692A London Road, Cheam, Sutton, SM3 9BY

Description

A Vacant Second Floor Two Bedroom Flat in Need of Modernisation. The property comprises a second floor two bedroom flat situated within a parade arranged over ground and two upper floors.

Accommodation

Second Floor: Reception Room, Kitchen, Two Bedrooms, Bathroom, Separate WC

Location

Situated on a residential road close to local shops and amenities. The open spaces of Fairlands Park are within easy reach. Transport links are provided by Worcester Park rail station.

Tenure / Property Information

Investment Analysis

Completed sales for nearby flats range from £127,000 to £294,000, including £220,000 at 692B London Road and £171,000 at 694A. A base GDV of £220,000 is used as an indicative estimate only; the wide range and unknown condition/lease comparability reduce confidence.

Investment Snapshot

Strategy Recommendation

Do not bid solely on the guide price. Obtain the legal pack, confirm lease terms and charges, inspect the flat, and price the works before considering a purchase.

Works Required

Modernisation is required, but the evidence does not specify the extent of works. Obtain a survey and quantify kitchen, bathroom, decoration and other required works before bidding.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

Using the indicative £220,000 base GDV, 75% refinancing equates to approximately £165,000. Total project cost cannot be calculated because refurbishment costs and other completion costs are unknown. The short unexpired lease may also restrict refinanceability.

Buy-to-Let Analysis

No sufficiently specific rental evidence or auctioneer rent estimate is supplied, so rent and yield cannot be established. The approximately 46-year lease is a material BTL and financing consideration.

Flip Analysis

The guide is materially below the supplied comparable sale range, but a reliable flip surplus cannot be calculated because refurbishment costs, legal/disbursement costs and selling costs are unsupported. The 46-year lease and unknown condition require careful due diligence.

Investor Risks & Due Diligence

• Approximately 46 years remain on the lease.

• The flat is vacant and described as needing modernisation, but works are unquantified.

• No sufficiently specific rental evidence is available.

• Special Conditions may require additional search, seller, legal or transfer costs.

• The comparable sales show a wide range of £127,000 to £294,000.

Recommendation

Do not bid solely on the guide price. Obtain the legal pack, confirm lease terms and charges, inspect the flat, and price the works before considering a purchase.

Strategy Rating

Analysis Confidence

Several nearby completed sales are available, but condition, lease comparability, refurbishment costs, rent, service charges, buyer costs and legal-pack disbursements are not sufficiently evidenced.