Flat 4, 72-73 Market Jew Street, Penzance, Cornwall

Description

A vacant one bedroom top floor flat requiring updating, being conveniently situated in the thriving town centre of Penzance and having an outside balcony area with sea views to St Michaels Mount. The property offers a kitchen/diner, living room, double bedroom and a shower room, along with the remainder of a 999 year lease granted in 2005.

Accommodation

Communal entrance hall with stairs rising to all floors. Second floor external access via a balconied walkway serving Flat 4: entrance hall, kitchen/diner, living room, bedroom and shower room.

Location

Market Jew Street is set in the heart of the thriving town centre of Penzance, with a wide variety of bespoke shops, cafes and restaurants. Offering a level walk to the seafront and Promenade, along with the mainline railway station and public car parks nearby.

Tenure / Property Information

Investment Analysis

The five completed sales are all recorded at 72–73 Market Jew Street, ranging from £41,225 to £150,000, with the latest at £66,000 in December 2024. However, the evidence does not identify the individual flats, their sizes, condition, floor levels or transaction circumstances, so a reliable valuation or GDV for Flat 4 cannot be established. The £35,000+ guide is materially below the latest recorded building sale, but the condition, leasehold terms and flat-specific comparability require verification.

Investment Snapshot

Strategy Recommendation

Proceed only as a tightly controlled potential value-add purchase after verifying the legal pack, lease costs, condition and achievable resale value. Do not rely on the building-wide sales range or bid without a supported refurbishment and exit appraisal.

Works Required

General updating is indicated by the description, but no detailed schedule or condition report is supplied. Obtain a survey and legal pack before budgeting for kitchen, bathroom, decoration, flooring or other works; these should not be assumed or priced from the available evidence.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

A BRRR assessment cannot be supported without a flat-specific GDV, refurbishment budget, rent and finance assumptions. The long remaining lease is potentially supportive, but lease terms, service charges, ground rent and other legal matters are not supplied. Refinancing at 75% of GDV is therefore unquantifiable.

Buy-to-Let Analysis

BTL analysis cannot be completed because no sufficiently specific rental comparables or auctioneer rent estimate are provided. The flat is vacant, leasehold and EPC E. The known buyer/admin charge at the £35,000 guide would be the minimum £1,800 plus VAT, equating to £2,160 including VAT, before any other legal or acquisition costs.

Flip Analysis

A flip appraisal cannot be completed reliably. The same-address completed sales provide context but are not demonstrated to be comparable to Flat 4, and no supported works budget or selling-cost allowance is available. A survey, legal-pack review and flat-specific valuation are required before bidding.

Investor Risks & Due Diligence

• Flat-specific market value cannot be established from the supplied sales because the comparable units are not identified.

• The property is described as requiring updating, but no survey, schedule of works or refurbishment cost is provided.

• No sufficiently specific rental evidence or passing rent is available, preventing yield analysis.

• EPC rating is E.

• Council tax is stated as TBC.

• Leasehold service charge, ground rent, transfer restrictions and other lease terms are not supplied.

• The property has no private parking; only nearby public car parks are mentioned.

• The auctioneer may require payment of the seller's legal fees, subject to the legal pack.

• The known minimum admin charge is £1,800 plus VAT, and other acquisition costs may apply.

Recommendation

Proceed only as a tightly controlled potential value-add purchase after verifying the legal pack, lease costs, condition and achievable resale value. Do not rely on the building-wide sales range or bid without a supported refurbishment and exit appraisal.

Strategy Rating

Analysis Confidence

There is useful completed-sale evidence for the building and a stated guide price, but no flat-specific comparable details, rental evidence, works budget, council tax, heating information or full leasehold cost data.