73 St. Johns Close, Peterborough, Cambridgeshire

Description

A two bedroom flat on the first floor of this modern, purpose built block. In an ideal situation for the amenities and transport links of Peterborough.

Accommodation

First Floor / Exterior: Entrance Hall, reception room open to kitchen (4.27m x 5.49m), 2 bedrooms (4.29m max x 3.15m max and 3.25m x 3.02m), 1 with en-suite, bathroom. Allocated parking.

Location

In an ideal situation for the amenities and transport links of Peterborough.

Tenure / Property Information

Investment Analysis

The supplied Land Registry sales on St Johns Close range from £171,000 to £210,000. The most recent evidence is £205,000 in August 2024, with earlier sales at £180,000 and £190,000. As bedroom count, condition and exact comparability are not supplied, a cautious evidence-based GDV range of £180,000–£205,000 is used, with a £190,000 base GDV. The £125,000 guide represents a substantial discount to these sales, subject to lease, service charge and legal due diligence.

Investment Snapshot

Strategy Recommendation

Potentially suitable for a buy-to-let or BRRR strategy at or near the guide, subject to confirming the flat-specific rent, lease covenants, service charge, ground rent, legal title and any additional auction costs. Do not rely on the apparent margin without confirming condition and resale comparability.

Works Required

No specific defects or refurbishment requirements are evidenced. The property is described as a modern purpose-built flat with EPC B. Allow for inspection, cleaning and any minor works only after viewing; no refurbishment allowance is included in the calculations.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

At the £125,000 guide and with only the known £1,500 admin charge, the base project cost is £126,500 because no works allowance is evidenced. A 75% refinance against the £190,000 base GDV would be approximately £142,500, implying £16,000 of cash released before finance, tax and other costs. This depends on lender valuation, lease terms, service charges, rentability and the property achieving the assumed GDV.

Buy-to-Let Analysis

Using the only supplied rental evidence, £1,029 pcm for a two-bedroom property in PE3, annual gross rent is £12,348. This indicates approximately 9.88% gross yield on the £125,000 guide and 9.76% including the £1,500 admin charge. However, the evidence is for houses rather than this flat, and service charge, ground rent, letting costs, finance, tax and other auction costs are not supplied, so the achievable net yield is not established.

Flip Analysis

The base GDV of £190,000 less the £126,500 purchase and known-cost basis gives a gross surplus of £63,500 before selling costs, finance, tax and any works. No selling allowance or refurbishment cost is supplied, so a formal flip surplus is not stated. The sales evidence supports the broad value range but does not confirm exact condition or specification.

Maximum Bid Indicator

This is an HB screening estimate based on the supplied evidence and HB assumptions. It is not a formal valuation or instruction to bid.

Investor Risks & Due Diligence

• The £1,029 pcm rental evidence relates to two-bedroom houses rather than this flat and is an advertised asking rent, not achieved rent.

• Service charge and ground rent are not supplied and could materially reduce net yield and refinance affordability.

• Buyer premium and other possible auction costs are not supplied; only the £1,500 inclusive-of-VAT admin charge is included.

• The comparable sales do not provide bedroom count, condition or specification, so the assumed GDV range is not a formal valuation.

• Leasehold title, covenants, management information and approximately 116 years remaining should be legally verified.

• Finance, tax, selling costs and any works are excluded from the indicative cash and surplus calculations.

Recommendation

Potentially suitable for a buy-to-let or BRRR strategy at or near the guide, subject to confirming the flat-specific rent, lease covenants, service charge, ground rent, legal title and any additional auction costs. Do not rely on the apparent margin without confirming condition and resale comparability.

Strategy Rating

Analysis Confidence

There are several recent completed sales on the same close and one local two-bedroom rental asking figure, but exact comparable specifications, flat rental evidence, condition, service charge, ground rent, buyer fees and other contract costs are unavailable.