Flat 1, Salsette Court, 30 The Strand, Ryde, Isle Of Wight

Description

Two-bedroom ground floor flat with garage close to the seafront. The flat has recently undergone a programme of upgrading and refurbishment and is nicely presented throughout. It is considered ideal for use by an owner occupier, for addition to an income-producing letting portfolio, or as a weekend retreat or holiday home.

Accommodation

Entrance hall, living/dining room, two bedrooms and bathroom with W.C.

Location

Salsette Court is a purpose-built block of apartments situated close to the junction of The Strand and Esplanade, overlooking Ryde seafront with its expansive sandy beach and views over The Solent beyond.

Tenure / Property Information

Investment Analysis

The two most recent supplied sales in Salsette Court were £115,000 and £165,000, although the evidence does not identify the individual flats or confirm comparability of condition, floor, garage or outlook. Older same-block sales were £120,000 and £133,000. A base GDV of £140,000 is used as a midpoint of the recent evidence, with £115,000 low and £165,000 high scenarios. The £95,000 guide represents a potentially meaningful discount, but buyer fees, administration charges, lease terms and exact flat comparability require verification.

Investment Snapshot

Strategy Recommendation

Consider as an owner-occupier or conventional long-term letting purchase if lease, service-charge and condition checks are satisfactory. Do not underwrite commercial holiday letting because it is prohibited by the lease.

Works Required

The property is described as recently upgraded and refurbished and nicely presented, so no specific refurbishment allowance is supported by the evidence. Inspect the flat, garage and communal areas, and verify the quality and scope of the reported works before bidding.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

At the £95,000 guide, the property sits below the supplied same-block sales range and the base GDV estimate is £140,000. A 75% refinance of the base GDV would be £105,000. However, refurbishment costs, buyer and administration fees, finance costs and other acquisition costs are not supplied, so cash left in and equity cannot be calculated reliably.

Buy-to-Let Analysis

The supplied rental evidence indicates an advertised asking rent of £875 pcm for a two-bedroom property in the Isle of Wight, equating to £10,500 annually and an 11.05% gross yield against the £95,000 guide. This is generic asking-rent evidence rather than achieved rent for this flat, and service charges, ground rent, management, maintenance, voids and finance costs are unknown. Commercial holiday letting is prohibited, so any letting strategy must comply with the lease and use conventional permitted occupation.

Flip Analysis

A potential resale margin is indicated by the £140,000 base GDV against the £95,000 guide, but no refurbishment budget, acquisition costs, finance costs, selling fees or exact comparable-flat evidence are available. A reliable flip surplus therefore cannot be calculated.

Investor Risks & Due Diligence

• The lease prohibits commercial holiday letting, limiting the permitted use strategy.

• The supplied sales are for the same block but do not confirm that they relate to the same flat or have matching condition, outlook, floor or garage attributes.

• Rental evidence is generic advertised asking rent and not achieved rent for this property.

• Buyer premium, administration charges and other non-optional costs are not quantified.

• Service charge, ground rent, lease restrictions beyond the holiday-letting prohibition and reserve-fund information are not supplied.

• EPC rating E may affect future letting requirements and running costs.

• Refurbishment costs and the quality of the reported recent works have not been independently evidenced.

Recommendation

Consider as an owner-occupier or conventional long-term letting purchase if lease, service-charge and condition checks are satisfactory. Do not underwrite commercial holiday letting because it is prohibited by the lease.

Strategy Rating

Analysis Confidence

There are two recent same-block sales, an asking-rent indication and a stated condition description, but the comparables are not identified by flat, achieved rent is unavailable, and costs, service charges, lease charges and buyer fees are incomplete.