Flat 4 Drakes Court, High Street, Longstanton, Cambridgeshire

Description

Vacant long leasehold self-contained ground floor flat. GIA approximately 36.32 sq m (391 sq ft). By order of a Housing Association. The Vendor will not accept offers prior to auction.

Accommodation

Reception Room/Kitchen, Bedroom, Bathroom

Location

Located on the west side of High Street. The shops and amenities of Cambridge city centre are to the south east. Cambridge North rail station is approximately 6.9 miles to the south east. The A14 is to the south. Northstowe Western Park is to the east.

Tenure / Property Information

Investment Analysis

The strongest available evidence is the same-development completed sale at £112,500 on 13 March 2023. Older same-development sales range from £133,000 to £150,000, but they may reflect different flats, condition and market conditions. A cautious base GDV of £112,500 is used, with an evidence range of £112,500 to £149,500. The approximately 962-year lease and £50 annual ground rent are favourable, but condition, service charge, EPC, parking and exact comparable specifications are unconfirmed.

Investment Snapshot

Strategy Recommendation

Proceed only subject to inspection, lease/service-charge review and full special-conditions review. The guide is below the latest same-development sale, but the absence of rental, condition and fee evidence makes a firm investment or maximum-bid case unavailable.

Works Required

No condition or specification of required works has been supplied. Allowance should not be estimated until inspection confirms the condition of the reception room/kitchen, bedroom, bathroom and finishes. The flat is described as vacant, but no defects are evidenced.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

Using the cautious £112,500 base GDV, a 75% refinance calculation gives £84,375. This is £625 below the £85,000 guide before works, buyer costs, finance, tax and other charges. Because works, fees and rent are unsupported, the cash required and refinance viability cannot be calculated reliably.

Buy-to-Let Analysis

BTL assessment cannot be completed because no sufficiently specific rental evidence or auctioneer rent estimate is provided. Gross yield, operating surplus and debt-service coverage therefore cannot be established. The long lease and vacant possession are positive features, subject to lease and service-charge review.

Flip Analysis

The latest same-development completed sale supports a cautious £112,500 resale benchmark, while older sales reach £149,500. A flip surplus cannot be calculated because refurbishment costs, selling costs, buyer costs and the flat's precise condition are unknown. At the £85,000 guide, the headline difference to the base GDV is £27,500 before all such costs.

Investor Risks & Due Diligence

• No sufficiently specific rental evidence or auctioneer rent estimate is available.

• The sold comparables do not identify the bedroom count, floor, size or condition of the units sold.

• Required refurbishment costs cannot be assessed from the supplied evidence.

• Buyer, administration, seller and third-party charges are unspecified and may be contained in the special conditions.

• EPC, council tax, parking, heating and service-charge information are not supplied.

• The flat is leasehold, so the lease, management arrangements and service-charge position require review despite the very long remaining term.

Recommendation

Proceed only subject to inspection, lease/service-charge review and full special-conditions review. The guide is below the latest same-development sale, but the absence of rental, condition and fee evidence makes a firm investment or maximum-bid case unavailable.

Strategy Rating

Analysis Confidence

There are several completed sales in the same development and clear lease information, but the comparables are not flat-specific and there is no rental, condition, service-charge, EPC or fee evidence.