Flat 12, Sturmer Court, Queen Elizabeth Way, Colchester, CO2 8LU

Description

This two-bedroom top floor flat, in a two-storey block, is offered with vacant possession and is conveniently located in the Berechurch development in Colchester. The flat is now in need of internal refurbishment throughout and offers the opportunity for improvement and potential to add value. It includes a balcony and benefits from several storage cupboards. Externally there is residents and visitors parking, as well as communal gardens to the rear.

Accommodation

Communal entry, private apartment entry, hallway, main bedroom, lounge with doors to balcony, 2nd bedroom, kitchen with pantry, bathroom. Communal gardens to the rear.

Location

Located in the Berechurch development in Colchester, with access to the City Centre, local amenities, pubs, restaurants, entertainment, railway stations with direct links to London Liverpool Street, local shops, schools, green spaces and transport links.

Tenure / Property Information

Investment Analysis

The strongest evidence is a same-block leasehold flat sale at £170,000 on 6 September 2023. Earlier same-block sales range from £27,000 to £84,000 but are materially older and less useful for current pricing. The £170,000 sale supports a provisional base GDV, subject to differences in size, condition, specification and lease terms, none of which are supplied. This is an estimate rather than a formal valuation.

Investment Snapshot

Strategy Recommendation

Conditional BRRR or buy-to-let, subject to confirming the refurbishment budget, leasehold costs, lease terms and achievable rent. Do not bid solely on the apparent guide-price yield or GDV margin.

Works Required

Internal refurbishment throughout is stated as required. The scope and cost cannot be specified from the evidence. The EPC is rated E and may require assessment, but no particular remedial works are confirmed.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

Using the provisional £170,000 base GDV, a 75% refinance would be approximately £127,500. The apparent difference against the £70,000 guide is not available equity because refurbishment, buyer/admin charges, leasehold costs and other completion costs are unknown. BRRR viability therefore requires a survey, full works budget and confirmation of refinance valuation and lending terms.

Buy-to-Let Analysis

The advertised asking rent of £1,250 pcm implies £15,000 annual rent and a gross yield of approximately 21.43% against the £70,000 guide. This is based on an advertised rent, not achieved rent, and excludes refurbishment, leasehold charges, finance, taxes, auction fees and other costs. A true net yield cannot be established.

Flip Analysis

A provisional £170,000 resale value is supported by the September 2023 same-block sale, but refurbishment costs, acquisition charges and selling costs are unavailable. A reliable flip surplus and maximum bid cannot therefore be calculated.

Investor Risks & Due Diligence

• The flat requires internal refurbishment throughout, but no scope or cost estimate is provided.

• EPC rating E may affect improvement requirements and lender or tenant appeal, although specific works are unknown.

• The property is leasehold and the remaining lease term, service charge, ground rent and other lease obligations are not fully quantified.

• The £1,250 pcm figure is an advertised asking rent rather than achieved passing rent.

• Buyer/admin charges, other non-optional auction costs, Stamp Duty, Land Registry fees and VAT may apply but are not quantified.

• The £170,000 GDV relies primarily on one same-block sale and may not reflect this flat's condition, size, specification or lease position.

Recommendation

Conditional BRRR or buy-to-let, subject to confirming the refurbishment budget, leasehold costs, lease terms and achievable rent. Do not bid solely on the apparent guide-price yield or GDV margin.

Strategy Rating

Analysis Confidence

There is one relatively recent same-block sale and one advertised rental listing, but no floor area, detailed condition schedule, refurbishment budget, service charge, ground rent, auction fees or selling-cost evidence.