Flat 4 West Pier Flats, Wharf Road, St Ives, Cornwall

Description

By order of the executors. Two bedroom second floor flat situated in a terraced building. Presented in clean decorative order. Currently used as a successful holiday let. Benefiting from sea views. Well located for the amenities of St Ives. Vacant upon completion.

Accommodation

Second Floor - Two Bedrooms, Bathroom, Lounge, Kitchen.

Location

Located on Wharf Road close to the turning for Lifeboat Hill. A range of local amenities can be found on Wharf Road, Street-An-Pol and Chapel Street. Recreational amenities of St Ives Beach, Porthmeor Beach and Trencrom Hill are easily accessible. Transport: St Ives - National Rail.

Tenure / Property Information

Investment Analysis

The only directly relevant completed sale is a West Pier Flats leasehold flat at £425,000 in March 2022. It is not confirmed to be the same flat, and no floor area, specification, parking, EPC or current comparable evidence is supplied. £425,000 is therefore a potentially indicative but dated and uncertain base GDV, not a formal valuation.

Investment Snapshot

Strategy Recommendation

Proceed only after reviewing the legal pack, lease and service-charge information and obtaining current valuation and holiday-let/rental evidence. Do not rely on the £425,000 comparable or bid solely on the apparent guide-price discount.

Works Required

No specific refurbishment works are evidenced. The flat is described as being in clean decorative order. Allowance is therefore limited to no identified works, subject to survey and inspection.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

Using the £190,000 guide and no identified works, the indicative base cost before unknown auction charges is £190,000. A 75% refinance against the £425,000 2022 same-building comparable would be £318,750, but the GDV is uncertain and the resulting cash-left-in figure of negative £128,750 is not a reliable funding outcome without a current valuation and lender assessment.

Buy-to-Let Analysis

BTL analysis cannot be established because no sufficiently specific rental evidence or auctioneer rent estimate is supplied. The property is currently used as a successful holiday let, but no income, occupancy or operating-cost figures are provided. Buyer fees, VAT and any seller charges are also unknown.

Flip Analysis

A theoretical base spread is £235,000 before finance, selling costs, auction charges, VAT, tax and any works. No supported selling allowance or current GDV range is available, so a dependable flip surplus cannot be calculated. The 2022 comparable may not reflect current value or this flat's exact attributes.

Investor Risks & Due Diligence

• The £425,000 comparable is from March 2022 and may not represent current market value.

• The comparable is not confirmed to be the same flat or to have identical sea views, condition, size or specification.

• No rental income or holiday-let performance data is supplied, so yield and affordability cannot be assessed.

• Buyer premium, VAT and possible seller charges are unspecified and excluded from the base cost.

• No EPC, council tax, parking, heating, service-charge or lease-cost information is supplied.

• Leasehold legal, management and holiday-letting restrictions require verification in the legal pack.

• A 75% refinance calculation based on the indicative GDV may not be accepted by a lender.

Recommendation

Proceed only after reviewing the legal pack, lease and service-charge information and obtaining current valuation and holiday-let/rental evidence. Do not rely on the £425,000 comparable or bid solely on the apparent guide-price discount.

Strategy Rating

Analysis Confidence

A same-building completed sale and basic property description are supplied, but the comparable is dated and not confirmed as the same flat. Rent, floor area, EPC, charges, buyer premium, VAT, condition beyond description and current market evidence are missing.