79 & 79a Woodside Road, London

Description

The property comprises a pair of self-contained maisonettes sharing a single front door and arranged on ground and first floors under a slate roof. The left hand facing maisonette is subject to a long (999 year) lease. The right hand facing maisonette is vacant and requires modernisation.

Accommodation

Ground floor: Two Rooms, Kitchen. First floor: Two Rooms, Bathroom/WC. Externally: Small garden to front and larger garden to rear. Total floor area is 65 sq m (approximately 700 sq ft).

Location

Situated on Woodside Road in South Norwood, within the London Borough of Croydon. Nearby amenities include local shops, cafés and other amenities in South Norwood and along Portland Road. South Norwood Recreation Ground and South Norwood Country Park are nearby. Norwood Junction railway station is approximately 0.5 miles away and Woodside Tram Stop is approximately 0.4 miles away.

Tenure / Property Information

Investment Analysis

The £280,000 guide is the only current pricing evidence and is not a formal valuation. The supplied sold comparables are historic (2005 and 2013), relate to individual flats/maisonettes and do not establish the current value of this freehold building comprising two maisonettes. The right-hand maisonette is vacant and requires modernisation, while the left-hand maisonette is subject to a 999-year lease. Current market value, the value of the freehold reversion and the effect of the lease terms cannot be reliably assessed without the lease, title and current comparable evidence. Buyer fees and possible VAT are also excluded from the guide.

Investment Snapshot

Strategy Recommendation

Do not set a purchase or refurbishment strategy from the supplied evidence alone. Proceed only after reviewing the legal pack and 999-year lease, inspecting the vacant maisonette, obtaining works quotations and establishing current comparable values and rents.

Works Required

Modernisation of the vacant right-hand maisonette is indicated, but no specific defects, specification or cost information is supplied. Obtain a detailed inspection and contractor quotations before bidding. Review the 999-year lease, title, access arrangements, garden rights and management responsibilities.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

BRRR viability cannot be established. There is no supported current GDV, rent, refurbishment budget or refinance valuation. The 999-year lease affecting the left-hand maisonette and the vacant, modernisation-required right-hand maisonette require legal, valuation and cost due diligence before considering refinance.

Buy-to-Let Analysis

A BTL assessment cannot be completed because no sufficiently specific rental evidence or auctioneer rent estimate is provided. The right-hand maisonette is vacant and requires modernisation; the occupancy, rent and obligations relating to the left-hand maisonette are not stated. Buyer fees, possible VAT and refurbishment costs are also unknown.

Flip Analysis

A flip analysis cannot be quantified because current resale evidence, a supported GDV, refurbishment costs and selling costs are unavailable. The two historic comparables are insufficiently current and are for individual flats/maisonettes rather than this building as described.

Investor Risks & Due Diligence

• Current market value cannot be supported from the historic comparables provided.

• The 999-year lease affecting the left-hand maisonette has not been supplied, so lease terms, rent, covenants and freehold rights are unknown.

• The vacant right-hand maisonette requires modernisation, but the scope and cost are unknown.

• Buyer fees and possible VAT are excluded from the guide and are not quantified.

• No reliable rental evidence or passing rent information is provided.

• The building shares a single front door, so access and management arrangements should be checked in the legal and title documents.

Recommendation

Do not set a purchase or refurbishment strategy from the supplied evidence alone. Proceed only after reviewing the legal pack and 999-year lease, inspecting the vacant maisonette, obtaining works quotations and establishing current comparable values and rents.

Strategy Rating

Analysis Confidence

Only the guide price, a general description, two historic sold comparables and no-specific rental evidence are supplied. Key valuation, lease, condition, cost, fee and income information is missing.