First Floor Flat, 114a Fairmead Avenue, Westcliff-on-Sea, Essex, SS0 9SA

Description

RESIDENTIAL INVESTMENT: VACANT ONE BEDROOM FIRST FLOOR FLAT WITH SECTION OF GARDEN, IDEAL FOR OWNER OCCUPIERS AND BUY TO LET INVESTORS ALIKE. Located a short distance from local shops along London Road and within easy access from Westcliff mainline railway station is this vacant first floor flat. It offers a good sized lounge, kitchen, double bedroom and modern bathroom and is considered ideal for both buy to let investors and owner occupiers alike.

Accommodation

Own entrance door; Entrance Hall; Lounge - 16' 1 x 9' 10; Kitchen - 9' 6 x 6' 10; Bathroom - 9' 8 x 6' 2; Bedroom - 12' 9 x 11'10; Own section of garden

Location

Located a short distance from local shops along London Road and within easy access from Westcliff mainline railway station.

Tenure / Property Information

Investment Analysis

Indicative GDV is set at £110,000, blending the same-address 114A sale at £74,155 with the nearby 82 Fairmead Avenue sale at £147,500. The evidence is conflicting and the guide of £140,000 plus fees appears high against the direct same-address transaction.

Investment Snapshot

Strategy Recommendation

Avoid bidding at the £140,000 guide. Consider only a materially lower price after verifying condition, fees, lease obligations, EPC and achievable rent.

Works Required

No specific refurbishment works are evidenced. Verify condition, EPC, statutory compliance, lease terms and any required works before bidding.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

Using the indicative £110,000 GDV, a 75% refinance would be approximately £82,500. Cash left in cannot be calculated because refurbishment and buyer fees are not supplied. The guide price already exceeds the indicative GDV before additional costs.

Buy-to-Let Analysis

At the £140,000 guide, the auctioneer's £850 pcm estimate produces approximately 7.29% gross yield before fees, finance, tax and operating costs. The advertised £925 pcm would indicate approximately 7.93%, but this is an asking rent rather than achieved rent.

Flip Analysis

At the indicative £110,000 GDV, resale would be below the £140,000 guide before works, selling costs and buyer fees. The direct same-address sale at £74,155 further weakens the flip case.

Investor Risks & Due Diligence

• The same property address sold for £74,155 in June 2024, substantially below the guide.

• Buyer and administration fees are unspecified and the property is offered plus fees.

• The EPC, council tax, parking, heating, service charge and ground rent are not provided.

• Rental evidence consists of an estimate and an advertised asking rent, not achieved rent.

• Refurbishment requirements cannot be costed from the supplied evidence.

Recommendation

Avoid bidding at the £140,000 guide. Consider only a materially lower price after verifying condition, fees, lease obligations, EPC and achievable rent.

Strategy Rating

Analysis Confidence

There is useful comparable and rental evidence, but the same-address and nearby sales differ substantially. EPC, council tax, parking, heating, service charge, ground rent, buyer fees and condition details are missing.