Fernlea Heworth Road, Washington, Tyne And Wear, NE37 2PY

Description

Available at auction is this substantially extended three bedroom detached house. The property has a spacious lounge, separate dining room and modern fitted kitchen. To the first floor are three well sized bedrooms, with the main bedroom benefiting from an en-suite, together with a large main bathroom. Externally, there is a private rear garden with decked and patio seating areas, along with an outbuilding which could lend itself to a variety of uses including a home office or gym. The property is conveniently positioned for access to local amenities, schools and transport links and is likely to appeal to a range of buyers. Please Note: the driveway is currently used by the owner but does not presently form part of the registered title. We understand that an application for possessory title may be possible and buyers should refer to the legal pack and make their own enquiries in this respect. Tenure: See Legal Pack EPC Rating: E

Accommodation

The supplied particulars indicate approximately 3 bedroom accommodation. Room layout, floor areas and dimensions should be confirmed from the auctioneer particulars, floor plan and inspection.

Location

Located in Washington, Tyne And Wear. Investor due diligence should test local transport, employment, amenities and tenant demand at the exact micro-location. Cross-check the postcode and legal title before bidding.

Investment Analysis

The figures below separate auctioneer/source facts from HB indicative estimates. HB figures are screening assumptions only and are not a RICS valuation, contractor quotation or lending decision.

Investment Snapshot

Strategy Recommendation

The initial strategy should be tested against condition, legal structure, works, rental evidence and comparable values before setting a maximum bid. The screening case depends on achieving a sufficient margin or sustainable income after all acquisition and holding costs.

Works Required

• Review complete building/property condition

• Electrical and heating inspection

• Allow for decoration and repairs where required

• Commercial compliance and fit-out/re-letting review

Rental & Market Context

HB screening rent is approximately £600–£850 pcm (£7,200–£10,200 pa). Replace this with current local letting evidence. No reliable current rent was extracted from the supplied source.

Sold within approximately 5 miles

Reliable sold-property comparables were not collected from the supplied scrape. Check recent Land Registry evidence and closely comparable sold listings within approximately five miles, prioritising the same property type, size, tenure and condition.

Potential BRRR Position

Illustrative 75% refinance on the HB indicative value range is about £84,750–£98,250 against purchase + works of approximately £115,000–£130,000. Actual refinance depends on valuation, works, finance costs, rental stress testing and lender criteria.

Flip Analysis

The initial gross value spread is approximately £-17,000–£16,000 before acquisition/disposal costs. This is not profit and excludes SDLT, auction/admin fees, legal costs, finance, holding costs, insurance, utilities, professional fees, selling fees, contingency and tax.

Investor Risks & Due Diligence

• Review legal pack, title and special conditions

• Confirm auction fees and completion period

• Obtain survey and works quotations

• Verify finance before bidding

• Check rental and sold comparable evidence

• Review commercial lease/covenant, use class and rates/VAT position

Recommendation

Initial recommendation: Commercial Re-Let / Investment. Proceed only if the legal pack, condition, costs and local evidence support the required margin/yield. Treat the guide as a starting point rather than a valuation and set a disciplined maximum bid after due diligence.

Strategy Rating

• Income Investment: ★★★★☆

• Value-Add / Re-Let: ★★★★☆

• Residential BRRR: ★★☆☆☆