5 Kirby House, Methuen Way, Corsham, Wiltshire

Description

A two bedroom first floor flat. The property forms part of a purpose built block and benefits from use of the communal garden. In need of modernisation. Vacant.

Accommodation

First Floor - Entrance Hallway, Reception Room, Kitchen, Two Bedrooms, Bathroom/WC.

Location

Located on Methuen Way, accessed off Queens Avenue and Kings Avenue. Amenities are available nearby along Rickwick Road and Newlands Road. Recreational amenities of Corsham Park, The Rec, Corsham Court Gardens and Beechfield Nature Area are all easily accessible. Transport links via the nearby A4. Corsham is a town in the county of Wiltshire.

Tenure / Property Information

Investment Analysis

The strongest evidence is a completed sale at Kirby House for £134,000 in February 2023, with an earlier sale at £117,500 in November 2019. These sales are recorded as flats/maisonettes at the same address, but the evidence does not confirm that they are identical units, sizes, specifications or conditions. A provisional base GDV of £134,000 is therefore used, with £117,500 as a lower evidence point. The flat is vacant and described as needing modernisation, but no quantified works budget, rent, buyer fee or seller charges is supplied.

Investment Snapshot

Strategy Recommendation

Proceed only as a conditional refurbishment opportunity after reviewing the legal pack, confirming the new lease terms, obtaining a full works quotation and establishing achievable rent and all auction charges. Do not rely on the provisional GDV to set a bid without those checks.

Works Required

Modernisation of the flat as required by its condition description. The supplied evidence does not identify specific defective elements or provide a reliable works scope or budget.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

Using the provisional £134,000 base GDV, 75% refinance is £100,500. Cash left in cannot be calculated because the refurbishment cost, buyer fee, seller charges and other acquisition costs are unknown. The strategy requires confirmation of the legal pack, lease terms, works scope and achievable rent before bidding.

Buy-to-Let Analysis

BTL assessment cannot be completed because no sufficiently specific rental comparable or auctioneer rent estimate is supplied. Gross yield, operating return and a supported maximum bid cannot therefore be established. The unspecified buyer fee and possible seller charges/VAT would further increase acquisition cost.

Flip Analysis

A potential value gap exists between the £70,000 guide and the provisional £134,000 comparable sale, but this is not a reliable flip surplus. Works, auction costs, VAT/seller charges and selling costs are not supplied, and the comparables may not be identical units. Flip profit cannot be quantified.

Investor Risks & Due Diligence

• The buyer fee is unspecified and may materially increase the purchase cost.

• VAT may apply and seller special conditions may include additional charges.

• The flat needs modernisation, but the scope and cost of works are unknown.

• The comparable sales may relate to different flats, sizes, specifications or conditions.

• No sufficiently specific rental evidence is available, preventing yield and BTL assessment.

• The new 999-year lease and its detailed terms require legal-pack review.

• Council tax, parking and heating information is not supplied.

Recommendation

Proceed only as a conditional refurbishment opportunity after reviewing the legal pack, confirming the new lease terms, obtaining a full works quotation and establishing achievable rent and all auction charges. Do not rely on the provisional GDV to set a bid without those checks.

Strategy Rating

Analysis Confidence

There are two relevant completed sales at the same address and a clear guide price, but there is no exact comparable specification, quantified refurbishment budget, rental evidence, buyer fee, seller charge detail or selling-cost allowance.