Apartment 72 Neville Court, Washington, Tyne And Wear, NE37 3DY

Description

Vacant one-bedroom leasehold apartment offering refurbishment and investment potential, with an additional garage currently generating £35pcm and an estimated rental income of approximately £500pcm once renovated.

Accommodation

Approximately 65 sq. meters comprising an Entrance Hall, Living Room, Kitchen, double bedroom, Bathroom and Balcony. The property includes a separate garage.

Location

Located in Sulgrave in a well-established residential area, conveniently placed for local amenities, transport links, hospitals and universities.

Tenure / Property Information

Investment Analysis

Five supplied Land Registry comparables in Neville Court range from £18,500 to £27,000. The median is £22,000 and the mean is £22,300, although one address appears twice at different prices. A base GDV of £22,000 is therefore used, with a supported scenario range of £18,500–£27,000. The evidence does not establish the apartment's exact condition, lease terms or service-charge position.

Investment Snapshot

Strategy Recommendation

Proceed only as a tightly controlled refurbishment-led BTL or BRRR opportunity if legal and lease due diligence confirms acceptable charges, term and restrictions. Do not set a bid limit until the works scope and all special-condition costs are known.

Works Required

Renovation of the apartment is indicated by the description, but no specific defects, schedule of works or cost evidence is supplied. The garage is separately described as generating £35pcm. A refurbishment budget cannot be reliably estimated from the evidence.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

At a £22,000 base GDV, 75% refinancing equates to £16,500. However, total project cost cannot be calculated because refurbishment costs and potentially payable legal, search, transfer and seller-cost reimbursements are unspecified. BRRR viability is therefore unproven and depends on the lease, condition, full costs and lender valuation.

Buy-to-Let Analysis

The auctioneer estimates approximately £500pcm once renovated, while a separate one-bedroom Washington listing advertises £695pcm. These are estimates and asking rent evidence, not achieved rent. Using £500pcm gives £6,000 annual rent and a headline 120% gross yield against the £5,000 guide, but this is not a reliable acquisition yield because refurbishment, leasehold charges and special-condition costs are unknown. The separate £35pcm garage income is not added because it is unclear whether it is included in the £500 estimate.

Flip Analysis

The evidence supports a base GDV of £22,000, with comparables ranging from £18,500 to £27,000. A flip surplus cannot be calculated because refurbishment costs and supported selling costs are unavailable. The £3,600 administration charge alone materially affects the low guide-price economics.

Investor Risks & Due Diligence

• Unknown lease length, ground rent, service charge and lease restrictions.

• Refurbishment scope and cost are not evidenced.

• The £695pcm figure is an advertised asking rent for another Washington property, while £500pcm is an auctioneer estimate.

• Special conditions may require search fees, seller-cost reimbursement, legal fees, transfer fees and other disbursements.

• The low guide price may be distorted by the known £3,600 administration charge and other unspecified costs.

• Comparable evidence includes two different recorded prices for the same supplied address, reducing valuation certainty.

Recommendation

Proceed only as a tightly controlled refurbishment-led BTL or BRRR opportunity if legal and lease due diligence confirms acceptable charges, term and restrictions. Do not set a bid limit until the works scope and all special-condition costs are known.

Strategy Rating

Analysis Confidence

There are several directly comparable completed sales and limited rent evidence, but the lease, condition, refurbishment budget, recurring charges and additional auction costs are not supplied.