Flat 3, 3 Trinity Road, Ventnor, Isle Of Wight

Description

This second floor one-bedroom flat is situated in a four storey building, a short walk/drive from the centre of Ventnor with all of its shopping and other amenities with the beach and seafront beyond. Recently redecorated, the flat has a parking space to the front of the building while, from the kitchen and living room windows, there is a pleasant sea view. The outlook from the bedroom at the rear of the building looks towards St Boniface Down. The flat has been in use for many years as a residential letting investment and is considered ideal for continued use in that guise or perhaps for use by an owner occupier.

Accommodation

Second floor: entrance hall, living room, kitchen, bedroom and bathroom.

Location

Situated a short walk/drive from the centre of Ventnor, with shopping and other amenities, and the beach and seafront beyond. The property has a sea view from the kitchen and living room windows and views towards St Boniface Down from the bedroom.

Tenure / Property Information

Investment Analysis

The guide of £55,000 is materially below the supplied Trinity Road leasehold flat sales: £130,000 in 2022, £140,000 and £149,950 in 2021, and £225,000 in 2023. However, the comparables are not identified by bedroom count, size, condition, floor or exact specification, so they cannot establish a precise value for this one-bedroom flat. A cautious evidence-based scenario range is £130,000 to £225,000, with £140,000 used as the base scenario, broadly reflecting the lower cluster of same-road sales. The flat is recently redecorated and has parking and views, but service charge, building condition and lease documentation details are not supplied.

Investment Snapshot

Strategy Recommendation

Potentially attractive at or near the guide for an owner occupier or value-led investor, subject to viewing, lease/service-charge review and confirmation of all auction fees. Do not underwrite BTL or a flip until rent and project costs are evidenced.

Works Required

No material works are evidenced: the flat is described as recently redecorated. Allowance should be made only after inspection for any repairs, compliance items or communal-building liabilities, none of which are quantified in the supplied evidence.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

At the £55,000 guide, the purchase price is substantially below the supplied same-road sale evidence. A 75% refinance against the £140,000 base GDV would be £105,000. However, total project cost, refurbishment cost, leasehold charges, finance costs and acquisition fees are unavailable, so cash left in and BRRR viability cannot be reliably calculated.

Buy-to-Let Analysis

The property has historically been used as a residential letting investment, but no sufficiently specific rental comparable or auctioneer rent estimate is supplied. Rent, yield, service-charge impact and net cash flow therefore cannot be established. The £50 annual ground rent is known, but other leasehold costs and buyer fees are not.

Flip Analysis

The supplied sales indicate potential gross value above the guide, with a base GDV of £140,000. A reliable flip surplus cannot be calculated because refurbishment, acquisition, finance, selling and administration costs are not quantified. The comparables also lack sufficient specification detail for a robust resale valuation.

Investor Risks & Due Diligence

• Comparable sales are not matched by bedroom count, floor area, condition or exact specification.

• No rental evidence is available, so BTL income and yield cannot be assessed.

• Leasehold service charge, reserve fund, management information and building liabilities are not supplied.

• Auction administration, search, other non-optional fees, taxes and registration costs are not quantified.

• Building condition and any communal repair liabilities are not evidenced.

• The remaining lease term is not stated as an exact current figure, although the lease commenced in 2007 for 999 years.

Recommendation

Potentially attractive at or near the guide for an owner occupier or value-led investor, subject to viewing, lease/service-charge review and confirmation of all auction fees. Do not underwrite BTL or a flip until rent and project costs are evidenced.

Strategy Rating

Analysis Confidence

There is useful same-road completed-sale evidence and a clear guide price, but the comparables are not specification-matched and there is no rent, service-charge, refurbishment-cost or complete fee evidence.