50 Verve Apartments, 5 Mercury Gardens, Romford, Essex

Description

A spacious, well presented two bedroom first floor apartment, located within a modern, well managed development just a short stroll from Romford Elizabeth Line station, offering fast, direct connections across London. It is considered that the property would be an ideal buy to let investment.

Accommodation

Entrance; Reception Room/Kitchen - 16'3 x 13'10; Bedroom One - 12'8 x 7'7; Bedroom Two - 10'6 x 7'3; Shower Room/WC.

Location

Close to Romford town centre, Romford Elizabeth Line station and transport links to London. Within easy reach of major supermarkets, parks and Romford town centre.

Tenure / Property Information

Investment Analysis

Five completed sales in the same development range from £205,000 to £250,000. The median is £230,000, used as the base GDV. Exact comparable apartment specifications are not supplied, so this is indicative only.

Investment Snapshot

Strategy Recommendation

Proceed only after confirming achievable rent, lease terms, service charges and all auction fees. BTL may be suitable, but the missing rental evidence prevents firm approval.

Works Required

No refurbishment works are evidenced. Verify condition, lease documents, service charge position and any required works before bidding.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

Using the £230,000 base GDV, a 75% refinance is approximately £172,500. Total project cost cannot be calculated because refurbishment, buyer and administration costs are unsupported.

Buy-to-Let Analysis

The property is described as a buy-to-let investment, but no sufficiently specific rental evidence or auctioneer rent estimate is supplied. Yield and affordability cannot be established. The £2,000 annual service charge and £300 ground rent must be included in full underwriting.

Flip Analysis

Indicative resale value is supported by same-development sales of £205,000–£250,000, with a £230,000 base case. Flip surplus cannot be calculated without acquisition, works, fees and selling costs.

Investor Risks & Due Diligence

• No sufficiently specific rental evidence is supplied.

• Annual service charge of £2,000 and ground rent of £300 reduce net returns.

• Buyer premium, administration charge and other auction costs are unspecified.

• No allocated parking is included.

• Comparable sale specifications are not supplied, so exact valuation alignment is uncertain.

Recommendation

Proceed only after confirming achievable rent, lease terms, service charges and all auction fees. BTL may be suitable, but the missing rental evidence prevents firm approval.

Strategy Rating

Analysis Confidence

There are five same-development completed sales, but no rental evidence, condition budget, buyer fees or administration costs.