54 Chamberlain Street, Wells, Somerset

Description

A two bedroom first floor flat. Externally the property benefits from residents parking and a private section of rear garden. In need of modernisation. Vacant.

Accommodation

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

Location

The property is situated on Chamberlain Street in the city of Wells, Somerset. Local shops, cafes and everyday services are available within the Wells city centre. Recreational options include nearby parks and open spaces, such as Wells Recreation Ground. Transport links include regular bus services and road access via the A39 and A371, providing connections to Shepton Mallet, Glastonbury and surrounding areas. Transport Castle Cary - South Western Railway.

Tenure / Property Information

Investment Analysis

The only supplied sales evidence is for 58 Chamberlain Street, a leasehold flat/maisonette, with prices from £103,000 in 2004 to £182,500 in 2019. The comparable's bedroom count, condition, size and exact comparability are not provided, and there is no current valuation evidence. A reliable current GDV or bid value cannot therefore be established.

Investment Snapshot

Strategy Recommendation

Do not set a bid or pursue a defined strategy until the legal pack, lease terms, condition, refurbishment scope, current comparable evidence and achievable rent have been verified. The property may warrant further investigation as a vacant residential refurbishment, but the supplied evidence is insufficient for underwriting.

Works Required

Modernisation is required, but the supplied evidence does not identify the specific works or their extent. Obtain a full inspection, refurbishment specification and legal-pack review before costing the project.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

A BRRR assessment cannot be completed without a current GDV, refurbishment budget, achievable rent, finance assumptions and confirmed acquisition costs. The proposed new 125-year lease and its detailed terms should be checked in the legal pack before considering refinancing.

Buy-to-Let Analysis

BTL viability cannot be established because no sufficiently specific rental comparable or auctioneer rent estimate is supplied. Gross yield, operating costs and maximum purchase price cannot be calculated. The unspecified buyer fee, possible VAT and other seller charges would also affect the total cost.

Flip Analysis

A flip assessment cannot be completed reliably. The 2019 £182,500 sale at number 58 is historic and lacks sufficient detail to establish a current resale value for this two-bedroom flat. Refurbishment costs, selling costs and current market evidence are unavailable.

Investor Risks & Due Diligence

• The property is described as in need of modernisation, but the extent and cost of works are unknown.

• No sufficiently specific rental evidence or auctioneer rent estimate is available.

• The comparable sale evidence is historic, with the latest transaction in 2019, and lacks bedroom, size and condition details.

• The buyer fee is unspecified; VAT may apply and other seller charges may arise under the Special Conditions of Sale.

• A new 125-year lease will be granted, but its detailed terms and associated obligations require legal-pack review.

• The property is leasehold, so the lease terms and any related obligations must be verified before bidding.

Recommendation

Do not set a bid or pursue a defined strategy until the legal pack, lease terms, condition, refurbishment scope, current comparable evidence and achievable rent have been verified. The property may warrant further investigation as a vacant residential refurbishment, but the supplied evidence is insufficient for underwriting.

Strategy Rating

Analysis Confidence

The property description and tenure are provided, but current GDV evidence, rental evidence, refurbishment costs, buyer fees, seller charges and detailed lease information are missing. The available comparable is historic and not sufficiently specified.