Flat 3, 104 Seaside Road, Eastbourne, East Sussex

Description

A well-positioned first floor flat situated on Seaside Road in the heart of Eastbourne town centre, conveniently located within easy reach of Eastbourne railway station, the seafront, local shops, cafés, restaurants and a wide range of everyday amenities. The property would make an ideal investment or first-time purchase.

Accommodation

Entrance hallway, living room, kitchen, bathroom with stand-up shower, W.C. and basin, main bedroom and second bedroom.

Location

Situated on Seaside Road in the heart of Eastbourne town centre, within easy reach of Eastbourne railway station, the seafront, local shops, cafés, restaurants and everyday amenities.

Tenure / Property Information

Investment Analysis

The only supplied comparable is 102 Seaside Road at £77,000 in February 2007. It is materially dated and recorded as freehold, so it does not provide a reliable current market value for this leasehold flat. The auction guide is not treated as a valuation. Current GDV, rent and maximum bid cannot be established from the supplied evidence.

Investment Snapshot

Strategy Recommendation

Do not bid on investment returns alone. Proceed only after satisfactory legal review of the approximately 71-year lease, confirmation of all buyer charges and an independent inspection; current evidence is insufficient to set a defensible bid ceiling.

Works Required

No specific defects or refurbishment requirements are evidenced. Obtain a building survey and inspect the kitchen, bathroom, finishes, services and communal areas before budgeting works. Review the lease, share-of-freehold arrangements, service-charge position and remaining term with the solicitor.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

A BRRR assessment cannot be completed without a supported current GDV, refurbishment budget, achievable rent and quantified acquisition costs. The lease began on 25 March 1999 for 99 years, implying approximately 71 years remain at the current date; this may affect mortgageability, resale and refinance options and requires legal review.

Buy-to-Let Analysis

BTL viability cannot be established because no local achieved-rent evidence or auctioneer rent estimate is supplied. The £400 pcm asking rent evidence is for a two-bedroom flat in Hailsham, not Eastbourne, and is not sufficient to support a property-specific rent estimate. Buyer premiums, administration charges and other non-optional costs are also unquantified.

Flip Analysis

A flip surplus cannot be calculated. The sole comparable is from 2007, is freehold rather than leasehold and is not a reliable basis for current resale value. No works budget, selling allowance or current comparable evidence is supplied.

Investor Risks & Due Diligence

• Approximately 71 years remain on the lease at the current date, requiring legal and lender review.

• The only supplied sale comparable is from 2007 and is freehold rather than leasehold.

• No reliable Eastbourne achieved-rent evidence or auctioneer rent estimate is supplied.

• Administration, buyer and other non-optional fees are unquantified and may be payable in addition to the bid.

• The property is vacant, so no passing rent is evidenced.

• No condition report or refurbishment budget is supplied.

Recommendation

Do not bid on investment returns alone. Proceed only after satisfactory legal review of the approximately 71-year lease, confirmation of all buyer charges and an independent inspection; current evidence is insufficient to set a defensible bid ceiling.

Strategy Rating

Analysis Confidence

Evidence includes a guide range, basic property details, one materially dated freehold comparable and non-local asking-rent evidence, but lacks current comparable sales, reliable rent, condition, works costs and quantified buyer fees.