Flat 1 Abbotsbury Heights, Bicknor Close, Canterbury

Description

A self-contained ground floor flat requiring modernisation in a purpose-built block.

Accommodation

Entrance Hall; Living Room; Kitchen; Bedroom (One); Bedroom (Two); Bathroom/WC

Location

Situated in a cul-de-sac off Headcorn Drive, close to the amenities available in Canterbury City Centre and travelling facilities including Canterbury West and Sturry Train Stations.

Tenure / Property Information

Investment Analysis

Sold evidence for the same block ranges from £145,000 in 2022 to £174,000 in 2019, with older sales at £124,000–£150,000. A base GDV of £145,000 is used, with £125,000 as a low scenario and £174,000 as a high scenario. These are indicative only because the comparable flat sizes, specifications and sale conditions are not supplied, and no current valuation evidence is available.

Investment Snapshot

Strategy Recommendation

Potential refurbishment-led BTL or BRRR at a low purchase price, subject to inspection, lease/service-charge review and a firm works quotation. Do not bid to a calculated maximum without those missing costs.

Works Required

Modernisation of the self-contained flat, including review and updating of the kitchen, bathroom, decoration, flooring and other visible finishes as required. The evidence does not establish the extent or cost of works.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

At the £50,000 guide, the known buyer premium gives a minimum known acquisition cost of £51,500 before refurbishment and any seller or other completion fees. A 75% refinance against the £145,000 base GDV would be £108,750, but cash left in cannot be calculated without a supported refurbishment budget and complete project costs. The new 990-year lease at a peppercorn ground rent is favourable in tenure terms, subject to confirmation of service charges and lease provisions, which are not supplied.

Buy-to-Let Analysis

The only rental evidence is an advertised asking rent of £865 pcm, not an achieved rent. This equates to £10,380 annually and a gross yield of 20.76% against the £50,000 guide price alone. A yield on total project cost cannot be established because refurbishment costs, seller fees and other acquisition costs are not supplied. Leasehold charges and parking details are also unavailable.

Flip Analysis

The base GDV is estimated at £145,000 from same-block sold evidence. A resale surplus cannot be calculated because no refurbishment allowance, selling costs or complete acquisition costs are supported. The spread between the guide price and indicative GDV is substantial, but it should not be treated as profit.

Investor Risks & Due Diligence

• The flat requires modernisation, but the extent and cost of works are unknown.

• The £865 pcm figure is an advertised asking rent rather than an achieved rent.

• Service charges, reserve-fund contributions and other leasehold costs are not supplied.

• The seller may charge additional completion fees under the special conditions.

• Comparable sale dates and property specifications are not fully detailed, limiting GDV confidence.

• Parking and heating information is unavailable.

• Finance, valuation and resale outcomes may differ materially from the estimates.

Recommendation

Potential refurbishment-led BTL or BRRR at a low purchase price, subject to inspection, lease/service-charge review and a firm works quotation. Do not bid to a calculated maximum without those missing costs.

Strategy Rating

Analysis Confidence

Same-block sold comparables, one advertised rent, tenure and guide price are available, but flat-specific comparable details, condition scope, refurbishment costs, service charges, seller fees and resale costs are missing.