9 St Anns Court, 35 Sunningfields Road, Hendon, London NW4 4QY

Description

A third-floor one-bedroom flat subject to a periodic tenancy at £1,750 pcm, producing £21,000 per annum. The flat has reception room, kitchen, bedroom and bathroom, private balcony and off-street parking. The lease has approximately 997 years unexpired. The auctioneer highlights potential to convert to two bedrooms subject to consent. EPC D.

Location

Sunningfields Road is in Hendon, close to Sunny Hill Park, local amenities, Finchley Central Underground and Hendon rail station.

Investment Analysis

Investment Snapshot

Property & Refurbishment

I would initially allow £10,000–£20,000 for the works indicated by the listing, investor-grade finishing and contingency. This is an HB/AI feasibility allowance rather than a contractor quotation and should be replaced by survey and itemised trade pricing before bidding.

Rental Analysis

The auction listing provides current income of £21,000 per annum / £1,750 pcm. The auctioneer explicitly states this reflects a 10.5% gross initial yield at the £200,000 guide. A two-bedroom conversion could increase rent, but only if legally and physically compliant. This equates to approximately £21,000–£24,600 per annum and 10.5%–12.3% gross on the guide. At midpoint rent and works, gross yield on guide plus works is about 10.6% before finance, management, maintenance, insurance, compliance, voids and tax.

GDV / Resale Analysis

For feasibility I would use an indicative £325,000–£390,000 completed-value range. This is an AI-assisted investment appraisal estimate and not a formal RICS valuation. Using midpoint assumptions gives an estimated completed value of about £357,500 against guide-plus-midpoint-works of approximately £215,000.

Properties Sold Within Approx. 5 Miles

No sufficiently specific sold comparables were independently verified in this market check. The GDV should therefore be confirmed against recent Land Registry/RICS evidence before bidding.

Potential BRRR Position

At the midpoint GDV of approximately £357,500, a purely illustrative 75% LTV refinance would be around £268,125. Against guide plus midpoint works of approximately £215,000, this should be viewed only as a sensitivity test; lender valuation, construction, lease length, rental stress tests and borrower criteria determine the actual refinance.

Flip Analysis

A resale strategy should be tested against the conservative end of the £325,000–£390,000 GDV range and must deduct acquisition tax, the £1,800 auction administration charge, legal fees, finance, holding costs, refurbishment, contingency and selling costs. Headline uplift is not the same as net profit.

Investor Risks & Due Diligence

• Verify tenancy terms, deposit compliance and rent-payment history.




• Confirm planning/freeholder/building-regulation consent before relying on a two-bedroom conversion.




• Check service charge and reserve-fund liabilities.




• Assess whether conversion affects fire safety or minimum room-size requirements.

Recommendation

Preferred strategy: Buy-to-Let / Value-Add Conversion. The final decision should be based on verified works costs, rent, legal position and comparable-supported end value rather than guide price alone.

Strategy Rating

BRRR: ★★★★☆

Buy-to-Let: ★★★★★

Flip: ★★★☆☆

Development: ★★★★☆