Flat 10 Keswick Court, Cumberland Place, Grove Park, London

Description

Vacant leasehold self-contained first floor flat with reception room, kitchen, bedroom, bathroom, allocated parking space and approximately 44 sq m (474 sq ft) GIA. By Order of Receivers.

Accommodation

First floor: reception room, kitchen, bedroom and bathroom. GIA (Source: EPC) approximately 44 sq m (474 sq ft).

Location

The property is situated on the east side of Cumberland Place. Shops and amenities are accessible along Rushey Green, approximately 1.7 miles to the north east. Lee station is 1.3 miles to the north east and Grove Park station is 1.6 miles to the south east. Brownhill Road (A205) is within reach to the north, providing access to Sidcup Road (A2) to the east and Brixton Hill (A23) to the west. Northbrook Park, Grove Park Nature Reserve and Mountsfield Park are within reach.

Tenure / Property Information

Investment Analysis

Completed sales in the same or immediately nearby development range from £217,000 to £241,000. A midpoint scenario of £230,000 is used, with £217,000 low and £241,000 high. This is indicative only because the comparables' exact size, condition, floor, parking and lease terms are not supplied, while the subject has approximately 68 years unexpired.

Investment Snapshot

Strategy Recommendation

Potential value-buy for a cautious buy-to-let or resale strategy only if the lease, service-charge position, legal pack and actual condition are satisfactory. Do not rely on the upper rent evidence or bid without allowing for currently unknown costs.

Works Required

No specific defects or refurbishment requirements are evidenced. Allow for inspection, cleaning and any legally required works only after viewing and review of the legal pack; no refurbishment cost has been assumed.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

At the indicative £230,000 base GDV, 75% refinance is £172,500. Cash left in cannot be calculated because refurbishment, buyer/admin charges and other project costs are not supplied. The approximately 68-year lease may affect valuation and refinanceability and requires solicitor and lender review.

Buy-to-Let Analysis

Using the lower Grove Park asking rent of £790 pcm, annual rent is £9,480 and gross yield on the £150,000 guide is approximately 6.32%. The second supplied asking rent of £1,375 pcm produces approximately 11.00% on the guide, but it is from Culverley Road and may not be directly comparable. Net yield cannot be established because refurbishment, finance, service charge, insurance, tax and other acquisition costs are not supplied.

Flip Analysis

The supplied completed sales indicate a potential resale range of £217,000–£241,000, with a £230,000 base scenario. A reliable flip surplus cannot be calculated because refurbishment, acquisition, selling and other project costs are unsupported. The short remaining lease is a material resale consideration.

Investor Risks & Due Diligence

• Approximately 68 years remain on the lease, creating potential extension, valuation and mortgageability risk.

• The supplied rents are advertised asking rents rather than achieved rents, and the £1,375 pcm example is from a different road.

• The property is vacant, so no passing rent is evidenced.

• Buyer/admin charges and other seller or third-party fees are unspecified.

• Condition, service charges, insurance and any required works are not evidenced.

• The comparables do not include sufficient detail to confirm exact size, condition, floor, parking or lease comparability.

Recommendation

Potential value-buy for a cautious buy-to-let or resale strategy only if the lease, service-charge position, legal pack and actual condition are satisfactory. Do not rely on the upper rent evidence or bid without allowing for currently unknown costs.

Strategy Rating

Analysis Confidence

There are several relevant completed sales and two asking-rent examples, but exact comparable specifications, service charges, condition, refurbishment costs, buyer fees, selling costs and lease-related costs are not supplied.