66 Pleasant Road, Southend-on-Sea, Essex

Description

Situated off the seafront is this vacant, luxury guest house/aparthotel which offers 5 studio apartments. These studio apartments accommodate a mix of kingsize, double or zip & link beds, they each have their own shower room, and an open plan living area with a fully equipped kitchen.

Accommodation

Studio 1: Double size bed, shower room, fitted kitchen area, approx 23 m². Studio 2 (with Garden Access): King size bed, shower room, fitted kitchen area, approx 21 m². Studio 3: Zip & Link size bed, shower room, fitted kitchen area, approx 11 m². Studio 4: Double size bed, shower room, fitted kitchen area, approx 16 m². Studio 5: King size bed, shower room, fitted kitchen area, approx 16 m².

Location

Situated off the seafront. The apartments are within easy access of Southend City Centre and local train stations giving access to London Fenchurch, Liverpool Street and Southend Airport.

Tenure / Property Information

Investment Analysis

The only supplied comparable is a 1998 freehold flat sale at £49,000, which is insufficient to establish a current market value or GDV for this five-studio former aparthotel. The £375,000 guide is not a formal valuation.

Investment Snapshot

Strategy Recommendation

Do not bid at the guide without confirming whether £750–£800 pcm is per studio or for the whole property, and obtaining current valuation, compliance, planning/use and cost information.

Works Required

No specific defects or refurbishment works are evidenced. Verify condition, statutory compliance, planning/use status, licensing and the operational readiness of the five studios before bidding.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

BRRR cannot be reliably assessed because no GDV, refurbishment budget, buyer costs or refinance valuation is supplied. The rent estimate alone does not support a refinance case at the guide price.

Buy-to-Let Analysis

Using the auctioneer estimate as a whole-property rent of £750–£800 pcm gives approximately £9,000–£9,600 annual rent and 2.40%–2.56% gross yield on the £375,000 guide. The stated potential 11% yield does not reconcile with this rent wording; clarification is essential.

Flip Analysis

A flip analysis cannot be completed because there is no current GDV evidence, supported works allowance or selling-cost allowance. The single 1998 comparable is not a reliable current benchmark.

Investor Risks & Due Diligence

• The auctioneer rent estimate does not clearly state whether it applies per studio or to the whole property.

• The stated 11% potential yield conflicts with the supplied £750–£800 pcm figure when treated as whole-property rent.

• No buyer premium, administration charge or other acquisition costs are supplied.

• No current comparable sales or formal GDV evidence is supplied.

• No refurbishment budget or detailed condition report is supplied.

• Current planning, licensing and lawful-use status following prior aparthotel use are not evidenced.

Recommendation

Do not bid at the guide without confirming whether £750–£800 pcm is per studio or for the whole property, and obtaining current valuation, compliance, planning/use and cost information.

Strategy Rating

Analysis Confidence

The property description and tenure are detailed, but current comparable evidence, GDV, works, fees, legal status and the rent basis are insufficient.