Flat 1, 16 Linden Road, Bognor Regis, West Sussex, PO21 2AN

Description

Leasehold ground floor flat

Accommodation

Two bedrooms, reception room, kitchen, bathroom/wc

Location

The property is located on Linden Road. Shopping amenities are available locally within Bognor Regis Town Centre with a further range of shops, bars and restaurants found in Chichester City Centre lying to the north west. Public transport links can be found at Bognor Regis Train Station (Southern services) located to the east along with a network of local bus services serving the surrounding areas. The property is served by road links including the A259 lying to the north. Recreational pursuits are available at Hotham Park located to the east and along the sea front.

Tenure / Property Information

Investment Analysis

Indicative GDV is based on the supplied same-road leasehold flat sales. The latest supplied comparable sold for £126,000 in February 2023; other supplied sales range from £125,000 to £135,000 in 2022, with an older £84,000 sale in 2017. A base GDV of £126,000 is therefore used, with a cautious evidence-based range of £125,000–£135,000. The comparables are not confirmed to be the same flat, and no condition, service charge, ground rent or parking information is available.

Investment Snapshot

Strategy Recommendation

Potentially suitable for a rental-led strategy at the guide, subject to verifying the £1,200 asking rent, lease terms, service charge, ground rent and legal pack. Do not rely on a flip or BRRR profit without quantified works, selling costs and leasehold charges.

Works Required

No refurbishment works are evidenced in the supplied description. Allow for inspection and any works identified in the legal pack or survey, but no monetary works allowance can be supported from the evidence.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

At the guide, the 75% refinance indication against the £126,000 base GDV is £94,500. Against the guide plus the known £1,800 documentation fee, indicative cash left before finance, tax, works and unknown charges is £12,300. This is not a complete BRRR appraisal because refurbishment costs, leasehold charges and finance terms are unavailable.

Buy-to-Let Analysis

Using the single supplied local PO21 advertised asking rent of £1,200 pcm, indicative gross rent is £14,400 annually. This equates to 13.71% gross yield on the £105,000 guide and 13.48% on the guide plus the known £1,800 documentation fee. These are asking-rent figures, not achieved rent, and service charge, ground rent, maintenance, voids, management, finance and other seller fees are unknown.

Flip Analysis

The base GDV of £126,000 is only £21,000 above the £105,000 guide. After the known £1,800 documentation fee, the gross spread is £19,200 before selling costs, finance, tax, refurbishment, legal costs and any seller fees. No reliable flip surplus can be calculated because works and selling allowances are unsupported.

Investor Risks & Due Diligence

• Ground rent, service charge and review provisions are unknown pending the lease and legal pack.

• Additional seller fees may be payable on completion.

• The £1,200 pcm figure is an advertised asking rent rather than achieved or passing rent.

• No property condition or refurbishment requirement is supplied, so works costs cannot be assessed.

• Parking and heating arrangements are unconfirmed.

• The supplied comparable sales are other leasehold flats and are not confirmed to be the subject flat.

• The legal pack and lease information are still awaited.

Recommendation

Potentially suitable for a rental-led strategy at the guide, subject to verifying the £1,200 asking rent, lease terms, service charge, ground rent and legal pack. Do not rely on a flip or BRRR profit without quantified works, selling costs and leasehold charges.

Strategy Rating

Analysis Confidence

Same-road sold comparables, one local advertised rent, the guide and the known documentation fee are available. However, the comparable properties are not confirmed as identical, condition is unstated, and leasehold charges, seller fees, parking, heating and full lease information are unavailable.