79 Sirius, 6 The Boardwalk, Brighton Marina, Brighton BN2 5ZD

Description

A two bedroom fourth floor flat presented in good condition, forming part of a purpose built block. Approximately 852 sq ft. The property benefits from a private balcony.

Accommodation

Two bedroom fourth floor flat; approximately 852 sq ft; private balcony

Location

Located on The Boardwalk, accessed off Marina Way and The Waterfront. A variety of shops, restaurants and bars are available close by in the centre of Brighton. Brighton Beach and East Brighton Park are close by. Road links via the A27. Brighton Railway Station provides National Rail services.

Tenure / Property Information

Investment Analysis

Indicative GDV is estimated at £370,000, using the £340,000 May 2024 and £405,000 November 2022 completed sales at 9 The Boardwalk as the most relevant supplied evidence. These are not confirmed same-flat comparables and no size, specification or floor details were supplied for them, so a broad £340,000–£405,000 range is used. The £290,000 guide represents an apparent discount to this indicative range, before unknown buyer fees, VAT and seller charges.

Investment Snapshot

Strategy Recommendation

Proceed only subject to confirming the passing rent, tenancy terms, service charge, ground rent, lease documentation, buyer premium and seller charges. The guide-to-comparable spread may support value, but the incomplete income and cost evidence prevents a firm investment strategy recommendation.

Works Required

The flat is described as being in good condition, with no specific defects or refurbishment works evidenced. Allow for inspection, verification of condition and any routine works identified, but no refurbishment budget can be supported from the supplied evidence.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

On the indicative £370,000 GDV, 75% refinance is £277,500. A BRRR assessment cannot be completed because the purchase cost including unknown buyer charges, refurbishment allowance, leasehold costs and finance costs are unavailable. The stated term runs to 5 March 2155, but other lease terms are not supplied.

Buy-to-Let Analysis

The property is investment let, but no passing rent or sufficiently specific rental evidence is supplied. Rental income and gross yield therefore cannot be established. Leasehold costs, including any service charge and ground rent, are also unprovided and would materially affect net returns.

Flip Analysis

Using the £290,000 guide against the indicative £370,000 GDV suggests an unadjusted £80,000 gross difference before buyer fees, VAT, seller charges, finance, tax, selling costs and any works. A reliable flip surplus cannot be calculated because these costs are not supplied and the comparables are not confirmed to be the same flat.

Investor Risks & Due Diligence

• The sold comparables relate to 9 The Boardwalk rather than the subject flat at 79 Sirius, with no comparable size or specification supplied.

• No passing rent or rental asking evidence is available, so income and yield cannot be assessed.

• Buyer premium is unknown and VAT or other seller charges may apply.

• Service charge, ground rent and other leasehold costs are not supplied.

• The investment tenancy terms and occupancy arrangements are not supplied.

• No EPC, council tax, parking or heating information is provided.

Recommendation

Proceed only subject to confirming the passing rent, tenancy terms, service charge, ground rent, lease documentation, buyer premium and seller charges. The guide-to-comparable spread may support value, but the incomplete income and cost evidence prevents a firm investment strategy recommendation.

Strategy Rating

Analysis Confidence

Completed sales and the guide are supplied, but the comparables are a different numbered flat, while rent, service charges, ground rent, buyer fees, seller charges, VAT position and property-specific condition details are missing.