Flat 11 St. Elizabeths Court, Mayfield Avenue, Whetstone, London, N12 9HZ

Description

A Vacant First Floor Two Bedroom Retirement Flat. The property comprises a first floor two bedroom retirement flat situated within a purpose built building arranged over ground and two upper floors.

Accommodation

First Floor: Reception Room, Kitchen, Two Bedrooms, Bathroom.

Location

The property is situated on a residential road close to local shops and amenities. The open spaces of Friary Park are within easy reach. Transport links are provided by Woodside Park underground station (Northern line) and Oakleigh Park rail station.

Tenure / Property Information

Investment Analysis

Recent completed sales within St Elizabeths Court range from £160,000 to £270,000, with £225,000 used as the base GDV because it is a supplied same-development sale and sits within the recent evidence. The spread is wide and the comparable flat sizes, positions, condition, service charges and lease details are not provided. The approximately 87-year lease and retirement-flat designation may affect marketability and mortgageability, but no further adjustment is evidenced.

Investment Snapshot

Strategy Recommendation

Investigate as a conditional buy-to-let or BRRR opportunity only if the legal pack confirms acceptable retirement-flat letting, mortgageability, service charges, ground rent, transfer fees and no material works. Do not bid solely on the headline guide-to-GDV spread.

Works Required

No specific defects or refurbishment requirements are evidenced. Allow for inspection, cleaning and any ordinary repairs only if confirmed, but no refurbishment budget can be supported from the supplied information.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

At the £150,000 guide, the indicative purchase price is below the £225,000 base GDV, and 75% of base GDV is £168,750. However, cash left in cannot be calculated because refurbishment, disbursement, leasehold and finance costs are unknown. Refinance suitability is also uncertain given the retirement-flat designation and approximately 87-year lease.

Buy-to-Let Analysis

The £1,950 pcm figure is an advertised asking rent for two-bedroom properties within one mile, not achieved rent or a property-specific letting assessment. It implies £23,400 annual gross rent and a 15.6% gross yield against the £150,000 guide, but a total-cost yield cannot be established because works, leasehold charges, legal disbursements and other purchase costs are not supplied. Retirement-flat use or letting restrictions also require legal-pack confirmation.

Flip Analysis

The supplied same-development completed sales support a broad £160,000 to £270,000 value range and a £225,000 base GDV. A reliable flip surplus cannot be calculated because refurbishment costs, acquisition disbursements, selling costs and the actual achievable resale price are not supplied.

Investor Risks & Due Diligence

• Wide spread in same-development completed sales from £160,000 to £270,000, with no comparable flat sizes, condition or specification provided.

• Approximately 87 years remain on the lease; lease terms, ground rent and service charges are not supplied.

• The property is a retirement flat and any occupancy, letting or resale restrictions are unconfirmed.

• The £1,950 pcm rent is an advertised local asking rent rather than achieved or property-specific rent.

• Buyer disbursements, seller-cost reimbursements, legal fees, transfer fees and other special-condition charges may apply but are unknown.

• No inspection evidence or refurbishment cost is supplied.

Recommendation

Investigate as a conditional buy-to-let or BRRR opportunity only if the legal pack confirms acceptable retirement-flat letting, mortgageability, service charges, ground rent, transfer fees and no material works. Do not bid solely on the headline guide-to-GDV spread.

Strategy Rating

Analysis Confidence

There are five same-development completed sales, one nearby advertised rent and clear tenure/lease information, but comparable specifications, condition, leasehold charges, legal disbursements, letting restrictions and refurbishment requirements are missing.