Flat 26, The Ashleighs, Sanders Road, Canvey Island, Essex

Description

A one bedroom first floor flat in a small two storey block. This good looking development is in the Winter Gardens area of Canvey Island and within a short distance of Canvey Town Centre, and a short drive of Benfleet Station. Internally the flat is presented quite well and the development benefits from large communal parking and gardens.

Accommodation

Ground Floor: Communal entrance hallway and stairs to. First Floor: Personal Entrance Door; Entrance Hall; Lounge: 13' x 12'1"; Kitchen: 9'4" x 5'6"; Bedroom: 11'4" x 8'; Bathroom/WC: 12'1" x 5'6". Externally: Large communal car park and gardens.

Location

Winter Gardens area of Canvey Island, within a short distance of Canvey Town Centre and a short drive of Benfleet Station.

Tenure / Property Information

Investment Analysis

The supplied Land Registry evidence is directly from The Ashleighs and shows completed sales of £152,000 to £165,000, including £160,000 on 19 April 2024. A base GDV of £160,000 is therefore used, with a supported low/high range of £152,000–£165,000. The £120,000 guide represents a substantial discount to these recorded sales, although the comparables may not be the same flat and no service-charge, ground-rent or legal-pack details are supplied.

Investment Snapshot

Strategy Recommendation

Potentially suitable for buy-to-let or owner occupation if the legal pack confirms acceptable lease terms and ongoing charges. The discount to local completed sales is attractive, but bidding should remain subject to service-charge, ground-rent, disbursement and condition checks.

Works Required

No specific repair or refurbishment requirement is evidenced; the flat is described as presented quite well. A condition inspection and legal-pack review are required before treating the zero base works allowance as reliable.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

Using the £160,000 base GDV, 75% refinance is £120,000. Against the £122,880 base cost comprising the guide, the £1,680 buyer premium and £1,200 admin charge, the indicative shortfall is £2,880 before finance, tax, legal, valuation and other completion costs. The result depends on achieving the estimated GDV and lender acceptance of the leasehold flat.

Buy-to-Let Analysis

The supplied advertised asking rents are £1,000–£1,300 pcm, equivalent to gross annual rent of £12,000–£15,600. Against the £120,000 guide, this indicates a gross yield range of 10.0%–13.0%. The analysis is not a net yield: service charge, ground rent, management, maintenance, voids, finance and tax are not supplied. No passing rent is evidenced.

Flip Analysis

The £120,000 guide plus the two stated auction charges gives a base cost of £122,880 before any works and other costs. Against the £160,000 base GDV, this indicates £37,120 of gross headroom before selling costs, finance, tax, legal costs and any refurbishment. A formal flip surplus cannot be established because no selling allowance or complete cost schedule is supplied.

Investor Risks & Due Diligence

• The Land Registry comparables are from the same development but may not be the same flat or identical condition.

• Buyer premium and admin charge are payable, while further legal-pack disbursements may apply.

• Service charge and ground rent are not supplied and could materially reduce net investment returns.

• The rental evidence comprises advertised asking rents rather than achieved or passing rents.

• A condition survey has not been supplied, so no refurbishment cost can be confirmed.

• Refinance calculations exclude lender costs, valuation, legal costs, finance, tax and any other completion costs.

• Leasehold title and the full legal pack require review, despite the stated approximately 164 years remaining.

Recommendation

Potentially suitable for buy-to-let or owner occupation if the legal pack confirms acceptable lease terms and ongoing charges. The discount to local completed sales is attractive, but bidding should remain subject to service-charge, ground-rent, disbursement and condition checks.

Strategy Rating

Analysis Confidence

The property description, lease term, auction charges, directly comparable completed sales and asking-rent evidence are supplied. Confidence is reduced by the absence of service charge, ground rent, legal-pack disbursements, finance costs, confirmed condition costs and a passing rent.