Flat 12 Avro House, 5 Boulevard Drive, Colindale, London, NW9 5HF

Description

A Third Floor Three Bedroom Flat Subject to a Lease Producing £25,200 Per Annum (Rising to £26,400 in 2029). The property comprises a third floor three bedroom flat situated within a purpose built building arranged over ground and six upper floors.

Accommodation

Third Floor: Reception Room, Kitchen, Three Bedrooms, Bathroom.

Location

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

Tenure / Property Information

Investment Analysis

The strongest supplied evidence is a £290,000 completed sale at Avro House in October 2023, although the evidence does not confirm that it was the same flat, bedroom count or condition. Older Avro House sales range from £300,000 to £430,000, with substantial variation and no unit-specific details. A cautious base GDV of £290,000 is used, but reliable low and high scenarios cannot be established. The property has stated passing company-let income of £25,200 per annum, rising to £26,400 in 2029.

Investment Snapshot

Strategy Recommendation

Consider as an income-led BTL purchase only if the legal pack confirms the company-let income, lease terms, building costs and all completion charges. Do not rely on a flip or BRRR strategy without stronger unit-specific valuation and cost evidence.

Works Required

No physical defects or refurbishment requirements are supplied. Allow for inspection and legal review of the lease, company-let agreement, building obligations and any required compliance items; physical works cannot be costed from the evidence.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

Using the cautious £290,000 base GDV, 75% refinancing equates to £217,500. Against the £291,800 guide price plus known administration charge, indicative cash left in is £74,300 before finance, tax, legal, lender and other auction costs. No refurbishment allowance has been included because no works are evidenced. The refinance outcome is therefore highly dependent on the actual valuation and lending terms.

Buy-to-Let Analysis

At the £290,000 guide, the stated £25,200 annual rent produces an indicative gross yield of 8.69%. Including the known £1,800 administration charge, the yield is approximately 8.64%. This excludes unknown buyer fees, disbursements, service charges, ground rent, management, maintenance, voids, finance and tax. The income is stated under a company-let agreement rather than supported by external rental comparables.

Flip Analysis

A flip surplus cannot be reliably calculated because refurbishment costs, selling costs and a confirmed unit-specific resale value are not supplied. On the limited base comparison, £290,000 GDV is below the guide price plus the known £1,800 administration charge, before any other acquisition, holding or selling costs.

Investor Risks & Due Diligence

• The completed sales are for Avro House but are not confirmed to relate to the same flat, size, bedroom count or condition.

• Unknown service charge, ground rent, building costs and other leasehold obligations.

• Additional disbursements, seller costs, legal fees, search fees or transfer fees may be payable under the special conditions.

• The stated income is under a company-let agreement and is not supported by external rental comparables.

• No physical condition or refurbishment evidence is supplied, so works and maintenance costs are unknown.

• EPC, council tax, parking and heating information is not supplied.

• The approximately 104-year lease term is stated, but the full lease provisions and any restrictions require legal-pack confirmation.

Recommendation

Consider as an income-led BTL purchase only if the legal pack confirms the company-let income, lease terms, building costs and all completion charges. Do not rely on a flip or BRRR strategy without stronger unit-specific valuation and cost evidence.

Strategy Rating

Analysis Confidence

Passing rent, lease length, tenure, guide price and several same-building sold records are supplied, but the comparables are not confirmed as the same flat and there is no condition, service-charge, ground-rent, EPC, external rental or complete fee evidence.