First Floor, 33 Frederick Street, Seaham, Durham, SR7 7HX

Description

An End of Terrace Building Arranged to Provide a Vacant First Floor Two Bedroom Flat and a Ground Floor Two Bedroom Flat (Sold Off on a Long Lease)

Accommodation

Ground Floor: Sold Off on a Long Lease. First Floor: Reception Room, Kitchen, Two Bedrooms, Bathroom.

Location

The property is situated on a residential road close to local shops and amenities. The open spaces of The Slope Beach are within easy reach. Transport links are provided by Seaham rail station.

Tenure / Property Information

Investment Analysis

The supplied sold comparables are whole terraced freeholds on Frederick Street, ranging from £61,650 to £100,000 excluding the anomalous £770,000 sale. They are not sufficiently specific for valuing this property because the subject comprises a vacant first-floor two-bedroom flat while the ground-floor flat has been sold off on a 999-year lease. No flat-specific comparable, reversion valuation, condition evidence or formal valuation is supplied; therefore a supported GDV cannot be established.

Investment Snapshot

Strategy Recommendation

Do not bid on the current evidence alone. Obtain the legal pack, inspect the vacant first-floor flat, verify lease and title obligations, and secure flat-specific valuation and rental evidence before considering a purchase.

Works Required

No condition, EPC, heating or inspection information is supplied, so specific refurbishment works and a cost allowance cannot be supported. Confirm the first-floor flat’s condition, services, statutory compliance and legal rights through inspection and the legal pack before bidding.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

BRRR cannot be underwritten from the supplied evidence. There is no supported GDV, rent, refurbishment budget or refinance valuation. The long lease sale of the ground-floor flat and the legal structure require review before considering refinanceability.

Buy-to-Let Analysis

A BTL assessment cannot be completed because no sufficiently specific rental evidence or auctioneer rent estimate is supplied. The £1,800 administration fee is known, but purchase price, works, other possible disbursements and achievable rent remain uncertain.

Flip Analysis

A flip analysis cannot be reliably calculated. The available sales are whole-building terraced freeholds rather than directly comparable first-floor flats with a ground-floor flat sold on a long lease, and no supported works or selling allowance is supplied.

Investor Risks & Due Diligence

• Ground-floor flat is sold off on a 999-year lease, creating legal, management and reversion uncertainties.

• No sufficiently specific rental evidence or auctioneer rent estimate is available.

• No condition, EPC, heating, parking or council-tax information is supplied for the vacant first-floor flat.

• Additional disbursements, search fees, seller-cost reimbursement, legal fees and transfer fees may be payable under the legal pack.

• Available sold comparables are not directly comparable to the subject’s split-ownership arrangement.

• The £770,000 comparable appears materially inconsistent with the other supplied sales and should not be relied on without verification.

Recommendation

Do not bid on the current evidence alone. Obtain the legal pack, inspect the vacant first-floor flat, verify lease and title obligations, and secure flat-specific valuation and rental evidence before considering a purchase.

Strategy Rating

Analysis Confidence

The evidence confirms tenure, partial vacancy, accommodation, lease structure and one known administration fee, but lacks condition, rent, EPC, costs, flat-specific comparables and a supported valuation.