Flat 38, Itchen View, Itchenside Close, Swaythling, Southampton, SO18 2RP

Description

Long leasehold one bedroom first floor purpose built self-contained flat requiring modernisation. By order of a Major Housing Association.

Accommodation

First floor: one bedroom, reception room, kitchen, bathroom/WC and hall. Gross Internal Area: approximately 34 sq m (367 sq ft).

Location

The property is situated on Itchenside Close between its junctions with Mansbridge Road and Octavia Road. Public transport links include Swaythling Mainline Railway Station and local bus services. Road links include the M27 and M3 Motorways. Shopping amenities are available locally within Portswood and Swaythling, with further shops, bars and restaurants in Southampton City Centre and Westquay Shopping Centre. Recreational pursuits can be found at Riverside Park, Monks Brook Greenway and the River Itchen.

Tenure / Property Information

Investment Analysis

The guide is £63,000. The supplied Land Registry evidence records sales at £122,000 in 2014 and £122,000 in 2007 for flats at Itchen View, with earlier sales of £55,000 in 2001 and £45,000 in 1999. These are historical, non-current transactions and no size, floor, condition or lease-detail adjustments are supplied. A current GDV or reliable market-value range cannot therefore be established from the evidence alone. The property is a 34 sq m one-bedroom flat requiring modernisation, with disconnected services and unknown service charge, ground rent and other lease terms.

Investment Snapshot

Strategy Recommendation

Do not bid on the supplied evidence alone. Proceed only after reviewing the legal pack and confirming current value, lease costs, service charges, heating condition, refurbishment scope and achievable rent.

Works Required

Obtain legal and management information, inspect the disconnected services and heating system, and complete only the modernisation and repairs identified by inspection. Likely scope cannot be costed from the supplied evidence; no specific defects beyond the stated need for modernisation and disconnected services are confirmed.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

A BRRR assessment cannot be completed. Current GDV, refurbishment cost, rent, service charge, ground rent and finance assumptions are unavailable. The historical £122,000 sales are not sufficient evidence for a current refinance valuation.

Buy-to-Let Analysis

BTL viability cannot be established because no sufficiently specific rental evidence, auctioneer rent estimate, refurbishment cost, service charge or ground rent is supplied. The unknown lease and management costs could materially affect net returns.

Flip Analysis

A flip surplus cannot be calculated because there is no current GDV, refurbishment allowance or supported selling-cost allowance. The historical comparable evidence indicates prior values but does not establish the present resale value.

Investor Risks & Due Diligence

• Historical comparable sales may not represent current market value.

• The flat requires modernisation, but the refurbishment scope and cost are unknown.

• Services are disconnected and the heating system is not warranted.

• Annual service charge, ground rent, review provisions and other lease information are unknown.

• The seller may charge additional completion fees under the Special Conditions of Sale.

• No reliable rental evidence or passing rent is supplied.

• The property has unallocated resident parking and no garden.

Recommendation

Do not bid on the supplied evidence alone. Proceed only after reviewing the legal pack and confirming current value, lease costs, service charges, heating condition, refurbishment scope and achievable rent.

Strategy Rating

Analysis Confidence

Only historical completed sales and a guide price are supplied. Current comparables, rental evidence, refurbishment costs, lease charges, occupancy details and finance assumptions are missing.