Flat 36, Albert Barnes House, New Kent Road, SOUTHWARK, London, SE1 6PH

Description

Long leasehold fifth floor purpose-built self-contained flat requiring modernisation.

Accommodation

Fifth floor: one bedroom, reception room, kitchen, shower room/WC, hallway and balcony. Gross Internal Area (GIA) approximately 42 sq m (452 sq ft).

Location

The property is situated within Albert Barnes House off New Kent Road and is close to Elephant & Castle Station. Public transport links include Elephant & Castle underground station, Elephant & Castle mainline rail station and local bus services. Road links include the A2 and A3. Local amenities include Elephant & Castle Shopping District, Borough, South Bank and Central London. Recreational pursuits include Newington Gardens and the River Thames.

Tenure / Property Information

Investment Analysis

The two supplied 2026 completed sales in Albert Barnes House range from £176,900 to £280,000, but no comparable floor areas, bedroom counts, condition details or lease terms are provided. A provisional base GDV of £228,450 is used as the midpoint of these two recent same-building sales. This is indicative only and the spread demonstrates material valuation uncertainty. The guide is £165,000, before the £1,800 buyer documentation charge and any applicable seller fees.

Investment Snapshot

Strategy Recommendation

Proceed only after reviewing the Legal Pack, confirming lease costs and terms, inspecting the flat, and obtaining a detailed modernisation budget. Treat the rental evidence as an initial screening indicator rather than a confirmed BTL case; do not bid on the current evidence alone.

Works Required

The flat is described as requiring modernisation, but no detailed schedule or condition report is supplied. Inspect and price the required modernisation before bidding, with particular attention to the kitchen, shower room, finishes and services only where confirmed by inspection or the Legal Pack. Do not assume these items require replacement without evidence.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

At the indicative £228,450 base GDV, 75% refinancing would be approximately £171,337.50. However, the refurbishment budget, total acquisition cost, service charges, ground rent, lease details and finance costs are unknown, so cash left in and equity cannot be calculated reliably. The strategy is not underwritable from the supplied evidence alone.

Buy-to-Let Analysis

The supplied area rental listings indicate asking rents of £2,485–£2,850 pcm, producing an indicative midpoint annual rent of £32,010 and a gross yield of approximately 19.4% against the £165,000 guide. This is not a confirmed achievable rent for the flat: the listings are area-level asking rents, and no service charge, ground rent, insurance, finance, management, void or maintenance costs are supplied. The apparent yield should therefore not be relied upon without property-specific letting evidence and lease-cost information.

Flip Analysis

The guide is below the provisional same-building GDV range, but the latest comparable is only £176,900 and the available comparables lack size and condition details. Unknown modernisation costs, auction charges, possible seller fees and resale costs prevent a reliable flip surplus calculation. A resale case should not be assumed from the headline GDV midpoint.

Investor Risks & Due Diligence

• Lease information is awaited and approximately 102 years remain; buyers must verify the full lease terms in the Legal Pack.

• The flat requires modernisation, but no reliable works scope or cost is supplied.

• The two recent same-building sales vary materially from £176,900 to £280,000 and lack comparable specification and condition details.

• Rental figures are advertised asking rents for area listings, not achieved or property-specific rents.

• Service charge, ground rent, insurance and other leasehold costs are not provided.

• The buyer must pay the £1,800 inclusive-of-VAT contract documentation fee, and additional seller fees may apply.

• Parking and heating information is unavailable.

• No reliable maximum bid can be calculated without works, leasehold and transaction-cost information.

Recommendation

Proceed only after reviewing the Legal Pack, confirming lease costs and terms, inspecting the flat, and obtaining a detailed modernisation budget. Treat the rental evidence as an initial screening indicator rather than a confirmed BTL case; do not bid on the current evidence alone.

Strategy Rating

Analysis Confidence

There are two recent same-building sales and several area rental asking listings, but comparable specifications, lease costs, condition detail, modernisation costs, passing rent and possible completion fees are unavailable.