Flat 23, 2 Manilla Street, London, Tower Hamlets, E14 8GB

Description

A Sixth Floor One Bedroom Flat. The property comprises a sixth floor one bedroom flat situated within a purpose built building arranged over ground and six upper floors.

Accommodation

Sixth Floor: Reception room; Kitchen; Bedroom; Bathroom. G.I.A. Approx 779 sq ft.

Location

The property is situated on a residential road close to local shops and amenities. The open spaces of Sir John McDougall Gardens are within easy reach. Transport links are provided by Canary Wharf underground station (Jubilee and Elizabeth lines).

Tenure / Property Information

Investment Analysis

The supplied Land Registry evidence records sales at 2 Manilla Street ranging from £325,000 to £555,000 between 2014 and 2019, including a £465,000 sale in 2019. The comparables are not identified by flat number, size or condition, and there is no current comparable evidence, so the GDV scenarios are indicative only rather than a formal valuation. The £300,000+ guide is below the supplied historic evidence, but the property-specific discount, if any, cannot be established.

Investment Snapshot

Strategy Recommendation

Proceed only after legal, condition, lease, service-charge and resale due diligence. Do not rely on the historic comparables as a guaranteed resale value, and do not bid without verified rental and total-cost evidence.

Works Required

No specific repair or refurbishment works are supported by the evidence. Confirm condition, lease terms, service charge, major works exposure and all auction disbursements before bidding.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

Using the indicative £465,000 base GDV, a 75% refinance would be approximately £348,750. Total project cost cannot be calculated because refurbishment costs, service charges, finance costs, legal costs and additional auction disbursements are unknown. Cash left in and equity therefore cannot be established.

Buy-to-Let Analysis

BTL analysis cannot be completed because no sufficiently specific rental comparable or auctioneer rent estimate is provided. Service charge, ground rent and other holding costs are also absent. The long stated lease and EPC C are positive available facts, but do not establish rental performance.

Flip Analysis

A potential gross value uplift exists between the £300,000 guide and the historic comparable evidence, but a flip surplus cannot be calculated. Condition, works, purchase costs beyond the stated £3,550 buyer premium and admin charge, selling costs, finance costs and current achievable resale value are unsupported.

Investor Risks & Due Diligence

• Comparable sales are not identified by flat number, size or condition and are historic, with the latest supplied sale in 2019.

• No sufficiently specific rental evidence or passing rent is available, so yield and BTL affordability cannot be assessed.

• Condition and refurbishment requirements are unknown.

• Service charge, ground rent and major works liabilities are not supplied.

• Additional search fees, seller-cost reimbursements, legal fees, transfer fees and other disbursements may be payable under the special conditions.

• Leasehold legal terms beyond the stated approximate unexpired term have not been provided.

Recommendation

Proceed only after legal, condition, lease, service-charge and resale due diligence. Do not rely on the historic comparables as a guaranteed resale value, and do not bid without verified rental and total-cost evidence.

Strategy Rating

Analysis Confidence

The property description, lease length, guide, stated fees and historic same-address sales are supplied, but there is no flat-specific/current valuation evidence, rental evidence, condition report, service-charge information or complete cost schedule.