Flat 26 Homerowan House, Station Road, Southend-on-Sea, Essex, SS1 3LU

Description

This vacant, south facing retirement apartment is situated on the front, second floor of this sought after purpose built development. The apartment is ideally located adjacent to the Broadway shops, mainline railway station and bus stop. This lovely flat has been fully refurbished throughout to a high standard including a modern 'Shaker' style fitted kitchen plus a modern shower room with walk in shower.

Accommodation

Communal Entrance Hall; Entrance Hall; Lounge - 17'4" x 10'7"; Kitchen - 7' x 5'5"; Bedroom - 15' x 8'7"; Shower Room/WC; Communal Gardens; Communal Parking

Location

Adjacent to the Broadway shops, mainline railway station and bus stop; close to local shops, beach and train station.

Tenure / Property Information

Investment Analysis

Same-building sold evidence ranges from £95,000 to £220,000, with £125,000 and £130,000 sales providing reasonable central evidence. The subject is vacant, fully refurbished and has 85 years remaining, but exact comparable details and retirement resale restrictions are not supplied. Base GDV adopted at £125,000.

Investment Snapshot

Strategy Recommendation

Potential value-led purchase, subject to confirming retirement lease restrictions, service charges, ground rent, buyer fees and refinance/letting eligibility. Do not rely on generic rental evidence without verification.

Works Required

No refurbishment works are indicated: the apartment is described as fully refurbished, including the kitchen and shower room. Allowance assumes no works, subject to inspection.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

At the £70,000 guide and assumed nil works, 75% of the £125,000 base GDV is £93,750, exceeding the purchase price by £23,750 before unknown fees and finance costs. Actual refinanceability depends on lender, valuation, lease and retirement-use criteria.

Buy-to-Let Analysis

Generic one-bedroom SS1 asking rents are £900–£1,117 pcm, implying indicative gross yields of 15.43%–19.15% on the guide. These are asking rents, not achieved rents, and may not apply to this retirement apartment. Service charges, ground rent, letting costs and retirement occupancy restrictions are unknown.

Flip Analysis

The base GDV implies £55,000 before selling costs, finance, auction fees and any unforeseen works. The wide same-building sales range creates substantial resale uncertainty, and no selling allowance is supplied, so a formal flip surplus is not calculated.

Investor Risks & Due Diligence

• 85 years remain on the lease, with no extension terms supplied.

• Retirement-apartment lease restrictions and eligibility requirements are not provided.

• Service charge and ground rent information is absent.

• Buyer, administration and other auction fees are unspecified.

• Rental evidence is generic advertised asking rent rather than achieved rent for this apartment.

• Same-building sold prices vary materially from £95,000 to £220,000.

• The property is described as fully refurbished, but no inspection evidence is supplied.

Recommendation

Potential value-led purchase, subject to confirming retirement lease restrictions, service charges, ground rent, buyer fees and refinance/letting eligibility. Do not rely on generic rental evidence without verification.

Strategy Rating

Analysis Confidence

Same-building sales and generic rental asking evidence are available, but the exact comparable details, lease costs, retirement restrictions, buyer fees and finance terms are not supplied.