Flat 14, Lovell Lodge, 365 Milton Road, Cambridge, Cambridgeshire

Description

A ground floor one bedroom maisonette currently let with a rental income of £1400 pcm. This ground floor maisonette was constructed in a purpose built block in 2020 and is currently let with a rental income of £1400 pcm. The property consists of a large living room/kitchen, bedroom and a bathroom. The development has communal gardens.

Accommodation

Living room/kitchen, bedroom and a bathroom.

Location

The University City of Cambridge has a variety of facilities together with three main line rail links into London Kings Cross.

Tenure / Property Information

Investment Analysis

The five completed sales at Lovell Lodge range from £205,000 to £415,000, with a median of £295,000. As the evidence does not identify the comparable unit sizes, floors or exact flat numbers, this is an indicative range only. A guide price of £250,000 is below the supplied comparable median, but the valuation evidence is highly variable. The current £1,400 pcm rent equates to a 6.72% gross yield on the guide price before service charge, ground rent, tax, finance and other costs.

Investment Snapshot

Strategy Recommendation

Consider only as a cautious income-hold purchase if the legal pack confirms the tenancy, rent, lease terms, ground rent, service-charge position and all additional costs. The evidence does not support a refurbishment-led flip, and bidding should remain below the guide unless valuation and legal due diligence are satisfactory.

Works Required

No refurbishment works are identified in the supplied evidence. The £0 works allowance is a calculation assumption only, not confirmation that no maintenance or compliance expenditure will arise. Review the legal pack, tenancy and condition before bidding.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

At the indicative £295,000 base GDV, 75% refinance proceeds would be approximately £221,250. Against the £252,400 base cost including known buyer and admin charges, this leaves approximately £31,150 before finance, tax, SDLT, legal-pack disbursements and any other costs. The outcome is sensitive to the wide comparable range and the unconfirmed leasehold charges, so BRRR feasibility is not robustly established.

Buy-to-Let Analysis

The stated current rent is £1,400 pcm, producing £16,800 annual gross rent and a 6.72% gross yield on the £250,000 guide. Including the known £2,400 buyer premium and admin charge, the gross yield is 6.66% on £252,400. The £2,000 annual service charge, unknown ground rent, tax, voids, management, finance and other legal-pack costs are not deducted, so net yield is unestablished. Tenancy terms and rent verification are also not supplied.

Flip Analysis

No refurbishment or resale works are evidenced. Using the £295,000 base GDV against the £252,400 base acquisition cost gives a £42,600 gross difference before selling costs, finance, tax and any unforeseen expenditure. No supported selling-cost allowance is available, so a reliable flip surplus cannot be calculated. The wide £205,000–£415,000 comparable range makes a resale strategy uncertain.

Investor Risks & Due Diligence

• Annual service charge of £2,000 reduces net income and may be subject to review.

• Ground rent amount and review period are unknown pending the legal pack.

• Additional disbursements, search fees, seller-cost reimbursement, legal fees and transfer fees may be payable.

• The current tenancy terms, rent payment history and any arrears or restrictions are not supplied.

• Completed-sale evidence at the development ranges widely from £205,000 to £415,000, with no unit-specific details provided.

• Leasehold obligations and the remaining 119-year term require legal review.

• Gross yield calculations exclude finance, tax, SDLT, management, voids, ground rent and service charge.

Recommendation

Consider only as a cautious income-hold purchase if the legal pack confirms the tenancy, rent, lease terms, ground rent, service-charge position and all additional costs. The evidence does not support a refurbishment-led flip, and bidding should remain below the guide unless valuation and legal due diligence are satisfactory.

Strategy Rating

Analysis Confidence

There are five completed sales at the same development and a stated current rent, but the comparable unit details, tenancy evidence, ground rent, legal-pack costs and property condition are incomplete. The comparable prices are also unusually wide.