74 Blakeney Road, Symonds Green, Stevenage, Hertfordshire

Description

A one bedroom ground floor flat. The property forms part of a purpose built block. In need of modernisation. Vacant.

Accommodation

Ground Floor - Entrance Hallway, Reception Room, Bedroom, Kitchen, Bathroom/WC.

Location

Located on Blakeney Road, accessed off Clovelly Way. Stevenage is located in Hertfordshire, roughly 30 miles north of central London. Bury Mead provides a large green space for leisure activities. There is a selection of shops, bars and restaurants within easy reach along Stevenage Old Town High Street, with further leisure amenities available a couple of miles away in Stevenage town centre. The A1 (M) is easily accessible and provides good road communications to London and further afield.

Tenure / Property Information

Investment Analysis

The £100,000 completed sale on Blakeney Road provides a relevant but limited indication of value. It is described only as a leasehold flat/maisonette, with no supplied bedroom, condition or specification details, so £100,000 is used as an indicative base GDV rather than a formal valuation. The £85,000 guide represents 85% of this comparable, before refurbishment, buyer premium, VAT or other applicable charges.

Investment Snapshot

Strategy Recommendation

Proceed only after reviewing the legal pack, confirming the new lease terms and obtaining a proper refurbishment quotation. Do not rely on the £650 room rent or bid above a separately calculated maximum after buyer premium, VAT and other charges are confirmed.

Works Required

Modernisation of the vacant one-bedroom flat, based only on the auctioneer’s statement that it is in need of modernisation. The scope and cost require inspection and review of the legal pack; no specific defects or works are evidenced.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

Using the limited comparable evidence, an indicative post-works value of £100,000 produces a theoretical 75% refinance figure of £75,000. Refurbishment costs, buyer premium, VAT, other charges and finance costs are unavailable, so cash required and whether refinance would recover the project cost cannot be established.

Buy-to-Let Analysis

A whole-flat rent cannot be established from the supplied evidence. The £650 pcm figure is an advertised room rent, not evidence of rent for this one-bedroom flat, and no auctioneer whole-property estimate is provided. BTL yield and affordability therefore cannot be calculated. The property is vacant and requires modernisation.

Flip Analysis

A £100,000 base GDV is indicated by one nearby completed sale, against the £85,000 guide. However, refurbishment costs and selling costs are unsupported, and the comparable lacks detailed specification and condition information. No reliable flip surplus or maximum bid can therefore be calculated.

Investor Risks & Due Diligence

• Only one comparable is supplied and its bedroom count, condition and specification are unknown.

• The flat is stated to need modernisation, but no inspection-based scope or cost is provided.

• The £650 pcm evidence is an advertised room rent and may not represent whole-flat achievable rent.

• The buyer premium amount is unspecified; VAT and other seller charges may apply.

• The new 999-year lease and its detailed terms require legal-pack review.

• Parking, heating and council-tax information are not supplied.

Recommendation

Proceed only after reviewing the legal pack, confirming the new lease terms and obtaining a proper refurbishment quotation. Do not rely on the £650 room rent or bid above a separately calculated maximum after buyer premium, VAT and other charges are confirmed.

Strategy Rating

Analysis Confidence

The analysis has one relevant completed sale and a guide price, but lacks detailed comparable specification, refurbishment costs, whole-property rent, buyer premium amount and other sale costs.