Flat 2, 22, The Steyne, Bognor Regis, West Sussex, PO21 1TP

Description

Leasehold first floor flat with one bedroom, reception room, kitchen, bathroom/WC and balcony.

Accommodation

One bedroom, reception room, kitchen, bathroom/WC. Outside: balcony.

Location

The property is located on The Steyne. Shopping amenities are available locally within Bognor Regis. Public transport links can be found at Bognor Regis Train Station lying to the north, along with a network of local bus services serving the surrounding areas. The property is served by road links including the A29 located to the north. Recreational pursuits are available at Marine Park Gardens lying to the west and along the sea front.

Tenure / Property Information

Investment Analysis

Nearby completed leasehold flat sales on The Steyne range from £122,000 to £165,000, including £137,000 at Gothic House, £148,500 and £150,000 at Dolphin Court, and £165,000 at 6 The Steyne. A provisional base GDV of £145,000 is estimated, but the comparables' bedroom count, size, condition and lease terms are not supplied. The subject's 60-year lease and unknown ground rent, service charge and other lease terms materially reduce valuation certainty.

Investment Snapshot

Strategy Recommendation

Do not bid on the current evidence alone. Proceed only after confirming the lease terms, lease-extension position, ground rent, service charge, major works exposure, seller fees and achievable rent. If those checks are satisfactory, the pricing gap may support a value-led resale or refinance strategy.

Works Required

No refurbishment works are evidenced in the supplied information. Obtain a full inspection and review the lease, ground rent, service charge, remaining term and any planned major works before bidding.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

Using the provisional £145,000 base GDV, 75% refinancing equates to £108,750. Against the £81,800 base cost, this indicates a theoretical £26,950 surplus before finance, tax, legal costs, lease-extension costs and any seller charges. Actual refinancing is uncertain because the lease has only 60 years remaining and key lease terms are unavailable.

Buy-to-Let Analysis

BTL viability cannot be quantified because no sufficiently specific rental evidence or auctioneer rent estimate is provided. The 60-year lease, unknown service charge and ground rent may also affect mortgageability, tenantability and net returns. The £81,800 base cost includes the £80,000 guide price and the known £1,800 buyer administration charge only; seller fees and other leasehold costs are excluded.

Flip Analysis

A provisional base GDV of £145,000 compares favourably with the £80,000 guide price plus the known £1,800 administration charge. However, no refurbishment allowance or selling-cost allowance can be supported, and the short lease and unknown lease liabilities could materially reduce resale value and buyer demand. A reliable flip surplus cannot therefore be calculated.

Investor Risks & Due Diligence

• Only 60 years remain on the lease, with lease-extension terms and costs unknown.

• Ground rent, annual service charge and other lease liabilities are not supplied.

• No reliable rental evidence is available, so BTL yield cannot be established.

• Property condition and any refurbishment requirement are unknown.

• Seller fees and any special-condition costs may be payable on completion.

• Comparable sales do not include confirmed bedroom count, size, condition or lease terms.

• Mortgage and refinance availability may be restricted by the short lease.

Recommendation

Do not bid on the current evidence alone. Proceed only after confirming the lease terms, lease-extension position, ground rent, service charge, major works exposure, seller fees and achievable rent. If those checks are satisfactory, the pricing gap may support a value-led resale or refinance strategy.

Strategy Rating

Analysis Confidence

There are several nearby completed sales and clear guide-price data, but bedroom/size/condition details for comparables, rental evidence, lease information, service charge, ground rent, seller fees and refurbishment requirements are unavailable.