54 Quantock, Chichester Road, Southend-on-Sea, Essex, SS2 5AH

Description

An Eighth Floor Two Bedroom Flat in Need of Modernisation Subject to a Periodic Tenancy Producing £7,800 Per Annum. The property comprises an eighth floor two bedroom flat situated within a purpose built block arranged over ground and fifteen upper floors.

Accommodation

Eighth Floor; Reception Room; Kitchen; Two Bedrooms; Bathroom

Location

The property is situated on a residential road close to local shops and amenities. The open spaces of Southend-on-Sea Beach are within easy reach. Transport links are provided by Southend Victoria rail station.

Tenure / Property Information

Investment Analysis

Same-block completed sales range from £77,000 in 2014 to £110,000 in 2017. Using these as historic evidence, £110,000 is an indicative base GDV, but no current comparable, service-charge, condition or lease-value evidence is supplied.

Investment Snapshot

Strategy Recommendation

Potential income-led purchase only after checking the tenancy, leasehold charges, legal pack and refurbishment scope; do not rely on the historic GDV without current valuation evidence.

Works Required

Modernisation of the flat as required; the evidence does not provide sufficient scope or costs to specify further works.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

At the guide, the historic £110,000 same-block sale indicates potential refinance headroom of £82,500 at 75% LTV. However, refurbishment cost, current value, service charges and acquisition disbursements are unknown, so cash left in and BRRR viability cannot be reliably calculated.

Buy-to-Let Analysis

The periodic tenancy produces £7,800 annually (£650 pcm), equivalent to a 15.6% gross yield on the £50,000 guide before fees, works, service charge, finance and other costs. The £1,224 pcm figure is an advertised asking rent rather than achieved rent and is from rental evidence in SS2. Net yield cannot be established because key leasehold and operating costs are absent.

Flip Analysis

A historic same-block sale supports an indicative £110,000 base GDV, but refurbishment costs, selling costs and current market evidence are unavailable. Flip surplus cannot therefore be calculated reliably.

Investor Risks & Due Diligence

• Historic comparables may not represent the property's current market value.

• The flat requires modernisation, but the scope and cost are unknown.

• Leasehold service charges, ground rent and major-works exposure are not supplied.

• The property is subject to a periodic tenancy, so possession, tenancy terms and rent review position require legal-pack verification.

• Auction disbursements and other legal or transfer charges may be payable.

• The advertised £1,224 pcm rent is an asking rent, not an achieved rent or guaranteed re-letting level.

Recommendation

Potential income-led purchase only after checking the tenancy, leasehold charges, legal pack and refurbishment scope; do not rely on the historic GDV without current valuation evidence.

Strategy Rating

Analysis Confidence

Same-block historic sales and passing rent are available, but there is no current valuation, detailed condition schedule, refurbishment cost, EPC, service-charge information or complete fee evidence.