Flat 23 Benwell Close, Benwell Grange, Newcastle upon Tyne, NE15 6RZ

Description

A two bedroom ground floor flat. The property forms part of a purpose built block. In need of modernisation. Vacant.

Accommodation

Ground Floor - Entrance Hallway, Two Reception Rooms, Kitchen, Two Bedrooms, Bathroom/WC, Store.

Location

Newcastle Upon Tyne is a city in Tyne and Wear. Located on Benwell Close, accessed off Benwell Lane. The popular shopping amenities, fashionable shops, bars, and restaurants are located locally on Benwell Lane with a broader range available in Newcastle City Centre (approximately 2.8 miles). The leisure areas of Leazes Park and Elswick Park are all easily accessible. Transport St James - YEL. Newcastle - CrossCountry, LNER, Transpennine Express, lumo, northern.

Tenure / Property Information

Investment Analysis

The supplied completed sales on Benwell Close range from £39,950 to £66,000. The most recent comparable, No. 32, sold for £39,950 on 4 August 2026; No. 42 sold for £46,000 on 9 October 2025. The £66,000 sale is materially higher and no bedroom, condition or specification details are supplied for comparison. A base GDV of £45,000 is therefore used as an indicative estimate only, with a low scenario of £39,950 and high scenario of £66,000.

Investment Snapshot

Strategy Recommendation

Do not commit to a bid or strategy until the legal pack, lease terms, service-charge and block liabilities, inspection findings, full modernisation cost and local rent evidence have been reviewed. Subject to those checks, the property may suit a tightly priced refurbishment-led resale, but the evidence is insufficient for a firm investment case.

Works Required

The flat is described as being in need of modernisation. The precise scope, specification and cost of works are not provided, so no reliable refurbishment allowance can be calculated. The legal pack and inspection should establish the required works and any block-related obligations.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

A potential BRRR strategy cannot be underwritten from the supplied evidence. Refurbishment costs, achievable rent, finance costs, lease terms beyond the proposed new 990-year lease, and buyer or seller charges are not provided. The indicative 75% refinance against the £45,000 base GDV is £33,750, but cash required and refinance viability remain unknown.

Buy-to-Let Analysis

No sufficiently specific rental comparable or auctioneer rent estimate is supplied, so rent and gross yield cannot be established. The vacant status and modernisation requirement also mean there is no passing rent evidence.

Flip Analysis

Using the indicative £45,000 base GDV, resale potential exists only if the purchase price, modernisation cost, transaction costs and selling allowance remain below that figure. Because works and selling costs are unsupported, no reliable flip surplus or maximum bid can be calculated.

Investor Risks & Due Diligence

• Modernisation scope and cost are not supplied.

• No sufficiently specific rental evidence is available, preventing a reliable BTL yield assessment.

• The supplied comparable sales vary materially and lack bedroom, condition and specification details.

• Buyer premiums, VAT and any seller charges are not quantified.

• Lease, service-charge, management and other block liabilities require legal-pack confirmation.

• The high GDV scenario relies on the materially higher £66,000 comparable, whose specification is not provided.

Recommendation

Do not commit to a bid or strategy until the legal pack, lease terms, service-charge and block liabilities, inspection findings, full modernisation cost and local rent evidence have been reviewed. Subject to those checks, the property may suit a tightly priced refurbishment-led resale, but the evidence is insufficient for a firm investment case.

Strategy Rating

Analysis Confidence

There are several same-block completed sales and a stated guide price, but no detailed comparable specifications, rental evidence, refurbishment budget, service-charge information, buyer/admin fees or full legal-pack details.