Flat 28 Northpoint House, 400 Essex Road, Islington, London, N1 3GH

Description

A Vacant Lower Ground Floor One Bedroom Flat with Rear Yard. The property comprises a lower ground floor one bedroom flat situated within a purpose built block arranged over lower ground, ground and four upper floors.

Accommodation

Lower Ground Floor: Reception Room with Open-Plan Kitchen; Bedroom; Bathroom. Exterior: The property benefits from a rear yard.

Location

The property is situated on a residential road close to local shops and amenities. The open spaces of St Paul's Park are within easy reach. Transport links are provided by Holloway Road underground station (Piccadilly line) and Essex Road Station.

Tenure / Property Information

Investment Analysis

Same-building completed sales range from £362,000 to £442,500. A base GDV of £378,000 uses the latest lower comparable, but unit size, floor, condition and exact flat comparability are not supplied. The £240,000 guide represents a substantial discount to these sales, subject to legal, condition and service-charge verification.

Investment Snapshot

Strategy Recommendation

Potentially suitable for BTL or BRRR at/near guide, subject to legal-pack review, inspection, lease/service-charge information and confirmation of achievable rent. Do not set a maximum bid without those inputs.

Works Required

No refurbishment defects or required works are evidenced. Allow only for inspection-led works and ordinary presentation if confirmed, with no numeric allowance supported.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

At the guide, 75% of the base GDV is £283,500, exceeding the guide plus the stated £1,800 administration charge before any works or other costs. However, refurbishment costs, finance costs, service charges, legal costs and achievable refinance value are unsupported.

Buy-to-Let Analysis

The sole rental evidence is an advertised asking rent of £2,000 pcm, equivalent to £24,000 annually. This indicates 10.00% gross yield against the £240,000 guide before fees, finance, service charge, insurance, voids and maintenance. Achieved rent and property-specific running costs are unverified.

Flip Analysis

Comparable sales support a broad £362,000–£442,500 GDV range. A reliable flip surplus cannot be calculated because works, selling costs and full acquisition costs are not evidenced.

Investor Risks & Due Diligence

• Sold comparables may not match this flat’s size, floor, condition or specification.

• The £2,000 pcm figure is an advertised asking rent, not achieved rent.

• Refurbishment, service-charge, insurance, legal, finance and other auction costs are not supplied.

• Special Conditions may create additional purchaser liabilities.

• Leasehold covenants, ground rent and service-charge terms have not been provided.

• Lower-ground-floor and rear-yard characteristics may affect marketability and valuation.

Recommendation

Potentially suitable for BTL or BRRR at/near guide, subject to legal-pack review, inspection, lease/service-charge information and confirmation of achievable rent. Do not set a maximum bid without those inputs.

Strategy Rating

Analysis Confidence

Same-building sold evidence, one advertised rent and headline lease details are available, but unit comparability, condition, service charges, council tax, lease covenants and full acquisition/selling costs are missing.