Flat 1, 154 Carlton Avenue, Westcliff-on-Sea, Essex

Description

A vacant two bedroom ground floor flat sold as seen, with a good sized lounge, bathroom which requires finishing, garage and parking to the rear. The property requires finishing.

Accommodation

Entrance Hall; entryphone system; Lounge - 16'10 x 9'; Kitchen - 9' x 6'9; Bedroom One - 11'11 x 10'3; Bedroom Two - 10'9 x 7'2; Bathroom/WC; garage in block and parking to rear.

Location

Located close to the hospital, local shops and schools.

Tenure / Property Information

Investment Analysis

Same-road leasehold sales range from £95,000 to £255,000, but bedroom count, condition and lease terms are not supplied. The £158,000 sale is used as a cautious base GDV reference, with £95,000–£165,000 as an evidence-supported working range. The 59-year lease may materially affect value and refinancing.

Investment Snapshot

Strategy Recommendation

Potential BTL only if the legal pack confirms acceptable lease terms, service-charge position and financeability. Do not bid without costing the bathroom finishing and investigating lease-extension implications.

Works Required

Finish the bathroom and complete only other finishing works confirmed by inspection and the legal pack. No refurbishment cost can be supported from the evidence.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

A 75% refinance against the £158,000 base GDV would indicate £118,500 gross lending before lender-specific lease restrictions. Cash left in cannot be calculated because works, buyer fees and other acquisition costs are unknown. The short lease could restrict refinancing or reduce valuation.

Buy-to-Let Analysis

At the auctioneer’s estimated £1,250 pcm rent, gross rent is £15,000 annually and the gross yield on the £110,000 guide is approximately 13.64%. The advertised £1,450 pcm listing implies approximately 15.82%, but is only an asking rent. The £1,694.24 annual service charge and £75 ground rent reduce net returns, while the 59-year lease requires careful assessment.

Flip Analysis

A resale value around £158,000 is a cautious evidence-based estimate, but refurbishment costs, acquisition costs and selling costs are unavailable. Flip surplus therefore cannot be calculated reliably.

Investor Risks & Due Diligence

• Only 59 years remain on the lease.

• Bathroom requires finishing and the property is sold as seen.

• Annual service charge is advised at £1,694.24, plus £75 ground rent.

• The £1,250 rent is an agent estimate and the £1,450 figure is an advertised asking rent, not achieved rent.

• Buyer fees, administration charges, refurbishment costs and legal-pack details are unavailable.

• Comparable sales have insufficient property-detail information for precise valuation.

Recommendation

Potential BTL only if the legal pack confirms acceptable lease terms, service-charge position and financeability. Do not bid without costing the bathroom finishing and investigating lease-extension implications.

Strategy Rating

Analysis Confidence

There is useful sold-price and rental evidence, but comparable property details, refurbishment costs, auction fees, lease documentation and exact rental comparability are incomplete.