Flat 4, Lime Kiln, Royal Wootton Bassett, Wiltshire, SN4 7HF

Description

Well proportioned first floor 2 bedroom flat in need of modernisation situated in the popular town of Royal Wootton Bassett. Ideal investment or first time buy.

Accommodation

Entrance hall, large dual aspect living room, kitchen/dining room, 2 double bedrooms and a bathroom.

Location

Situated in the popular town of Royal Wootton Bassett, Wiltshire.

Tenure / Property Information

Investment Analysis

Four Land Registry sales at the same Lime Kiln address range from £109,000 to £160,000, with the latest sale at £160,000 in November 2022. The evidence appears to relate to Flat 2 rather than the subject Flat 4, and there is no current market adjustment or floor-area evidence. A cautious evidence-based range is £133,000 to £160,000, with a midpoint estimate of £146,500.

Investment Snapshot

Strategy Recommendation

Potential BTL or BRRR opportunity only subject to inspection, refurbishment quotations, lease review and confirmation that the estimated £850 pcm rent is achievable. Do not bid from the guide price alone without establishing total project costs.

Works Required

Modernisation is required, but the supplied evidence does not specify the works. Obtain a schedule and contractor quotations before bidding; no refurbishment allowance can be reliably estimated from the evidence provided.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

At the £146,500 base GDV, a 75% refinance is approximately £109,875. The guide price is substantially below the evidenced sales range, but cash left in cannot be calculated because modernisation costs, leasehold charges, finance costs and other purchase costs are not supplied. The new 999-year lease is subject to legal-pack confirmation.

Buy-to-Let Analysis

The auctioneer estimates rent at £10,200 per annum, equivalent to £850 pcm. This represents a 13.60% gross yield on the £75,000 guide price, before modernisation, finance, service charge, leasehold and other ownership costs. Against the £146,500 base GDV, the indicative gross yield is approximately 6.96%. No sufficiently specific external rental evidence is available, and the auctioneer figure is only an estimate.

Flip Analysis

The base GDV is estimated at £146,500, giving a £71,500 gross difference against the £75,000 guide price before works, selling costs, finance and purchase costs. A reliable flip surplus cannot be calculated because the refurbishment allowance and selling costs are unsupported.

Investor Risks & Due Diligence

• Sold comparables appear to be for Flat 2 rather than the subject Flat 4, so direct comparability is uncertain.

• The completed sales are dated between 2017 and 2022, with no supplied current-market adjustment.

• The property needs modernisation, but no works scope or cost allowance is provided.

• The £10,200 annual rent is an auctioneer estimate and no sufficiently specific external rental comparable is available.

• The new 999-year lease and its service charge, ground rent and other terms require legal-pack confirmation.

• On-street parking is first come, first served rather than allocated.

• Buyer premiums, administration charges and other fees are not supplied.

Recommendation

Potential BTL or BRRR opportunity only subject to inspection, refurbishment quotations, lease review and confirmation that the estimated £850 pcm rent is achievable. Do not bid from the guide price alone without establishing total project costs.

Strategy Rating

Analysis Confidence

There are several same-address completed sales and an auctioneer rent estimate, but the sales appear to concern a different flat, are historical, and there is no condition cost, fee, service charge, EPC or legal-pack detail.