Flat 3 New Coach House, Safflower Lane, Romford, Essex, RM3 0LN

Description

A vacant well presented apartment in a Grade II listed building, this apartment is one of only three in the building. The building was originally part of Harold Wood hospital and was fully renovated in 2016 and offers both period architecture and contemporary living. The property offers two bedroom and two bathroom accommodation and is located within 0.2 miles to Harold Wood station, which is a part of the recently opened Elizabeth Crossrail line, in addition to being a stone's throw away from the High Street.

Accommodation

Entrance Hall; Living/Kitchen/Dining Room 23'7 x 11'9; Inner Hall; Bedroom One - 12'6 x 11'9; En-Suite Bathroom; Bedroom Two - 11'9 x 7'8; Bathroom/WC

Location

Located within 0.2 miles of Harold Wood station, part of the Elizabeth Crossrail line, and a stone's throw away from the High Street.

Tenure / Property Information

Investment Analysis

The closest evidence is the same development: £365,000 completed in May 2024 and £395,000 in February 2021. Other same-address development sales range from £390,000 to £427,500, but are less directly comparable. A base GDV of £365,000 is prudent, with £365,000–£395,000 as an evidence-supported range. The £295,000 guide is before unspecified fees.

Investment Snapshot

Strategy Recommendation

Consider as a hold-to-let purchase if auction fees, service charge, ground rent, management costs and achievable rent are confirmed. Avoid relying on the headline BRRR cash-left figure until those costs and refinance terms are verified.

Works Required

No refurbishment works are evidenced. The apartment is described as well presented and renovated in 2016. Allowance excludes any undisclosed leasehold, compliance or maintenance costs.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

Using the £365,000 base GDV, 75% refinancing indicates £273,750 gross borrowing. Against the £295,000 purchase price and no evidenced works allowance, indicative cash left in is £21,250 before finance, tax and unspecified auction fees. Actual refinance depends on lender valuation and affordability.

Buy-to-Let Analysis

At the £295,000 guide, the advertised £1,487 pcm rent implies approximately 6.05% gross yield before auction fees, finance, service charge, ground rent, insurance, tax and maintenance. The rent is an asking rent rather than achieved rent. BTL viability is subject to confirming leasehold costs and fees.

Flip Analysis

A resale at the £365,000 base GDV would show a £70,000 gross spread over the guide and no evidenced works allowance, before selling costs, finance, tax and auction fees. A net flip surplus cannot be established because selling and purchase fee amounts are unavailable.

Investor Risks & Due Diligence

• Buyer and other auction fees are unspecified.

• The £1,487 pcm figure is an advertised asking rent, not achieved rent.

• Service charge, ground rent, buildings insurance and management costs are not provided.

• Refinance value and borrowing are indicative only and depend on lender valuation and criteria.

• The property is leasehold despite having 114 years remaining.

• Grade II listed status may affect future alterations or maintenance decisions.

Recommendation

Consider as a hold-to-let purchase if auction fees, service charge, ground rent, management costs and achievable rent are confirmed. Avoid relying on the headline BRRR cash-left figure until those costs and refinance terms are verified.

Strategy Rating

Analysis Confidence

Good direct sale evidence, lease and asking-rent evidence are available, but auction fees, leasehold charges, achieved rent, finance terms and selling costs are not supplied.