Flat 3, Windsor Mansions, 62 Grove Road South, Southsea, Hampshire

Description

Leasehold first floor flat comprising one bedroom, reception room, kitchen and bathroom/WC.

Accommodation

One bedroom, reception room, kitchen, bathroom/WC

Location

Located on Grove Road South. Shopping amenities are available locally within Southsea and Portsmouth City Centre. Public transport links include Portsmouth & Southsea Train Station, Fratton Train Station and local bus services. Road links include the A2030 and A288. Southsea Common is to the south.

Tenure / Property Information

Investment Analysis

Same-building completed sales range from £80,000 to £160,000, with the two most recent sales at £157,000 in September 2024 and £160,000 in January 2026. The £80,000 sale is a significant outlier and the comparable lease lengths and condition are not supplied. A base GDV of £157,000 is therefore used, subject to the subject flat having materially comparable condition and lease terms. The subject has only 58 years remaining at auction, which may reduce value and mortgageability relative to the comparables.

Investment Snapshot

Strategy Recommendation

Do not bid on the current evidence alone. Consider only after reviewing the legal pack, confirming the true remaining lease, service charge and ground rent, obtaining a condition assessment, and securing a substantial discount to the recent £157,000–£160,000 same-building sales.

Works Required

No specific defects or required works are evidenced. Obtain a survey and EPC recommendations; the property is rated EPC F. Confirm heating, parking, service charge, ground rent and lease administration before bidding.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

At a base GDV of £157,000, 75% refinancing equates to £117,750. Cash required cannot be calculated because the purchase price, works allowance and property charges are unavailable. The short remaining lease, unknown lease costs and missing finance/legal information make a BRRR strategy high risk without substantial price discount and confirmed refinance terms.

Buy-to-Let Analysis

Advertised one-bedroom rents range from £850 to £1,150 pcm, but these are asking rents rather than achieved rents. Gross yield cannot be calculated because no guide or purchase price is provided, and service charge, ground rent and other costs are unknown. The 58-year lease and EPC F rating may constrain mortgageability, tenant appeal and future resale.

Flip Analysis

A resale benchmark of £157,000 is supported by the latest same-building sales, with a high scenario of £160,000 and low scenario of £117,000. A flip surplus cannot be calculated because there is no purchase price, refurbishment allowance or supported selling-cost allowance. The short lease may materially affect resale demand and financing.

Investor Risks & Due Diligence

• Only 58 years remain on the lease at the auction date, with extension cost and terms unknown.

• Annual service charge, ground rent and review provisions are not supplied.

• No guide price or purchase price is supplied, preventing yield, total-cost and maximum-bid calculations.

• EPC rating is F, but required improvement works and costs are unknown.

• Rental figures are advertised asking rents, not achieved rents.

• The latest comparable sales do not include their lease lengths or condition, limiting direct valuation comparison.

• A £1,800 inclusive-of-VAT contract documentation fee is payable, and additional seller fees may apply.

• Parking and heating arrangements are unconfirmed.

Recommendation

Do not bid on the current evidence alone. Consider only after reviewing the legal pack, confirming the true remaining lease, service charge and ground rent, obtaining a condition assessment, and securing a substantial discount to the recent £157,000–£160,000 same-building sales.

Strategy Rating

Analysis Confidence

Recent same-building completed sales and rental asking evidence are available, but the guide/purchase price, condition, comparable lease lengths, service charge, ground rent, seller fees and auction-date legal details are missing.