Flat 39 Jessop Court, Graham Street, Angel, Islington, London N1 8LG

Description

Long-leasehold one-bedroom residential investment, approximately 83 years unexpired, let at £1,700 pcm / £20,400 pa. EPC D.

Location

Flat 39 Jessop Court, Graham Street, Angel, Islington, London N1 8LG. The full postcode N1 8LG has been used for mapping. The investment appraisal considers the subject's London/regional micro-market and property type rather than applying a single UK-wide assumption.

Investment Analysis

Investment Snapshot

Works Required

• Targeted internal repairs and redecoration

• Services testing and landlord compliance

• External/common-part repairs identified by survey

• Review service-charge/major-works exposure before setting works budget

HB working works allowance: £7,000–£20,000. The range is tailored to the source description and asset type; it should be replaced by contractor pricing before bidding.

Rental & Market Context

The auctioneer/source states current income of £20,400 p.a. This equates to approximately 9.3% gross on the published guide. HB's market-rent appraisal is £1,700–£2,200 pcm / £20,400–£26,400 p.a.; compare this against the passing rent, lease/AST terms and any void units before assuming an uplift.

Sold within 5m radius

Reliable recent property-level sold comparables that were sufficiently like-for-like were not established in this pass. No addresses or prices have been invented. The GDV below is therefore an HB appraisal range with the stated confidence level and should be checked against HM Land Registry evidence before bidding.

GDV Assessment

HB indicative end value is £259,600–£330,000. The range reflects the subject property's tenure, condition, location, guide level and intended buy-to-let / brrr strategy. Confidence is medium; use the lower figure for bid sensitivity rather than treating the upper figure as guaranteed.

Strategy Recommendation

Preferred strategy: Buy-to-Let / BRRR. The working purchase range is £220,000–£237,600. The key decision is whether the verified legal/physical position supports the works allowance of £7,000–£20,000 and the stated income/end-value case.

Potential BRRR Position

Using a mid-point purchase of £228,800 and mid-point works of £13,500, purchase + works is about £242,300 before SDLT, auction fees and finance. A 75% refinance on the £259,600–£330,000 end-value range is approximately £194,700–£247,500. At the mid-point, about £21,200 of purchase-and-works capital remains in the deal before acquisition/finance costs. HB BRRR rating: Moderate.

Flip Analysis

Illustrative scenario: purchase £228,800, works £13,500 and approximately £24,200 for acquisition, finance/holding and selling costs. Total working cost is about £266,500 against a mid-point end value of £294,800, giving an indicative pre-tax margin of £28,300 (9.6% of GDV). On these assumptions the flip is marginal/weak and should be rejected if survey findings or bid competition erode the margin.

Investor Risks & Due Diligence

• Read the full Strettons legal pack and special conditions, including administration/buyer fees

• Verify title, tenure, lease length, occupational agreements and vacant-possession status

• Inspect condition and replace HB works assumptions with surveyor/contractor evidence

• Confirm finance and insurance availability for the exact asset type

• Re-check current rents, ERV and sold evidence immediately before bidding

Maximum Bid Analysis

Guide £220,000+. HB considers the deal strongest around £220,000–£220,000. Above approximately £220,000, the conservative end-value/refinance margin starts to weaken materially. This is an investment sensitivity indicator, not a valuation or instruction to bid.

Recommendation

Overall HB view: Buy-to-Let / BRRR. Risk: Medium; analysis confidence: Medium. The principal sensitivity is end value, rent and works cost. Proceed only if the legal pack and physical due diligence support the assumptions above and leave an adequate contingency.

Strategy Rating

Buy-to-Let/Income: ★★★★☆ | BRRR/Repositioning: ★★★☆☆ | Flip: ★★★☆☆

Research Sources

https://www.strettons.co.uk/auction-residential-property-for-sale/1-bedroom-flat-for-sale-in-flat-39-jessop-court-graham-street-angel-islington-london-n1-8lg-6a84819bcf4bc9ebb1c9e91a/ | https://www.strettons.co.uk/auctions/current-catalogue/ | https://ggfx-strettons.s3.eu-west-2.amazonaws.com/i/STRETTONS_100926_v3_a0b7eba637.pdf