59 Gilmore Road, London, SE13 5AB

Description

By order of a major housing association. Freehold two floor building arranged as two self-contained flats, requiring updating and with further development potential. The property may be suitable for an area or loft/mansard conversion for additional accommodation, subject to all consents where necessary.

Accommodation

Flat A – Ground Floor: approximately 64m²/693sqft; one bedroom, reception room, kitchen, bathroom/WC; rear garden. Flat B – First Floor: approximately 65m²/695sqft; one bedroom, reception room, kitchen, bathroom/WC.

Location

Situated on Gilmore Road, well positioned for the amenities of vibrant Lewisham, Greenwich Park and Catford. Transport options include local bus routes, rail connections via Lewisham (rail and DLR), or road links via the A205 or A20.

Tenure / Property Information

Investment Analysis

The £389,000 guide relates to a freehold two-floor building arranged as two self-contained one-bedroom flats totalling approximately 1,388 sq ft, with vacant possession. The property requires updating and has potential for an area or loft/mansard conversion, subject to all necessary consents. No completed sale comparables, formal valuation, quantified refurbishment budget or consented development scheme are supplied, so GDV and market value cannot be reliably estimated from the evidence.

Investment Snapshot

Strategy Recommendation

Proceed only after obtaining a survey, a detailed refurbishment quotation, property-specific rental evidence and legal review of the special conditions. Treat any conversion potential as unproven until the necessary consents are confirmed.

Works Required

Update both self-contained flats based on the stated requirement for updating. The supplied evidence does not identify specific defects or provide a costed scope. Investigate the potential area or loft/mansard conversion separately, subject to planning, building regulations and other required consents.

Rental & Market Context

Potential BRRR Position

A BRRR assessment cannot be completed reliably because no GDV, refurbishment allowance, property-specific rent or refinance valuation is supplied. The vacant two-flat arrangement may provide an operational basis for separate letting, but the updating requirement and any conversion potential require further investigation.

Buy-to-Let Analysis

The supplied £2,200 pcm figure is an advertised asking rent from a general London rental listing and is not identified as comparable to either flat. A reliable property-specific rent, annual income and gross yield therefore cannot be established. Both flats are vacant, so there is no passing rent evidence.

Flip Analysis

A flip appraisal cannot be quantified. No completed sales evidence, supported GDV, refurbishment budget, selling allowance or consented additional accommodation scheme is supplied. The guide price is £389,000 and the seller may charge additional completion fees under the special conditions.

Investor Risks & Due Diligence

• The building requires updating, but no detailed condition report or refurbishment cost is supplied.

• The stated area or loft/mansard conversion potential is subject to all necessary consents and is not a confirmed development opportunity.

• The £2,200 pcm figure is only a general advertised asking rent and is not confirmed for either flat.

• No completed sales comparables or formal valuation are supplied.

• Additional seller fees may be payable on completion under the Special Conditions of Sale.

• Parking and heating information is not supplied and must be confirmed with the auction centre.

Recommendation

Proceed only after obtaining a survey, a detailed refurbishment quotation, property-specific rental evidence and legal review of the special conditions. Treat any conversion potential as unproven until the necessary consents are confirmed.

Strategy Rating

Analysis Confidence

The evidence confirms the accommodation, tenure, vacancy, guide price and broad updating requirement, but provides no completed comparables, specific rent comparables, quantified works, GDV, development consents or details of possible seller fees.