Apartment 9 Block D, 32 Hornsey Road, Islington, London, N7 7AT

Description

A Vacant First Floor Two Bedroom Flat. The property comprises a vacant first floor two bedroom flat situated within a purpose built building arranged over ground and four upper floors.

Accommodation

First Floor: Reception Room, Kitchen, Two Bedrooms, Bathroom. Exterior: The property benefits from a juliette balcony.

Location

The property is situated on a residential road close to local shops and amenities. The open spaces of Highbury Fields are within easy reach. Transport links are provided by Holloway Road underground station (Piccadilly Line) and Drayton Park rail station.

Tenure / Property Information

Investment Analysis

The £240,000+ guide is materially below the supplied same-road completed sales, which range from £417,500 to £565,000 excluding the £850,000 sale. However, floor areas, specification and condition are not supplied, so the comparables cannot establish a precise valuation. A cautious base GDV of £495,000 is used, with £417,500 and £565,000 as evidence-based low and high scenarios. The £850,000 transaction is not used as the primary range indicator because its property size and specification are unavailable.

Investment Snapshot

Strategy Recommendation

Conditional BTL or BRRR subject to confirming the advertised rent, service charge, ground rent, legal-pack liabilities and property condition. Do not bid to a maximum without a quantified works and total-cost budget.

Works Required

No specific defects or required works are evidenced. A survey, inspection and legal-pack review are required before quantifying refurbishment. Any works allowance should therefore remain unconfirmed.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

Using the base GDV estimate, 75% refinancing would indicate £371,250 before lender criteria and finance costs. The strategy could release capital if the property reaches the assumed GDV, but cash requirements cannot be established because works, disbursements, finance costs and other purchase costs are not quantified. The approximately 102-year lease is not obviously short on the evidence supplied, but lease liabilities remain unverified.

Buy-to-Let Analysis

At the £240,000 guide, the single advertised £3,800 pcm asking rent implies a 19.0% gross yield before financing, service charges, ground rent, management, voids, maintenance and other costs. This is an advertised asking rent rather than achieved rent, and no EPC, service-charge or ground-rent information is supplied. The yield on total project cost cannot be established because refurbishment and other completion costs are unknown.

Flip Analysis

The base GDV of £495,000 indicates a gross difference of £253,200 against the £240,000 guide plus the known £1,800 administration fee, before works, selling costs, finance, tax and unknown disbursements. A genuine flip surplus cannot be calculated because no refurbishment budget or selling-cost allowance is supported.

Investor Risks & Due Diligence

• Comparable sale prices vary substantially and property sizes and specifications are not supplied.

• The £3,800 pcm figure is an advertised asking rent, not an achieved or passing rent.

• Property condition and any refurbishment requirement are unknown.

• Service charge, ground rent, EPC and other lease costs are not provided.

• Additional legal-pack disbursements may become payable, but their amounts are unknown.

• Selling, finance, tax and other transaction costs are not quantified.

Recommendation

Conditional BTL or BRRR subject to confirming the advertised rent, service charge, ground rent, legal-pack liabilities and property condition. Do not bid to a maximum without a quantified works and total-cost budget.

Strategy Rating

Analysis Confidence

Same-road completed sales and one advertised two-bedroom rent are available, but floor areas, condition, service charges, ground rent, EPC, disbursements and refurbishment requirements are absent.