62 Wynyard Mews (GFF & Garden), Hartlepool, Cleveland, TS25 3JF

Description

Leasehold ground floor flat with two bedrooms, reception room, kitchen, bathroom/WC and garden.

Accommodation

Two bedrooms, reception room, kitchen, bathroom/WC. Outside: garden.

Location

The property is located on Wynyard Mews. Shopping amenities are available locally within Hartlepool Town Centre to the north, with further shops, bars and restaurants in Middlesbrough Town Centre to the south and Durham City Centre to the north west. Public transport links are available at Seaton Carew Train Station and Hartlepool Train Station, along with local bus services. Road links include the A19 to the west and A689 to the east. Rossmere Park lies to the east.

Tenure / Property Information

Investment Analysis

Same-development completed sales range from £26,000 to £35,000 for 2016–2023 transactions, with the most recent supplied sale at £30,000 in October 2023. A base GDV of £30,000 is used, with £26,000 low and £35,000 high scenarios. The subject’s 63-year lease and unknown service charge/ground rent terms create valuation uncertainty.

Investment Snapshot

Strategy Recommendation

Proceed only subject to confirming the lease, service charge, ground rent, special conditions and property condition. The low guide price supports further BTL/BRRR investigation, but do not bid on headline yield alone.

Works Required

No specific defects or refurbishment requirements are evidenced. Obtain a survey and confirm the condition of the flat, garden and common parts before budgeting works.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

At the guide price, the known purchase price plus the £1,800 documentation fee is £12,800 before any seller fees, lease costs, works or holding costs. A 75% refinance against the £30,000 base GDV equates to £22,500. Cash left in cannot be calculated reliably because refurbishment, service charge, ground rent and other completion costs are unknown. The 63-year lease must be reviewed for lender and resale implications.

Buy-to-Let Analysis

The supplied advertised asking rent is £425 pcm, equivalent to £5,100 annually. Against the £11,000 guide, this indicates a headline gross yield of approximately 46.4%, before the £1,800 contract documentation fee, any works, service charge, ground rent, voids, management, maintenance and other costs. The rent is an asking rent rather than achieved rent, so net yield and sustainable income cannot be established.

Flip Analysis

The base GDV is estimated at £30,000 from completed sales within Wynyard Mews. A reliable flip surplus cannot be calculated because the refurbishment requirement, seller fees, service charges, ground rent and resale costs are not supplied. The £1,800 documentation fee alone reduces the apparent guide-price spread.

Investor Risks & Due Diligence

• Only 63 years remain on the lease.

• Annual service charge, ground rent, review terms and increases are unknown.

• The £1,800 buyer contract documentation fee is payable, with possible additional seller fees.

• The £425 pcm figure is an advertised asking rent, not achieved or passing rent.

• Property condition and any refurbishment requirement are not evidenced.

• Resale value may vary from the supplied comparables because the individual flat’s condition and lease terms are not confirmed.

Recommendation

Proceed only subject to confirming the lease, service charge, ground rent, special conditions and property condition. The low guide price supports further BTL/BRRR investigation, but do not bid on headline yield alone.

Strategy Rating

Analysis Confidence

There are several same-development completed sales and one advertised rent, but the lease has only 63 years remaining and key costs, condition, occupancy and special-condition fees are unknown.