50 Austen Close, Thamesmead, London, SE28 8AZ

Description

A one bedroom first floor flat. The property forms part of a purpose built block. In need of modernisation. Vacant.

Accommodation

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

Location

Thamesmead is a residential district within the Royal Borough of Greenwich in southeast London. Local amenities are close by, including Hawksmoor Primary School and further everyday services such as shops and community facilities. Recreational amenities in the surrounding Thamesmead area include local green spaces, riverside walks and a variety of community leisure facilities. Transport links are available via nearby bus routes. Transport Abbey Wood - Elizabeth line, Thameslink, southeastern. Plumstead - Thameslink, southeastern.

Tenure / Property Information

Investment Analysis

The strongest comparable is 34 Austen Close, a leasehold flat/maisonette sold for £180,000 in March 2018. Older Austen Close sales range from £60,000 to £110,000 between 2001 and 2005 and are not reliable indicators of current value. A provisional £180,000 base GDV is supported by the same-close comparable, but it is dated and no current comparable, floor-area, service-charge or condition evidence is supplied.

Investment Snapshot

Strategy Recommendation

Potential BTL or value-add purchase only after confirming achievable local rent, service charges, lease terms, legal-pack obligations and a contractor refurbishment quotation. Do not bid from the headline yield alone.

Works Required

Modernisation is required, but the evidence does not specify the extent of works. Allowance should be obtained after inspection and review of the legal pack; no unsupported itemised works are assumed.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

A provisional £180,000 GDV implies 75% refinance proceeds of £135,000. However, refurbishment cost, buyer fee, seller charges, VAT, service charges and other acquisition costs are not supplied, so total project cost and cash left in cannot be calculated reliably. The new 990-year lease is stated, but the full legal terms remain subject to the legal pack.

Buy-to-Let Analysis

At the £100,000 guide, the specific SE28 one-bedroom advertised rent of £1,300 pcm implies £15,600 annual gross rent and a headline gross yield of 15.6% before works, service charges, lease costs, finance, tax and auction fees. The £2,275 pcm evidence is a broad London listing rather than a clearly comparable Thamesmead listing, so it should not be relied upon without local validation. Achieved rent is unconfirmed.

Flip Analysis

A same-close comparable sold for £180,000 in 2018, providing a provisional resale benchmark. A flip surplus cannot be calculated because refurbishment costs, auction costs, VAT, seller charges and selling costs are unsupported. The dated comparable also creates material GDV uncertainty.

Investor Risks & Due Diligence

• The buyer fee is not specified and the guide excludes it.

• VAT may apply and seller charges may be stated in the Special Conditions of Sale.

• The flat is described as needing modernisation, but the scope and cost of works are unknown.

• The principal comparable is a March 2018 sale and may not represent current value.

• Rental figures are advertised asking rents, not achieved rents; the higher figure is broad London evidence rather than clearly local evidence.

• Lease terms, service charges and other obligations require review of the legal pack.

Recommendation

Potential BTL or value-add purchase only after confirming achievable local rent, service charges, lease terms, legal-pack obligations and a contractor refurbishment quotation. Do not bid from the headline yield alone.

Strategy Rating

Analysis Confidence

There is one useful same-close completed sale and one specific SE28 asking-rent listing, but the sale is dated, the rental evidence is asking-only, and key costs, condition detail, service charges, floor area and buyer fees are unavailable.