Flat 4, 3 Foundation Street, Ipswich, Suffolk, IP4 1BS

Description

Two bedroom apartment located in Ipswich town centre. Situated in between Ipswich Town Centre and Ipswich Waterfront, this modern converted apartment offers one good sized double bedroom and further single bedroom, open-plan kitchen and lounge providing a bright living space and a family bathroom with separate bath and shower. Additional benefits include double glazing with electric heating, secure entry system with lift and stair access and located within walking distance of local amenities.

Accommodation

One good sized double bedroom, further single bedroom, open-plan kitchen and lounge, and family bathroom with separate bath and shower.

Location

Situated between Ipswich Town Centre and Ipswich Waterfront, within walking distance of local amenities.

Tenure / Property Information

Investment Analysis

The supplied sold evidence is for the same Foundation Street address but does not identify the individual flats, bedroom counts or condition. Values range from £140,000 to £192,000 in 2022–2024, with two 2024 sales at £145,000 and £192,000. A cautious HB scenario is £145,000 low, £170,000 base and £192,000 high, subject to confirmation that the comparables are sufficiently similar to Flat 4. The £90,000 guide represents a substantial apparent discount, but the analysis excludes unknown completion charges, finance, tax and any refurbishment requirement.

Investment Snapshot

Strategy Recommendation

Potentially suitable for BTL or BRRR at a price near the guide, subject to confirming the comparable flats, achievable rent, condition and leasehold costs. Do not bid on the apparent GDV margin alone; obtain the legal pack and full cost schedule first.

Works Required

No specific defects or refurbishment works are evidenced. Allow for inspection, cleaning or redecoration only if confirmed, and review the lease, service-charge information and legal pack before bidding.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

At the base GDV estimate of £170,000, 75% refinancing is £127,500. The apparent valuation margin is strong against the £90,000 guide, but cash left in cannot be calculated reliably because refurbishment, completion charges, finance and tax costs are not supplied. Leasehold service-charge and ground-rent terms should be checked before relying on the refinance case.

Buy-to-Let Analysis

Using the single advertised asking rent of £1,300 pcm, annual gross rent is £15,600 and gross yield on the £90,000 guide is approximately 17.33%. This is an asking rent rather than achieved rent and does not deduct the approximately £1,802 annual service charge, £150 ground rent, management, voids, repairs, finance or tax. Yield on total cost cannot be established because works and other auction charges are unknown.

Flip Analysis

The base GDV scenario is £170,000, against a £90,000 guide. The stated buyer premium and admin charge add £2,760, producing a known guide-plus-stated-fees subtotal of £92,760 before works and other charges. A reliable flip surplus cannot be calculated because selling costs, works, legal costs, finance, tax and other auction charges are unsupported.

Investor Risks & Due Diligence

• Same-address sold comparables do not identify the relevant flat, bedroom count or condition and vary materially from £140,000 to £192,000.

• The £1,300 pcm figure is an advertised asking rent, not an achieved or passing rent.

• Annual service charge is approximately £1,802 and ground rent approximately £150, with review terms requiring legal-pack confirmation.

• The lease has approximately 102 years remaining, subject to the stated inconsistency in the lease commencement date.

• Refurbishment requirements and property condition are not evidenced.

• Other charges may include search fees, sellers’ costs, legal fees, transfer fees and disbursements.

Recommendation

Potentially suitable for BTL or BRRR at a price near the guide, subject to confirming the comparable flats, achievable rent, condition and leasehold costs. Do not bid on the apparent GDV margin alone; obtain the legal pack and full cost schedule first.

Strategy Rating

Analysis Confidence

The property description, lease terms, guide, stated auction charges, one asking rent and several same-address sold prices are supplied, but the comparable unit details, condition, works requirement, full auction costs and achieved rent are not.