72 Neville Court, Washington, Tyne And Wear, NE37 3DY

Description

A Vacant First Floor One Bedroom Flat in Need of Refurbishment and a Single Storey Lock Up Garage Subject to a Lease Producing £420 Per Annum. The property comprises a first floor one bedroom flat situated within a purpose built block arranged over ground and three upper floors and a single storey lock up garage.

Accommodation

First Floor: Reception Room, Kitchen, Bedroom, Bathroom. Exterior: The property benefits from a private balcony and a garage.

Location

The property is situated on a residential road close to local shops and amenities. The open spaces of Albany Park are within easy reach. Transport links are provided by South Hylton rail station.

Tenure / Property Information

Investment Analysis

The five supplied Land Registry comparables in Neville Court sold for £18,500–£27,000. The observed median is £22,000, which is used as an indicative base GDV. The comparables do not confirm identical condition, floor, garage inclusion or lease terms, so this is an indicative range only. The garage is subject to a lease producing £420 per annum, but the evidence does not establish whether this income transfers fully to the purchaser or its lease terms.

Investment Snapshot

Strategy Recommendation

Only consider a purchase subject to legal-pack review and a full refurbishment quotation. The guide is low relative to the supplied comparables, but no reliable maximum bid can be set until leasehold liabilities, garage income/lease, works and all auction costs are confirmed.

Works Required

Refurbishment of the vacant one-bedroom flat is required, but the supplied evidence gives no detailed schedule of condition or quantified scope. The works allowance, including any treatment of the kitchen, bathroom, decoration or flooring, cannot therefore be estimated reliably.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

Using the indicative £22,000 base GDV, 75% refinancing equates to £16,500. A cash-left-in calculation cannot be completed because refurbishment, buyer premium and other acquisition costs are unsupported. The approximately 84-year lease, vacant condition and unknown leasehold/legal matters require confirmation before relying on refinance value.

Buy-to-Let Analysis

A BTL assessment cannot be completed because no sufficiently specific flat rental comparable or auctioneer rent estimate is supplied. The £420 per annum garage figure relates to the garage lease and is not evidence of achievable rent for the flat. Buyer premium, legal costs, leasehold charges and refurbishment costs are also unknown.

Flip Analysis

The supplied comparable range supports an indicative resale/GDV range of £18,500–£27,000, with £22,000 as the base case. A flip surplus cannot be calculated because refurbishment costs, buyer premium, selling costs and other completion costs are not supplied. The low-end comparable leaves limited apparent headroom once these costs are included.

Investor Risks & Due Diligence

• Refurbishment scope and cost are unknown.

• Buyer premium and other auction, legal and transfer costs are not quantified.

• The flat has an approximately 84-year lease, with no supplied information on service charge, ground rent, lease restrictions or future lease-extension cost.

• The garage is subject to a lease producing £420 per annum, but the lease terms and transferability of that income are not supplied.

• The comparable sales may not be identical in condition, floor, garage provision or lease terms.

• No sufficiently specific evidence supports achievable rent for the flat.

Recommendation

Only consider a purchase subject to legal-pack review and a full refurbishment quotation. The guide is low relative to the supplied comparables, but no reliable maximum bid can be set until leasehold liabilities, garage income/lease, works and all auction costs are confirmed.

Strategy Rating

Analysis Confidence

There are several nearby completed sales and a stated lease term, but there is no rental evidence, condition schedule, refurbishment budget, EPC, council tax, service-charge information, buyer-premium amount or complete legal-cost disclosure.