9 Sherringham House, Station Road, Washington, Tyne and Wear

Description

A first and second floor apartment with one bedroom. The accommodation comprises, a bedroom and bathroom on the first floor and living room and kitchen on the second floor. The property is well located for amenities in the centre of Washington, along with transport links to Sunderland, Gateshead and Newcastle. The total approximate floor area, taken from the EPC, is 47m2 and the energy rating is C. All services/appliances have not and will not be tested.

Accommodation

Bedroom and bathroom on the first floor; living room and kitchen on the second floor.

Location

Well located for amenities in the centre of Washington, along with transport links to Sunderland, Gateshead and Newcastle.

Tenure / Property Information

Investment Analysis

Same-building leasehold sold evidence ranges from £33,400 to £53,000. The most recent supplied sale was £50,000 on 18 November 2024. A base GDV of £50,000 is used, with low and high scenarios of £45,000 and £53,000 respectively. These are indicative only because the comparable unit details, lease terms, service charge and ground rent are not supplied.

Investment Snapshot

Strategy Recommendation

Proceed only subject to satisfactory legal-pack review, especially lease length, service charge, ground rent and disbursements. The price-to-comparable relationship is potentially attractive, but the missing rent and lease-cost evidence prevents a firm BTL or BRRR recommendation.

Works Required

No specific refurbishment works are evidenced. Inspect the apartment, services and appliances, and review the lease, ground rent, service charge and legal-pack requirements before bidding. No works-cost allowance has been assumed.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

Using the £50,000 base GDV, 75% refinance is £37,500. Against the illustrative £33,200 guide-price acquisition cost including the minimum buyer premium, this indicates £4,300 more than that known cost before works, finance, tax and legal-pack disbursements. Actual refinanceability depends on valuation, lease terms, lender criteria, rent and property condition.

Buy-to-Let Analysis

BTL cannot be properly assessed because no sufficiently specific rental evidence or auctioneer rent estimate is supplied. Service charge, ground rent, lease length and other lease costs are also unknown. The £32,000 guide plus the £1,200 minimum buyer premium gives an illustrative acquisition cost of £33,200 before disbursements and finance costs.

Flip Analysis

The £50,000 base GDV indicates a gross spread of £16,800 against the £32,000 guide and £1,200 minimum buyer premium, before works, selling costs, finance, tax and other disbursements. A formal flip surplus cannot be calculated because no supported selling allowance or refurbishment cost is available.

Investor Risks & Due Diligence

• Lease length, ground rent and service charge are unknown and must be confirmed from the legal pack.

• No sufficiently specific rental evidence is available, so rental yield cannot be established.

• Buyer disbursements, seller-cost reimbursements, legal fees, transfer fees and search fees may become payable.

• Services and appliances have not been and will not be tested.

• The comparable sales do not identify individual unit specifications or condition, limiting valuation certainty.

• Actual auction purchase price may exceed the £32,000 guide price.

Recommendation

Proceed only subject to satisfactory legal-pack review, especially lease length, service charge, ground rent and disbursements. The price-to-comparable relationship is potentially attractive, but the missing rent and lease-cost evidence prevents a firm BTL or BRRR recommendation.

Strategy Rating

Analysis Confidence

There are several same-building completed-sale comparables, including a recent £50,000 sale, but rental evidence, lease terms, service charge, ground rent, condition and purchaser disbursements are unavailable.