First Floor, 33 Frederick Street, Seaham, Durham

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

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 the same street, ranging from £61,650 to £100,000, with one apparent £770,000 outlier. They are not sufficiently comparable to a vacant two-bedroom first-floor flat with the ground-floor flat sold on a 999-year lease, so a supported GDV cannot be established. The guide is £15,000–£25,000 plus fees, but the legal and physical implications of the long lease require review.

Investment Snapshot

Strategy Recommendation

Treat as a legal-pack and inspection-led opportunity only. Do not bid on projected rental or resale returns until the first-floor title, ground-floor 999-year lease, condition and local two-bedroom flat evidence are verified.

Works Required

No specific refurbishment works are evidenced. Confirm the first-floor flat’s condition, services, access and compliance through inspection and the legal pack before budgeting works.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

A BRRR assessment cannot be completed because GDV, achievable rent, refurbishment cost and total acquisition cost are unsupported. Refinancing may also depend on the freehold structure, the long lease granted over the ground floor and lender acceptance.

Buy-to-Let Analysis

A BTL yield cannot be established. The only rental evidence is an advertised £695 pcm for a four-bedroom terraced house, which is not sufficiently comparable to this two-bedroom first-floor flat. The flat is stated to be vacant, while the ground-floor flat is sold off on a 999-year lease.

Flip Analysis

A flip surplus cannot be calculated. The same-street comparables provide only broad context and are whole terraced freeholds rather than this split building arrangement; no supported resale GDV, works budget or selling allowance is available.

Investor Risks & Due Diligence

• The ground-floor flat has been sold off on a 999-year lease, so the legal pack should confirm retained freeholder rights, responsibilities, covenants and any ground rent or other income.

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

• The only rental evidence is an advertised asking rent for a four-bedroom terraced house and is not directly comparable.

• Buyer premium, disbursements and other possible legal or transfer costs are not quantified.

• The supplied £770,000 comparable is materially inconsistent with the other same-street sales and should not be relied upon without verification.

Recommendation

Treat as a legal-pack and inspection-led opportunity only. Do not bid on projected rental or resale returns until the first-floor title, ground-floor 999-year lease, condition and local two-bedroom flat evidence are verified.

Strategy Rating

Analysis Confidence

The address, tenure, occupancy, accommodation and guide are supplied, but there is no EPC, condition assessment, service information, achieved rent evidence, directly comparable flat sales, GDV or works budget. Buyer premium and disbursements are also unspecified.