Flat 19, Victoria Court, Flowerpot Lane, Exeter, Devon

Description

A ground-floor one-bedroom apartment situated at Victoria Court, off Flowerpot Lane, close to Exeter city centre and the River Exe. The property has the benefit of a balcony and allocated parking. The property has double-glazed windows and a gas heating system via radiators.

Accommodation

Entrance into living room with access to balcony, fitted kitchen, inner hallway, bedroom with built-in wardrobes and bathroom.

Location

Close to Exeter city centre and the River Exe. Balcony with views towards the river.

Tenure / Property Information

Investment Analysis

The supplied completed sales are within Victoria Court but do not provide bedroom count, floor, size, condition or parking details, and range from £265,000 to £410,000, with a 2026 sale at £325,000. They therefore indicate relevant development-level evidence but do not support a reliable property-specific GDV for this one-bedroom apartment. The £95,000+ guide appears materially below the supplied sales, but the reason for the pricing cannot be established from the evidence. The £950 pcm figure is an advertised asking rent, not an achieved rent.

Investment Snapshot

Strategy Recommendation

Investigate cautiously as a potential income purchase only if legal, lease, service-charge and achieved-rent checks support the guide price. Do not set a maximum bid without confirming fees, lease terms, condition and a truly comparable valuation.

Works Required

No refurbishment works are evidenced. Allow for inspection and any legally or practically necessary works only; the apartment is described as having double glazing, gas radiator heating and EPC C.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

A BRRR assessment cannot be completed reliably because no property-specific GDV, refurbishment budget, finance costs or full acquisition costs are supported. The development sales are not sufficiently detailed to establish a refinance value, and the annual service charge will reduce cash flow.

Buy-to-Let Analysis

At the advertised asking rent of £950 pcm, annual gross rent is £11,400 and the gross yield on the £95,000 guide is 12%. This excludes the £1,428 annual service charge, financing, management, maintenance, voids, tax and acquisition costs. Achieved rent and total acquisition cost are unconfirmed, so net yield and yield on total cost cannot be established.

Flip Analysis

A flip surplus cannot be calculated because the supplied comparable sales lack matching specification details and no works budget, acquisition fee total or selling-cost allowance is provided. The subject is described as vacant and already has EPC C, double glazing and gas heating, but no value-adding refurbishment scope is evidenced.

Investor Risks & Due Diligence

• Annual service charge of £1,428 reduces the effective rental return.

• The £950 pcm rent is an advertised asking rent rather than an achieved or passing rent.

• Administration, search, other non-optional fees, VAT, Stamp Duty and Land Registry costs are unspecified.

• Comparable sales are from the same development but lack bedroom, size, floor, condition and parking details, with substantial price variation.

• The lease is leasehold with a stated remainder of a 125-year lease commencing 1 January 2006; legal confirmation of the precise unexpired term and lease provisions is required.

• The property was formerly known as Flat 6 within the lease documentation, requiring title and identification checks.

Recommendation

Investigate cautiously as a potential income purchase only if legal, lease, service-charge and achieved-rent checks support the guide price. Do not set a maximum bid without confirming fees, lease terms, condition and a truly comparable valuation.

Strategy Rating

Analysis Confidence

The evidence includes a guide price, one asking-rent listing, service charge and several same-development completed sales, but lacks comparable property specifications, condition, full fees, achieved rent and a supported refurbishment or GDV assessment.