should not be treated as achieved rent. The unregistered regulated tenancy requires detailed legal review before relying on the income or assessing possession prospects.

Flip Analysis

A base GDV of £52,500 against the £21,800 partial acquisition cost indicates a £30,700 gross spread before buyer premium, legal and other acquisition costs, finance, selling costs, tax and any works. A reliable flip surplus cannot be calculated because refurbishment requirements and selling allowances are unsupported. The tenancy may also limit vacant possession and resale options.

Investor Risks & Due Diligence

• The property is subject to an unregistered regulated tenancy, with no tenancy terms, possession position or rent-review information supplied.

• Buyer premium and additional legal, search, seller-cost, transfer and disbursement fees are unknown.

• Physical condition and refurbishment requirements are not evidenced; EPC, council tax, parking and heating information are absent.

• The rental comparables are advertised asking rents for three-bedroom houses, not achieved rents for this leasehold maisonette.

• Comparable sales vary significantly in price and most are historic, limiting valuation certainty.

• The property is leasehold and the supplied evidence does not state service charges, ground rent, restrictions or other lease obligations.

Recommendation

Investigate as a regulated-tenancy income purchase only if the tenancy, rent, title and lease are satisfactory. Do not bid on the guide alone: obtain the legal pack, quantify all fees and verify condition before setting a maximum price.

Strategy Rating

Analysis Confidence

There is a recent same-street completed sale, several older comparables and stated passing rent, but condition, EPC, lease charges, tenancy documentation, buyer premium, other fees and refurbishment requirements are unknown. Rental evidence is asking rent for houses rather than achieved rent for this maisonette.