6 Cranleigh Close, Penge, London

Description

A Vacant First Floor Three Bedroom Flat in Need of Modernisation. The property comprises a first floor three bedroom flat situated within a semi detached building arranged over ground and first floors.

Accommodation

First Floor: Reception Room, Kitchen, Three Bedrooms, Bathroom.

Location

The property is situated on a residential road close to local shops and amenities. The open spaces of South Norwood Lake & Grounds are within easy reach. Transport links are provided by Anerley overground station and rail station.

Tenure / Property Information

Investment Analysis

Same-close sold comparables range from £300,000 to £380,000, but their lease terms and condition are unknown. The subject has only approximately 28 years remaining and requires modernisation, so a reliable GDV cannot be established without lease and condition evidence.

Investment Snapshot

Strategy Recommendation

Do not bid on the current evidence alone. Obtain legal-pack details, confirm all disbursements, assess the short lease and obtain a refurbishment inspection before considering BTL, BRRR or a flip.

Works Required

Modernisation of the flat, with the precise scope and cost requiring inspection. No specific defects or installations are evidenced.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

A BRRR strategy cannot be reliably assessed because GDV, refurbishment cost, lease-extension cost and refinanceability are unsupported. The approximately 28-year lease is a major constraint and must be reviewed before bidding.

Buy-to-Let Analysis

The only rental evidence is an advertised £2,750 pcm SE20 asking rent, not an achieved rent and not confirmed for this flat. Against the £90,000 guide, this indicates 36.67% gross yield before works, fees, lease issues and other costs. A dependable BTL assessment is not possible without validated rent and lease-extension analysis.

Flip Analysis

The same-close comparables provide a £300,000–£380,000 reference range, but unknown lease lengths and condition prevent a reliable resale GDV or flip surplus calculation. Modernisation costs, selling costs and lease-extension implications are also unknown.

Investor Risks & Due Diligence

• Approximately 28 years remain on the lease.

• Lease-extension cost and mortgageability are unknown.

• The refurbishment scope and cost are unknown.

• The rental figure is an advertised asking rent, not achieved rent or a confirmed flat-specific valuation.

• Comparable lease lengths and condition are unknown.

• An £1,800 inc VAT administration charge applies, with possible additional disbursements.

Recommendation

Do not bid on the current evidence alone. Obtain legal-pack details, confirm all disbursements, assess the short lease and obtain a refurbishment inspection before considering BTL, BRRR or a flip.

Strategy Rating

Analysis Confidence

There are relevant same-close sales and one rental asking figure, but lease terms, condition, refurbishment costs, legal disbursements and achieved rent are not evidenced.