Flat 15, Homemill House, Station Road, New Milton, Hampshire

Description

Second floor one bedroom retirement apartment, offered in good condition with residents' amenities, ideally placed in the centre of New Milton. The McCarthy & Stone over-55s retirement apartment is situated on New Milton High Street. The block benefits from lifts to all floors, a residents lounge, communal roof terrace, laundry room and visitors room, together with residents parking.

Accommodation

Ground Floor: Communal entrance with lift and stairs to all floors. Second Floor: Entrance hallway, bedroom, shower room, lounge and kitchen. Outside: Residents roof terrace and unallocated parking to the rear, on a first come first served basis.

Location

Situated in a convenient central location in the heart of New Milton, with supermarkets, independent retailers, cafés, restaurants and medical facilities within easy reach. New Milton railway station is nearby, offering direct services to Bournemouth, Southampton and London Waterloo. Regular bus routes provide connections across the surrounding area.

Tenure / Property Information

Investment Analysis

Same-building sold evidence ranges from £67,500 to £89,995. The median of the five sales is £75,000 and the mean is approximately £79,099. As the comparable unit sizes, floors and lease terms are not supplied, £75,000 is used as the base GDV, with the observed sale range used as the low/high scenario.

Investment Snapshot

Strategy Recommendation

Proceed only after confirming the lease term, service charge, ground rent, review provisions and any seller fees. Subject to satisfactory legal and physical due diligence, the guide indicates potential value uplift, but the absence of rental evidence prevents a robust BTL assessment.

Works Required

The apartment is described as being in good condition and no specific refurbishment works are evidenced. A zero works allowance is therefore used for the base calculation, but this excludes any defects or works identified on inspection or in the legal pack.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

At the £25,000 guide, the purchase plus the known £1,800 documentation fee totals £26,800 before any seller fees, finance, tax or unforeseen works. At the £75,000 base GDV, 75% refinancing equates to £56,250, implying £29,450 more than the stated base cost before finance, tax and other costs. Actual refinanceability depends on the unresolved lease, service charge, ground rent and lender criteria.

Buy-to-Let Analysis

No sufficiently specific rental evidence or auctioneer rent estimate is supplied, so rent, gross yield and BTL cash flow cannot be established. Service charge, ground rent and lease details are also unresolved.

Flip Analysis

The same-building sales support a £67,500–£89,995 evidence range, with a £75,000 base GDV. A simple base-cost comparison gives £48,200 before selling costs, finance, tax, seller fees and unforeseen works. A net flip surplus is not calculated because no selling-cost allowance is supplied.

Investor Risks & Due Diligence

• Remaining lease term is not confirmed; the supplied lease commencement and term indicate this requires urgent verification.

• Annual service charge, ground rent and review provisions are unknown.

• The seller may charge additional completion fees, but the amount is not supplied.

• No sufficiently specific rental evidence is available, so rental income and yield cannot be underwritten.

• The property is an over-55s retirement apartment, which may restrict the eligible purchaser or occupier pool.

• Residents parking is unallocated and available on a first-come, first-served basis.

Recommendation

Proceed only after confirming the lease term, service charge, ground rent, review provisions and any seller fees. Subject to satisfactory legal and physical due diligence, the guide indicates potential value uplift, but the absence of rental evidence prevents a robust BTL assessment.

Strategy Rating

Analysis Confidence

There are five same-building completed sales, but the comparable unit specifications are not provided and key lease, service-charge, ground-rent, seller-fee and rental information is missing.