75a High Street, Harborne, Birmingham, B17 9NS

Description

A first floor duplex flat situated above a retail shop. The property benefits from having a gas fired central heating system and double glazing. At the time of going to print, the Auctioneers were unable to inspect the property internally and therefore the accommodation details should not be relied upon.

Accommodation

First Floor: Hall, Lounge, Small Kitchen. Second Floor: One Bedroom with separate Small Study, Bathroom/WC.

Location

75a High Street, Harborne, Birmingham.

Tenure / Property Information

Investment Analysis

The supplied comparables do not support a reliable current GDV for this flat. Recent sales at 63, 67 and 73 High Street are mainly terraced or other property types and are not directly comparable. The only identified flat/maisonette sale is the subject property at £85,000 in November 2007, which is too historic to use as a current valuation without further evidence. Internal inspection was unavailable and the accommodation details are expressly not to be relied upon.

Investment Snapshot

Strategy Recommendation

Do not set a bid or proceed on yield assumptions until the legal pack, lease, tenancy, rent, internal inspection and any special-condition costs have been reviewed. Treat the guide price as insufficient evidence of value.

Works Required

No specific defects or internal works are evidenced. Obtain an internal inspection and assess the kitchen, bathroom, finishes, services and general condition before defining any refurbishment scope. Confirm the gas central heating and double glazing condition, subject to inspection.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

A BRRR assessment cannot be supported because current GDV, rent, refurbishment cost, lease details and refinance value are unavailable. The property is leasehold and subject to an existing tenancy, so the legal pack and tenancy documentation are material to both value and refinanceability.

Buy-to-Let Analysis

The property is let on an Assured Shorthold Tenancy, but no passing rent or sufficiently specific rental comparable is supplied. Consequently, rental income and gross yield cannot be established. The £2,700 buyer administration charge is known, but other completion costs, lease costs and tenancy details remain unconfirmed.

Flip Analysis

A flip surplus cannot be calculated. There is no supported current GDV, internal condition assessment, refurbishment budget or selling-cost allowance. The 2007 £85,000 sale is insufficient evidence for a current resale value.

Investor Risks & Due Diligence

• Internal inspection was unavailable and the stated accommodation details should not be relied upon.

• The property is leasehold, but lease details are only available in the legal pack.

• The property is subject to an existing tenancy, with no passing rent or tenancy terms supplied.

• No sufficiently specific rental comparable or auctioneer rent estimate is provided.

• Additional costs may be payable under the Special Conditions and are not supplied.

• The EPC rating is D.

• The supplied recent sold comparables are not directly comparable flats.

Recommendation

Do not set a bid or proceed on yield assumptions until the legal pack, lease, tenancy, rent, internal inspection and any special-condition costs have been reviewed. Treat the guide price as insufficient evidence of value.

Strategy Rating

Analysis Confidence

Key valuation, rent, condition, lease, tenancy and cost evidence is missing; the only directly identified flat sale is from 2007 and the property was not internally inspected.