Flat 2, 134, Fellows Road, London, NW3 3JH

Description

Leasehold first floor flat

Accommodation

Reception room open plan to kitchen, bathroom/WC, mezzanine area

Location

The property is located on Fellows Road. Shopping amenities can be found locally within Belsize Park and Camden, with a further more comprehensive range of bars, shops and restaurants found within Central London to the south east. Public transport links are available at Swiss Cottage Underground Station to the west and Finchley Road Underground Station to the north west, along with a network of local bus services. The property is served by road links including the A41 to the west. Recreational pursuits can be found at Primrose Hill and Regents Park to the south.

Tenure / Property Information

Investment Analysis

The strongest evidence is the subject flat's completed sale at £375,000 on 16 April 2024. Other Fellows Road sales range from £675,000 to £910,000, but accommodation and specification are not supplied, so they are not sufficiently like-for-like for a reliable adjusted valuation. A cautious base GDV of £375,000 is therefore used. At the £200,000 guide, the gross discount to that prior subject sale is approximately 46.7%, before works, finance, tax and unknown seller charges.

Investment Snapshot

Strategy Recommendation

Conditional BTL or BRRR investigation at guide level, subject to legal-pack, lease, service-charge, ground-rent, condition and rent verification. Do not rely on the headline yield or refinance surplus until unknown costs are confirmed.

Works Required

No specific defects or required works are identified in the supplied evidence. Budget and inspect for any necessary redecoration, repairs or compliance items only after viewing and reviewing the legal pack. Confirm service charge, ground rent, heating, parking, lease terms and any planned major works.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

Using the cautious £375,000 base GDV, 75% refinance would be £281,250. Against the guide plus the known £1,800 administration charge, this indicates £79,450 of surplus refinance capacity before works, seller charges, finance costs and tax. The result is highly dependent on lender valuation, lease/building due diligence, actual rent and unknown running costs.

Buy-to-Let Analysis

The supplied advertised asking rent of £1,547 pcm implies £18,564 annual gross rent. This equates to 9.28% gross yield on the £200,000 guide and approximately 9.20% on the guide plus the known £1,800 buyer administration charge. Net yield cannot be established because service charge, ground rent, insurance, management, maintenance, finance and tax costs are unknown. The rent is an asking rent, not achieved or passing rent.

Flip Analysis

A simple base-GDV comparison gives £375,000 less the £201,800 guide-plus-known-admin cost, before refurbishment, selling costs, finance, tax and any seller charges. A reliable flip surplus cannot be calculated because works and selling allowances are unsupported. The absence of accommodation, condition and specification detail also makes the GDV uncertain.

Investor Risks & Due Diligence

• The advertised £1,547 pcm is an asking rent rather than an achieved or passing rent.

• Annual service charge and ground rent are not supplied.

• The seller may charge additional completion fees under the special conditions.

• No condition report, floor area or bedroom count is supplied, preventing a reliable refurbishment budget and like-for-like GDV adjustment.

• The base GDV relies primarily on the subject's April 2024 sale and may not reflect current valuation.

• Lease, building and lender acceptance should be verified despite the stated 94 years remaining.

Recommendation

Conditional BTL or BRRR investigation at guide level, subject to legal-pack, lease, service-charge, ground-rent, condition and rent verification. Do not rely on the headline yield or refinance surplus until unknown costs are confirmed.

Strategy Rating

Analysis Confidence

There is a direct completed sale for the subject and one rental asking figure, but no bedroom count, floor area, condition, achieved rent, service-charge or ground-rent information, and additional seller fees are unknown.