Flat 1, 42 George Street, Ryde, Isle Of Wight

Description

This ground-floor studio flat is located in George Street, which runs parallel with Union Street, the main shopping hub in Ryde. Ryde Esplanade and the ferry connections to the mainland are a short distance away. The internal accommodation was originally one living/bedroom. An internal stud wall was created to divide the main living area into two smaller rooms. The flat does require some upgrading and refurbishment but has, for many years, been used as a rental investment and is considered an ideal addition to an income-producing portfolio, or indeed, for owner occupation.

Accommodation

Entrance hall, living/bedroom, additional room, kitchen and bathroom with W.C.

Location

George Street runs parallel with Union Street, the main shopping hub in Ryde. Ryde Esplanade and the ferry connections to the mainland are a short distance away.

Tenure / Property Information

Investment Analysis

Completed Land Registry evidence includes a £102,000 sale at 42 George Street in December 2024, which is the strongest comparable. Other George Street flat sales range from £90,000 to £168,000, with the £168,000 sale being materially higher and potentially less comparable. A cautious base GDV of £102,000 is used, with an evidence-based range of £90,000 to £127,050. The flat requires upgrading/refurbishment, but no quantified scope or cost is supplied.

Investment Snapshot

Strategy Recommendation

Do not bid without the guide price, full leasehold information, inspection and a priced refurbishment schedule. Subject to those checks, the property may suit BTL or owner occupation; a flip is not assessable on the supplied evidence.

Works Required

General upgrading and refurbishment as stated in the description. The condition, specification and any implications of the internal stud wall require inspection; no detailed works schedule or cost evidence is supplied.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

A potential BRRR case is indicated by the long lease, vacant possession and a comparable sale at £102,000. However, the purchase price, works allowance, buyer/admin costs, rent and refinance costs are unavailable. The illustrative 75% refinance against the base GDV is £76,500, but cash left in cannot be calculated.

Buy-to-Let Analysis

The supplied rental evidence is limited to advertised asking rents of £825 pcm for one-bedroom flats and £850 pcm for two-bedroom flats. These are not achieved rents and are not directly comparable with this studio flat, so a reliable rent or gross yield cannot be established. EPC C and Council Tax Band A are positives, but leasehold costs are not supplied.

Flip Analysis

The base GDV is estimated at £102,000 from the strongest completed comparable. A flip surplus cannot be calculated because no purchase price, refurbishment budget, acquisition costs or supported selling allowance is provided.

Investor Risks & Due Diligence

• No auction guide price, buyer premium or quantified administration costs are supplied.

• The refurbishment scope and cost are unknown.

• Rental evidence comprises advertised asking rents for larger one- and two-bedroom properties rather than achieved rent for this studio.

• Leasehold service charges, ground rent and other lease terms are not supplied.

• Comparable sale prices vary materially, creating uncertainty around achievable GDV.

Recommendation

Do not bid without the guide price, full leasehold information, inspection and a priced refurbishment schedule. Subject to those checks, the property may suit BTL or owner occupation; a flip is not assessable on the supplied evidence.

Strategy Rating

Analysis Confidence

There is a strong same-address completed sale and several nearby comparables, but the guide price, fees, leasehold costs, refurbishment budget and directly comparable achieved rent are unavailable.