56 The Avenue, Wallsend, Tyne And Wear, NE28 6BT

Description

Available at auction is this three bedroom first floor flat offering spacious accommodation, including a generous living room, fitted kitchen, bathroom and three bedrooms. The living room provides a good-sized space, while the main bedroom benefits from a bay window and two separate bedrooms. The separate kitchen and bathroom complete the accommodation. Conveniently positioned close to local shops, schools and bus services, the property may appeal to both owner-occupiers and investors looking for a well-proportioned flat in an established residential location.

Accommodation

Three bedroom first floor flat comprising a generous living room, fitted kitchen, bathroom and three bedrooms. The main bedroom benefits from a bay window.

Location

Conveniently positioned close to local shops, schools and bus services in an established residential location.

Tenure / Property Information

Investment Analysis

The five supplied Land Registry comparables on The Avenue sold for £45,000–£67,500 between 2016 and 2019, with a median of £64,000. They are directly relevant by street and property type but dated, and no evidence supports a current-market adjustment. A cautious base GDV of £64,000 is therefore used, with £49,500–£67,500 as the evidence range. The £3,600 known admin charge materially reduces the margin at the £53,000 guide. Buyer premium and other possible costs are unspecified.

Investment Snapshot

Strategy Recommendation

Potentially suitable as a cautious BTL or owner-occupier purchase only if the legal pack, inspection and rentability support the assumptions. Do not rely on a flip or refinance surplus without current valuation evidence and full auction-cost disclosure.

Works Required

No specific defects or refurbishment requirements are evidenced. Allow for inspection, compliance checks and any necessary redecoration or repairs only after viewing and reviewing the legal pack; no quantified works allowance is supportable.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

At the £53,000 guide, the purchase plus known £3,600 admin charge is £56,600 before buyer premium, other fees and any works. A 75% refinance against the £64,000 base GDV would be £48,000, leaving an indicative £8,600 before finance, tax and other costs. The refinance outcome is sensitive to the dated comparable evidence and lender valuation.

Buy-to-Let Analysis

The only rental evidence is an advertised £475 pcm for a three-bedroom flat in Hebburn, not an achieved rent and not the subject location. Using it indicatively gives £5,700 annual rent, 10.75% gross yield on the £53,000 guide and 10.07% on the £56,600 purchase plus known admin charge. These figures exclude the unspecified buyer premium, other fees, finance, maintenance, voids and management.

Flip Analysis

Using the £64,000 base GDV against the £56,600 purchase plus known admin charge leaves £7,400 before refurbishment, selling costs, buyer premium, other fees, finance and tax. No selling allowance or works budget is evidenced, so a reliable flip surplus cannot be established.

Investor Risks & Due Diligence

• Comparable sales are dated from 2016–2019 and may not represent the current value.

• The rental evidence is an advertised asking rent in Hebburn rather than an achieved rent for the subject property.

• Buyer premium, search fees, seller-cost reimbursement, legal fees, transfer fees and other disbursements are unspecified.

• No condition inspection or quantified refurbishment budget is available.

• Tenure and other legal matters remain subject to the legal pack.

• The base refinance calculation depends on a £64,000 estimated GDV and is not a lender valuation.

Recommendation

Potentially suitable as a cautious BTL or owner-occupier purchase only if the legal pack, inspection and rentability support the assumptions. Do not rely on a flip or refinance surplus without current valuation evidence and full auction-cost disclosure.

Strategy Rating

Analysis Confidence

Street-specific sold comparables and a lease term are available, but the comparables are dated, rental evidence is from another location and key costs, condition, tenure details and buyer premium are unspecified.