60 Forge Street, Wednesbury, West Midlands

Description

Vacant long leasehold self-contained ground floor flat. Comprising reception room, kitchen, two bedrooms, bathroom/WC and storage room. GIA approximately 57.6 sq m (620 sq ft). By order of a housing association.

Accommodation

Reception room, kitchen, two bedrooms, bathroom/WC and storage room.

Location

Situated on the north east side of Forge Street, to the north of its junction with Darlaston Road. The A41 and M6 Motorway are easily accessible. Local shops and amenities are available within Wednesbury and Darlaston. Kings Hill Park is opposite, located next to the property.

Tenure / Property Information

Investment Analysis

The supplied sold evidence is from the same street and ranges from £70,000 to £92,000, with the most recent sale at £92,000 in November 2021. The comparables are not confirmed as identical in size, condition, floor or lease terms, and the evidence is dated. A cautious evidence-based GDV range is £70,000–£92,000, with £80,000 used as a base estimate. The £65,000 guide represents a potential discount to this range, subject to lease, condition and fee due diligence.

Investment Snapshot

Strategy Recommendation

Treat as a conditional value opportunity rather than an established BTL or flip. Proceed only if inspection, the 999-year lease terms, service charges, special conditions and all auction costs support the assumed discount to market value.

Works Required

No specific defects or required works are evidenced. Obtain a survey and inspect the kitchen, bathroom, services, windows, flooring and decoration before budgeting. Any works allowance remains unsupported from the supplied information.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

At the £65,000 guide, the purchase is below the £80,000 base GDV estimate, but refurbishment costs, buyer costs and finance costs are not supplied. A 75% refinance of the base GDV would be approximately £60,000, but cash left in cannot be calculated without total project cost. The new 999-year lease is positive in duration, but its full terms and charges require review.

Buy-to-Let Analysis

BTL viability cannot be established because no sufficiently specific rental evidence or auctioneer rent estimate is supplied. Gross yield, operating costs and net return are therefore unavailable. Confirm achievable rent, service charge, insurance, ground rent and lease restrictions before proceeding.

Flip Analysis

A potential gross value uplift exists between the £65,000 guide and the £80,000 base GDV, with supplied comparable evidence up to £92,000. However, no works budget, buyer costs, selling costs or supported selling allowance is supplied, so a reliable flip surplus cannot be calculated. The comparable dates and property differences also reduce certainty.

Investor Risks & Due Diligence

• No reliable rental evidence or passing rent is supplied.

• Condition and refurbishment requirements are unknown.

• Buyer premium, administration charges and other seller or third-party fees are unspecified.

• Leasehold service charge, ground rent and other lease terms are not supplied.

• EPC, council tax, parking and heating information are absent.

• Comparable sales vary materially in price and date and are not confirmed as identical in size or condition.

• The guide is not a valuation and the property may sell above guide.

Recommendation

Treat as a conditional value opportunity rather than an established BTL or flip. Proceed only if inspection, the 999-year lease terms, service charges, special conditions and all auction costs support the assumed discount to market value.

Strategy Rating

Analysis Confidence

Same-street sold comparables and core property details are supplied, but the evidence is dated and lacks rental, condition, EPC, lease-cost, buyer-fee and selling-cost information.