Basement Area, 190 Stanstead Road, Lewisham, London, SE23 1DA

Description

A Vacant Lower Ground Floor Basement Area. The property comprises a lower ground floor basement area, accessed via a ground floor flat, situated within a mid terrace building arranging over ground and two upper floors. The basement currently has limited head height but there may be potential for excavation and development (subject to obtaining all necessary consents).

Accommodation

Access to the basement is via an internal staircase from the ground floor flat. A separate agreement between the buyer and the flat owner will be required, as there is no external access to the basement.

Location

The property is situated on a residential road close to local shops and amenities. The open spaces of Waterlink Way Park are within easy reach. Transport links are provided by Honor Oak Park overground station and rail station.

Tenure / Property Information

Investment Analysis

No guide price or purchase price is supplied. The sold comparables are whole flats/maisonettes on Stanstead Road and are not directly comparable to a basement area with limited head height, no external access and access dependent on a separate agreement with the ground-floor flat owner. The evidence does not support a GDV or maximum bid. The subject rental listing shows £500 pcm asking rent, but this is not evidence of achieved rent and the basement's lettability and required consents are not established.

Investment Snapshot

Strategy Recommendation

Proceed only after reviewing the legal pack, confirming the access agreement, investigating planning/building-control and other required consents, and obtaining specialist feasibility and cost advice. Do not bid on the supplied evidence alone.

Works Required

Investigate the feasibility of excavation and any development or conversion works, subject to all necessary consents. Confirm the legal and practical arrangements for internal access through the ground-floor flat, and assess the basement's limited head height. No reliable works cost can be estimated from the supplied evidence.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

BRRR cannot be modelled reliably. The lease has approximately 94 years remaining, but there is no supported purchase price, refurbishment budget, post-works valuation or confirmed lettable accommodation. Limited head height, internal-only access and the need for a separate agreement with the flat owner create material feasibility and refinance uncertainty.

Buy-to-Let Analysis

The only subject-specific rental evidence is an advertised asking rent of £500 pcm, equivalent to £6,000 annually. A yield cannot be established because no guide or purchase price, GDV, works budget or other acquisition costs are supplied. The asking rent should not be treated as achieved rent, and the evidence does not confirm that the basement is lawfully or practically lettable.

Flip Analysis

A flip appraisal cannot be supported. The available sold comparables relate to whole flats/maisonettes rather than this basement area, while excavation and development potential is expressly subject to obtaining consents. GDV, works cost, selling costs and resale surplus are therefore unavailable.

Investor Risks & Due Diligence

• Limited head height may restrict the property's usable accommodation and development potential.

• There is no external access; access is via the ground-floor flat and requires a separate agreement with the flat owner.

• Excavation and development are subject to obtaining all necessary consents.

• The £500 pcm figure is an advertised asking rent, not an achieved or passing rent.

• The sold comparables are whole flats or maisonettes and may not represent the value of the basement area.

• Buyer disbursements may be payable under the legal pack in addition to the stated £1,800 administration charge.

• The lease is leasehold with approximately 94 years unexpired, subject to confirmation from the legal documentation.

Recommendation

Proceed only after reviewing the legal pack, confirming the access agreement, investigating planning/building-control and other required consents, and obtaining specialist feasibility and cost advice. Do not bid on the supplied evidence alone.

Strategy Rating

Analysis Confidence

The tenure, vacancy, approximate lease term, access limitations, head-height issue and one subject rental asking figure are supplied, but there is no guide price, legal-pack detail, valuation, works budget, consent position or directly comparable basement evidence.