Flat 2 Copper Kettle, Wharf Road, St Ives, Cornwall

Description

To be offered on Tuesday 24 November; By order of the executors; One bedroom second floor flat situated in a terraced building; Presented in clean decorative order; Currently used as a popular holiday let; Benefiting from sea views; Well located for the amenities of St Ives; Vacant upon completion

Accommodation

Second Floor - Bedroom, En-Suite, Lounge/Kitchen.

Location

The property is located on Wharf Road close to the turning for Black Lane. A range of local amenities can be found on Wharf Road, Street-An-Pol and Chapel Street. Recreational amenities of St Ives Beach, Porthmeor Beach and Trencrom Hill are all easily accessible. Transport: St Ives - National Rail.

Tenure / Property Information

Investment Analysis

The strongest supplied evidence is a £188,000 August 2023 sale at Copper Kettle, Wharf Road, although the exact flat is not confirmed. Other Copper Kettle sales range from £125,000 in 2019 to £146,000 in 2017. A cautious evidence-based base GDV proxy is £188,000, with £125,000 as a low scenario. The guide represents a potentially significant discount, but buyer fees, seller charges, VAT treatment and the exact comparable unit require confirmation.

Investment Snapshot

Strategy Recommendation

Proceed only as a conditional value-led purchase subject to confirming the exact comparable, lease and all auction charges. The evidence supports investigating a resale or holiday-let strategy, but does not support a firm maximum bid or rental-led purchase decision.

Works Required

The flat is described as being in clean decorative order, so no major works are evidenced. Allow for inspection, compliance checks and any minor redecoration or repairs identified after legal and physical due diligence; no reliable cost allowance can be established from the supplied evidence.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

Using the £188,000 base GDV proxy, 75% refinance is approximately £141,000. However, total project cost cannot be calculated because buyer fees, seller charges, VAT treatment and refurbishment costs are unknown. BRRR viability therefore depends on confirming the exact comparable value, lease obligations, finance terms and acquisition costs.

Buy-to-Let Analysis

A BTL yield cannot be established because no sufficiently specific rental evidence or auctioneer rent estimate is supplied. The property has been used as a popular holiday let, but that does not establish a long-term assured rent or net operating income. Holiday-let performance, restrictions, costs and licensing would require verification.

Flip Analysis

A potential resale spread exists against the £188,000 Copper Kettle comparable at the £110,000 guide, but the comparable flat is not confirmed and no selling allowance, buyer fee, seller charge or works budget is available. A reliable flip surplus cannot therefore be calculated.

Investor Risks & Due Diligence

• The £188,000 comparable is at the same building but the exact flat is not confirmed.

• No sufficiently specific rental evidence or passing rent is available.

• The guide excludes the buyer's fee, and seller charges and VAT treatment are unknown.

• Lease service charge, ground rent and other lease obligations are not supplied.

• The property has been used as a holiday let, but the evidence does not confirm future holiday-letting permissions, restrictions or profitability.

• EPC, council tax, parking and heating information are not supplied.

Recommendation

Proceed only as a conditional value-led purchase subject to confirming the exact comparable, lease and all auction charges. The evidence supports investigating a resale or holiday-let strategy, but does not support a firm maximum bid or rental-led purchase decision.

Strategy Rating

Analysis Confidence

There is useful same-building completed-sale evidence and a stated condition, but the exact comparable unit, rental income, buyer and seller charges, VAT, EPC, service charges and refurbishment costs are not supplied.