68b, Cundalls Road, Ware, Hertfordshire, SG12 7DJ

Description

Long leasehold first and second floor self-contained flat requiring modernisation. Full vacant possession. By order of a Major Housing Association.

Accommodation

Second floor: Two bedrooms, bathroom/WC. First floor: Reception room, kitchen. Ground floor: Hall. Gross Internal Area GIA: Approximately 67 sq m (717 sq ft).

Location

The property is situated on Cundalls Road, which is located off Fanhams Road. Public transport links include Ware mainline rail station and a network of local bus services. Road links include the A10 and A414. Shopping amenities can be found locally within Ware town centre, with an extensive range of shops, bars and restaurants in Hertford. Recreational pursuits can be enjoyed locally at King George Park, Priory Park and the River Lea towpath.

Tenure / Property Information

Investment Analysis

The only directly comparable evidence is 71B, Cundalls Road, which sold for £240,000 in June 2021. Earlier sales of the same recorded address were £180,000 in 2016 and £141,000 in 2004. These are historical sales and may not represent this flat's condition, specification or current value. A £240,000 base GDV is therefore used only as an indicative same-road proxy, not a formal valuation. The £120,000 guide is materially below that historic comparable, but refurbishment costs, lease details and current market evidence are incomplete.

Investment Snapshot

Strategy Recommendation

Proceed only if inspection, lease/legal review and a detailed refurbishment quotation validate the apparent guide-price discount. Treat the opportunity as a conditional value-add purchase rather than relying on the headline yield or historic GDV.

Works Required

Modernisation of the first- and second-floor flat, including the reception room, kitchen, two bedrooms and bathroom/WC, subject to inspection. No detailed schedule, specification or cost evidence has been supplied.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

Using the £240,000 historic same-road sale only as a base GDV proxy, 75% refinance would be approximately £180,000. The cash position cannot be calculated because refurbishment costs, purchase costs beyond the £1,800 contract documentation fee, finance costs and any seller fees are incomplete. The new 125-year lease and legal terms require review before relying on the GDV assumption.

Buy-to-Let Analysis

The supplied rental evidence ranges from £995 to £1,425 pcm, producing indicative gross yields of 9.95% to 14.25% against the £120,000 guide. However, both listings are advertised asking rents, one relates to houses and neither is confirmed as a comparable flat in Ware. Achieved rent, service charges, insurance and refurbishment costs are unavailable, so a reliable net or all-in yield cannot be established.

Flip Analysis

A flip assessment cannot be quantified because no refurbishment budget, current resale evidence or supported selling-cost allowance has been provided. The £240,000 figure is a historic same-road proxy rather than a current resale valuation.

Investor Risks & Due Diligence

• The lease information is otherwise awaited despite the proposed new 125-year term.

• The flat requires modernisation, but no detailed condition report or refurbishment cost is supplied.

• Rental figures are advertised asking rents and are not confirmed achieved rents for this flat.

• The main comparable sale occurred in June 2021 and may not reflect current market value.

• Parking and heating information is unavailable.

• The £1,800 contract documentation fee is payable, and additional seller fees may apply under the Special Conditions of Sale.

• Service charges, buildings insurance and other leasehold costs are not supplied.

Recommendation

Proceed only if inspection, lease/legal review and a detailed refurbishment quotation validate the apparent guide-price discount. Treat the opportunity as a conditional value-add purchase rather than relying on the headline yield or historic GDV.

Strategy Rating

Analysis Confidence

There is one relevant same-road sale and two advertised rental references, but the comparable is historic, rental evidence is not flat-specific, and lease, condition, refurbishment costs, service charges, parking, heating and additional fees remain unresolved.