8 Abbey Court Meyrick Crescent, Colchester, Essex, CO2 7QP

Description

Ground floor, two bedroom apartment with parking, located close to Colchester Town station. Situated within easy walking distance of Colchester Town Station, this modern apartment offers spacious and contemporary living accommodation. The property features a bright and versatile open-plan kitchen, dining and living area, a generous master bedroom with en-suite, a second double bedroom, a main bathroom, and useful additional storage space.

Accommodation

Open-plan kitchen, dining and living area; master bedroom with en-suite; second double bedroom; main bathroom; additional storage space.

Location

Situated within easy walking distance of Colchester Town Station, providing convenient transport links for commuters and those travelling to London. Colchester offers an excellent selection of retail outlets, theatres and beautiful parks.

Tenure / Property Information

Investment Analysis

Five completed sales recorded at Abbey Court, Meyrick Crescent range from £152,500 to £175,000, with a simple average of £165,500. They are same-development leasehold flat/maisonette evidence, but the supplied data does not confirm that they are identical two-bedroom units or state their condition, floor, parking or specification. A supported scenario range is therefore £152,500–£175,000, with £165,500 used as the base GDV. The £105,000 guide is materially below this evidence, but the net position depends on works, leasehold costs and additional auction charges, which are not supplied.

Investment Snapshot

Strategy Recommendation

Conditional value-led purchase only: investigate the legal pack, leasehold charges, exact comparable specification and property condition before bidding. Do not rely on BTL or flip returns until rent and full project costs are evidenced.

Works Required

No specific defects or refurbishment requirements are evidenced. Budget and inspect only any works confirmed by the legal pack, viewing and survey; verify the condition of the kitchen, bathrooms, services, common parts and parking arrangements.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

At the £105,000 guide, the known buyer premium and admin charge would take the identifiable purchase cost to £107,760 before any refurbishment, legal, finance or other auction costs. A 75% refinance against the £165,500 base GDV would be £124,125, but cash left in cannot be calculated without supported works and all relevant costs. Refinanceability and valuation also require confirmation that the comparable sales are sufficiently comparable and that the leasehold terms are acceptable.

Buy-to-Let Analysis

BTL viability cannot be established because no sufficiently specific rental comparable or auctioneer rent estimate is supplied. The property has two bedrooms, parking and proximity to Colchester Town station, but rent, service charge, ground rent, management costs and finance costs remain unquantified. The £1,560 buyer premium and £1,200 admin charge are known acquisition costs, with further possible charges under the Special Conditions.

Flip Analysis

The completed-sales evidence indicates a base GDV of £165,500, with a supported range of £152,500–£175,000. A reliable flip surplus cannot be calculated because refurbishment costs, resale costs and other project costs are not supplied. The guide-to-GDV gap is potentially attractive, but it is not a confirmed margin.

Investor Risks & Due Diligence

• No sufficiently specific rental evidence, so rental income and yield cannot be established.

• The five comparables are identified only as same-development flat/maisonette sales; unit size, bedroom count, floor, condition and parking comparability are not confirmed.

• Additional charges may include search fees, seller-cost reimbursement, legal fees, transfer fees and other disbursements.

• Leasehold service charge, ground rent, reserve fund and management information are not supplied.

• The lease has 104 years unexpired; remaining term and lease terms should be verified in the legal pack.

• Refurbishment and property-condition costs are not evidenced.

Recommendation

Conditional value-led purchase only: investigate the legal pack, leasehold charges, exact comparable specification and property condition before bidding. Do not rely on BTL or flip returns until rent and full project costs are evidenced.

Strategy Rating

Analysis Confidence

Same-development completed-sale evidence supports a provisional GDV range, but the comparables are not confirmed as identical units and there is no rental, condition, service-charge, ground-rent or full-fee evidence.