59 Croydon House, Gloucester Road, Tottenham, London

Description

Three bedroom split-level flat situated in a purpose built building, in need of modernisation, well located for the amenities of Tottenham, vacant.

Accommodation

Third Floor - Two Bedrooms, Store. Fourth Floor - Kitchen / Lounge / Diner, Bedroom, W.C., Bathroom.

Location

The property is located on Gloucester Road which is situated between Adams Road and The Avenue. Local amenities can be found on Lordship Lane, West Green Road and High Road. Recreational amenities of Lordship Recreation Ground, Bruce Castle Park and Alexandra Park are all easily accessible. Transport: Bruce Grove - National Rail; Seven Sisters - London Underground - Victoria Line; Seven Sisters - National Rail.

Tenure / Property Information

Investment Analysis

The supplied completed sales are for flats/maisonettes at the same Gloucester Road address, ranging from £124,177 to £187,000, with the two most recent sales at £180,000 and £187,000 in 2021. A base GDV estimate of £180,000 is supported as an indicative comparison only, although the evidence is dated and does not confirm identical size, floor, condition or lease terms. The £140,000 guide represents approximately 77.8% of the base GDV before works and costs. The property is described as requiring modernisation, but no quantified works evidence is supplied.

Investment Snapshot

Strategy Recommendation

Proceed only conditionally after reviewing the legal pack, lease, survey and a priced modernisation schedule. A refurbishment-led resale may have potential at or near the guide, but the evidence is insufficient to approve a bid or establish BTL returns.

Works Required

Modernisation is required according to the description. The specific scope, specification and cost cannot be established from the supplied evidence, so no detailed works allowance is assumed.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

Using the indicative £180,000 base GDV, 75% refinance debt would be approximately £135,000. A meaningful BRRR assessment cannot be completed because refurbishment costs, acquisition costs, rent, service charges and finance costs are unavailable.

Buy-to-Let Analysis

BTL viability cannot be established because no sufficiently specific rental comparable, auctioneer rent estimate, service charge, council tax or total refurbishment cost is supplied. The property is vacant and leasehold.

Flip Analysis

The guide is below the supplied historical comparable range, but resale potential cannot be reliably quantified. Works costs and selling costs are unsupported, and the comparable evidence is dated; therefore no flip surplus is calculated.

Investor Risks & Due Diligence

• The completed-sale evidence is dated, with the latest supplied transactions in 2021.

• The property is described as requiring modernisation, but no quantified works scope or cost is supplied.

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

• Leasehold costs and terms beyond the stated lease commencement and length are unavailable, including service charge and ground rent.

• EPC, council tax, parking and heating information are not supplied.

• Buyer premium, administration charge and other auction fees are not supplied.

• The property is vacant, so there is no passing rental income.

Recommendation

Proceed only conditionally after reviewing the legal pack, lease, survey and a priced modernisation schedule. A refurbishment-led resale may have potential at or near the guide, but the evidence is insufficient to approve a bid or establish BTL returns.

Strategy Rating

Analysis Confidence

Completed sales exist for the same stated address, but they are dated, property-specific condition and specification are unconfirmed, and there is no rental, refurbishment, fee or building-cost evidence.