50 Northbrook Road, Ilford, Essex, IG1 3BS

Description

Investment freehold ground rent secured upon three self-contained flats. The lessees have not elected to take up their rights of pre-emption. Ilford rail station is approximately 0.5 miles to the south east. The University of East London, The Ursuline Academy Ilford and Apex Primary School are in close proximity. Valentines Park is to the north east.

Accommodation

Three self-contained flats.

Location

Situated on the east side of Northbrook Road. The shops and amenities of Ilford are to the east; Ilford rail station is approximately 0.5 miles to the south east; the A406 (North Circular) is to the west; Valentines Park is to the north east. Ilford Medical Centre, King George Hospital and York Surgery are within reach. Redbridge Central Library and Museum and Valence House Museum are close by.

Tenure / Property Information

Investment Analysis

The subject is a freehold ground-rent investment secured upon three flats, not the flats themselves. The supplied Northbrook Road comparables are sales of whole houses and are not reliable evidence of this freehold interest's value. No passing ground rent, lease terms, review provisions, remaining lease lengths, or capitalisation evidence is supplied, so market value and GDV cannot be established.

Investment Snapshot

Strategy Recommendation

Only consider as a specialist ground-rent investment after reviewing the leases, ground-rent schedule, review clauses, remaining terms, arrears position, title and all auction/seller charges. Do not underwrite using the supplied house comparables or residential asking rents.

Works Required

No refurbishment works are evidenced or indicated. The asset is a freehold ground-rent interest rather than vacant possession of the three flats.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

BRRR is not supported by the evidence. There is no refurbishment opportunity, supported GDV, passing rent, or refinance value for the freehold ground-rent interest. The £500+ guide is only an auction guide and is not sufficient to establish investment returns.

Buy-to-Let Analysis

A BTL analysis cannot be completed because the investment does not provide the flats themselves and no passing ground rent or lease-derived income is supplied. The advertised rents for a one-bedroom property and a three-bedroom house are not evidence of ground-rent income.

Flip Analysis

A flip analysis cannot be supported. The supplied comparable sales concern whole freehold houses, while the subject is a ground-rent investment secured upon long-leased flats. No resale value or selling-cost allowance for the subject interest is provided.

Investor Risks & Due Diligence

• No ground-rent income or passing rent is supplied.

• The lease terms, remaining terms, rent review provisions and enforceability are unknown.

• The supplied sold comparables are whole houses and are not directly comparable to the subject ground-rent interest.

• Buyer, administration and other seller or third-party charges are unspecified.

• The £500+ guide is not evidence of market value or the likely purchase price.

• The lessees' pre-emption rights were not exercised, but the legal implications and documentation should still be verified.

Recommendation

Only consider as a specialist ground-rent investment after reviewing the leases, ground-rent schedule, review clauses, remaining terms, arrears position, title and all auction/seller charges. Do not underwrite using the supplied house comparables or residential asking rents.

Strategy Rating

Analysis Confidence

The core valuation and income inputs are missing: no ground rent, lease terms, rent reviews, arrears, remaining lease lengths, buyer fees, or comparable ground-rent transactions are supplied.