Flat 3, 4 The Crescent, Bridlington, East Yorkshire

Description

A spacious two bedroom second floor apartment in Bridlington town centre. The property requires some improvement throughout and would be well suited to purchasers looking for an investment, holiday let or second home. Once works have been completed, the auctioneer estimates the property could achieve a rental income of approximately £8,400pa.

Accommodation

Second Floor: Entrance Hall, Living Room/Kitchen, Bedroom One, En-Suite, Bedroom Two, Bathroom. Storage cupboard on the landing to the right of the front door to the flat.

Location

The Crescent is within easy reach of Bridlington’s town centre, with a range of shops, everyday amenities, pubs and restaurants nearby. The beach and seafront are also close by, making it convenient for access to the town’s coastal attractions and facilities.

Tenure / Property Information

Investment Analysis

The supplied sold evidence is limited: all five entries refer to the same comparable address, with four records at £120,000 and one at £110,000, so it does not establish a reliable valuation for Flat 3. An indicative evidence-based GDV range is £110,000–£120,000, with £115,000 used as the base scenario. The lease evidence is inconsistent, stating both 63 years and 61 years remaining; this requires legal-pack confirmation. The £60,000 guide is materially below the indicative comparable range, but refurbishment costs, service charges, ground rent and other completion costs are not supplied.

Investment Snapshot

Strategy Recommendation

Proceed only subject to inspection and legal-pack review, particularly confirmation of the unexpired lease, service charge, ground rent and all buyer costs. The guide suggests potential value, but the unknown refurbishment and lease costs make a firm bid or flip decision unsupported.

Works Required

The auctioneer describes the flat as requiring some improvement throughout. Works should therefore be assessed after inspection and may include general updating, but no specific defects or quantified works allowance is supported by the evidence.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

At the £60,000 guide, the known buyer premium and minimum administration charge total £2,880, before works and other potential legal-pack costs. A 75% refinance against the £115,000 base GDV would be approximately £86,250. Cash left in cannot be calculated because refurbishment and total project costs are unsupported. The lease length and lender acceptability also require confirmation.

Buy-to-Let Analysis

The auctioneer estimates approximately £8,400 per annum after works, equivalent to £700 pcm. This produces a 14.00% gross yield against the £60,000 guide before works, buyer premium, administration, legal costs, service charges, ground rent, voids and management. The supplied advertised two-bedroom rents range from £300 to £625 pcm, so achievable rent is uncertain and the auctioneer figure should not be treated as passing rent.

Flip Analysis

An indicative base GDV of £115,000 is supported only weakly by repeated sales records for one other address. A flip surplus cannot be calculated because refurbishment costs, selling costs and other project costs are not supplied. The short lease and possible lease-related costs may also affect resaleability and value.

Investor Risks & Due Diligence

• Lease term is inconsistently stated as 63 years and 61 years remaining and must be verified.

• Refurbishment costs are not quantified and the description gives no specific defects.

• The sold comparable evidence repeatedly records the same address and may not be representative of this flat.

• The £8,400 annual rent is an auctioneer estimate after works, not passing rent; advertised rents are not achieved rents.

• Service charge, ground rent, lease restrictions and other legal-pack costs are not supplied.

• Buyer premium, administration charges and possible disbursements, sellers' costs, legal fees and transfer fees may increase total cost.

• On-street parking requires a permit.

Recommendation

Proceed only subject to inspection and legal-pack review, particularly confirmation of the unexpired lease, service charge, ground rent and all buyer costs. The guide suggests potential value, but the unknown refurbishment and lease costs make a firm bid or flip decision unsupported.

Strategy Rating

Analysis Confidence

There is some location-specific sales and rental evidence, but the sales records are duplicated for one address, rental evidence is asking-rate or auctioneer-estimated, refurbishment costs are unquantified, and the lease term is inconsistent.