Flat 3, 223A Church Road, Willesden, London

Description

A one bedroom second floor flat. The property forms part of a mixed use building and benefits from a private balcony. In need of modernisation. Vacant.

Accommodation

Second Floor - Entrance Hallway, Reception Room, Kitchen, Bedroom, Bathroom/WC.

Location

Located on Church Road, connecting to the High Road. Amenities are available nearby on Church Road, Willesden High Road and Harlesden High Street. The recreational amenities of Roundwood Park, Brentfield Open Space and Gladstone Park are all easily accessible. Transport links via Neasden, Dollis Hill and Harlesden stations. Neasden - Jubilee. Dollis Hill - Jubilee. Harlesden - Lioness / Bakerloo.

Tenure / Property Information

Investment Analysis

The latest supplied comparable at 223A Church Road sold for £235,000 in April 2017, while an earlier sale at the same address was £168,000 in June 2014. These are historic and do not confirm the value of this specific Flat 3 or its current market value. A supported scenario range is therefore £168,000–£235,000, with £235,000 used as the base GDV because it is the latest same-address evidence. The £1,800 pcm figure is an advertised asking rent, not an achieved rent.

Investment Snapshot

Strategy Recommendation

Potentially attractive as a value-led BTL or BRRR purchase at guide, subject to confirming the legal pack, new lease terms, refurbishment scope, service charges and achievable rent. Do not set a maximum bid without those costs.

Works Required

Modernisation of the vacant one-bedroom flat, as stated in the listing. The evidence does not specify the required scope, condition items or refurbishment cost, so no works allowance is estimated.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

Using the base GDV scenario of £235,000, a 75% refinance is £176,250. This is £51,250 above the guide price before refurbishment, buyer fees, VAT, finance and other costs. Because the works budget and buyer charges are unavailable, cash required and refinance surplus cannot be established reliably.

Buy-to-Let Analysis

At the £125,000 guide price, the advertised £1,800 pcm rent implies £21,600 annual gross rent and a 17.28% gross yield before refurbishment, buyer fees, VAT, finance, service charges and other costs. The rent is only an asking listing, so achieved rent and net yield are unconfirmed.

Flip Analysis

At the £125,000 guide price, the base GDV scenario indicates a gross £110,000 difference before refurbishment, acquisition costs, selling costs, finance and tax. A reliable flip surplus cannot be calculated because the works cost, auction buyer fee and selling allowance are unsupported.

Investor Risks & Due Diligence

• The auctioneer buyer fee is unspecified and VAT or other seller charges may apply.

• The flat is stated to need modernisation, but the scope and cost of works are not provided.

• The £1,800 pcm rent is advertised asking rent rather than achieved or passing rent.

• The comparables are historic, with the latest supplied sale dating from 2017.

• The new 990-year lease and its terms require review in the legal pack.

• The property forms part of a mixed-use building, so building and service-charge obligations require confirmation.

Recommendation

Potentially attractive as a value-led BTL or BRRR purchase at guide, subject to confirming the legal pack, new lease terms, refurbishment scope, service charges and achievable rent. Do not set a maximum bid without those costs.

Strategy Rating

Analysis Confidence

There is useful same-address historic sales evidence and one advertised rental listing, but no current comparable valuation, specific refurbishment budget, buyer fee, service charge, lease detail or achieved rental evidence.