Flat 1 Hammonds House, Victory Close, Staines-upon-Thames, Middlesex

Description

A two bedroom flat on the ground floor of this purpose built block close to Ashford Hopital and to the south of Heathrow Airport. The property would benefit from redecoration and upgrading.

Accommodation

Ground Floor: Entrance Hall, reception room, kitchen, 2 bedrooms, bathroom

Location

Close to Ashford Hopital and to the south of Heathrow Airport.

Tenure / Property Information

Investment Analysis

The strongest evidence is a same-block leasehold flat sale at £264,000 on 15 September 2023. A £280,000 sale occurred in 2017, while older same-block sales ranged from £72,000 to £125,000, showing substantial historical variation. A base GDV of £264,000 is used as an evidence-based indication only; the flat's 76-year lease, need for redecoration/upgrading and unknown specification differences limit certainty.

Investment Snapshot

Strategy Recommendation

Potential BTL at the guide, subject to confirming achievable rent, lease terms, service charge, ground rent and the cost of upgrading. Do not rely on a BRRR or flip strategy until a detailed works budget and resale valuation are obtained.

Works Required

Redecoration and upgrading of the flat, as stated in the description. No detailed schedule or cost evidence is supplied, so refurbishment costs cannot be quantified.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

At the £175,000 guide, the known contract administration charge gives a minimum known acquisition cost of £176,500 before works and other charges. A 75% refinance against the £264,000 base GDV would be £198,000, but total project cost and cash left in cannot be established because refurbishment and other costs are unsupported. The 76-year lease may also affect lender and resale appetite.

Buy-to-Let Analysis

The supplied two-bedroom asking rents range from £1,200 to £1,650 pcm, implying approximately 8.23% to 11.31% gross yield on the £175,000 guide before costs. These are advertised asking rents, not achieved rents, and no service charge, ground rent, finance, insurance or refurbishment costs are supplied. BTL viability therefore requires verification of achievable rent and lease costs.

Flip Analysis

The evidence indicates a base GDV of £264,000, with a historical same-block sale at £280,000 in 2017. A flip surplus cannot be calculated because refurbishment costs, selling costs and other project costs are not supplied. The 76-year lease and unspecified upgrading requirement add resale and valuation uncertainty.

Investor Risks & Due Diligence

• Approximately 76 years remain on the lease, which may affect lending, resale and extension costs.

• The property requires redecoration and upgrading, but no detailed works schedule or cost estimate is supplied.

• Rental evidence consists only of advertised asking rents and may not reflect achievable rent.

• Service charge, ground rent, insurance and other lease costs are unknown.

• Additional auction fees, costs or disbursements may apply beyond the stated £1,500 administration charge.

• The GDV indication relies principally on one same-block sale from 2023, with historical same-block prices showing substantial variation.

Recommendation

Potential BTL at the guide, subject to confirming achievable rent, lease terms, service charge, ground rent and the cost of upgrading. Do not rely on a BRRR or flip strategy until a detailed works budget and resale valuation are obtained.

Strategy Rating

Analysis Confidence

There is a recent same-block completed sale and rental asking evidence, but no detailed condition schedule, refurbishment pricing, lease charges, achieved rent, buyer premium, selling costs or full auction cost information.