Flat 2, Westfield House, 18 Oak Road, Southampton, SO19 9BR

Description

This one-bedroom ground floor flat is situated in a detached building in a popular residential area. The flat is let, producing a worthwhile income and is considered ideal for addition to an income-producing letting portfolio. Outside the building, to the rear, there is a residents car park and communal gardens.

Accommodation

Entrance hall, living room, kitchen, bedroom, bathroom with W.C.

Location

Popular residential area in Southampton; the flat is situated in a detached building with communal gardens and a residents car park to the rear.

Tenure / Property Information

Investment Analysis

The five supplied leasehold flat/maisonette sales on Oak Road range from £147,000 to £167,500, with a simple average of £157,300. These are not confirmed to be directly comparable in size, condition, floor, lease terms or parking, so £157,300 is an indicative base value only. The guide of £65,000–£70,000 is materially below the supplied sales evidence, subject to auction fees and due diligence.

Investment Snapshot

Strategy Recommendation

Consider only as a potential tenanted buy-to-let or value-led acquisition after verifying the passing rent, tenancy, leasehold costs, condition and all auction fees. Do not set a firm maximum bid from the current evidence.

Works Required

No specific defects or refurbishment requirements are evidenced. Inspect the flat and verify condition, tenancy documentation, lease terms, service charges and communal-area responsibilities before allowing for any works.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

At the indicative base value of £157,300, 75% refinance is approximately £117,975. However, refurbishment costs, buyer fees, administration charges, other acquisition costs and the property’s actual rent are unknown, so cash required and refinance viability cannot be established.

Buy-to-Let Analysis

The flat is currently let under an Assured Periodic Tenancy, but the passing rent is not supplied. The two rental listings are advertised asking rents for other properties and cannot establish this flat’s rent. BTL yield therefore cannot be reliably calculated. Confirm rent, arrears, tenancy terms, service charges, insurance and management costs.

Flip Analysis

The supplied comparable sales indicate an indicative resale value range of £147,000–£167,500, with a £157,300 base case. A flip surplus cannot be calculated because purchase costs, refurbishment costs, auction fees and selling costs are not supplied.

Investor Risks & Due Diligence

• Passing rent and full tenancy details are not supplied.

• Buyer premium, administration fee and other non-optional auction costs are unspecified.

• Leasehold service charges, insurance costs and other lease obligations are not supplied.

• The lease is long but exact remaining term, restrictions and management arrangements should be verified.

• EPC rating E may affect letting, financing or future compliance considerations.

• The sold comparables may differ from this flat in size, condition, floor, parking and lease terms.

• The advertised rental listings are not achieved rents and are for other properties.

Recommendation

Consider only as a potential tenanted buy-to-let or value-led acquisition after verifying the passing rent, tenancy, leasehold costs, condition and all auction fees. Do not set a firm maximum bid from the current evidence.

Strategy Rating

Analysis Confidence

There is useful local sold-price evidence, but the comparables are not fully specified and passing rent, condition, refurbishment costs, leasehold charges, buyer premium, administration fees and other acquisition costs are unavailable.