Flat 44, Park Gates, Chiswick Place, Eastbourne, East Sussex

Description

A good size two-bedroom flat in need of improvement and forming part of the ground floor of this substantial purpose-built building, close to the seafront. The flat has a gas heating system via radiators, communal gardens with ornamental pond and residents parking.

Accommodation

Communal entrance door with entry-phone system to reception hall. Front door to entrance hall, living room with dining area, kitchen, double glazed doors to communal gardens, main bedroom with en-suite shower room/W.C., bedroom two and bathroom with W.C.

Location

Situated in a central location within the Devonshire quarter, close to comprehensive shopping facilities, theatres and amenities, including the seafront and railway station.

Tenure / Property Information

Investment Analysis

The supplied sold evidence is for Park Gates but does not identify flat numbers, sizes, condition or specification, so direct comparability is uncertain. Recorded prices range from £137,000 in June 2025 to £176,000 in May 2021, with higher 2021–2022 sales also recorded. A cautious evidence-based base GDV estimate is £156,500, with a low scenario of £137,000 and high scenario of £176,000. The flat is described as needing improvement, which may place it below fully improved comparable stock.

Investment Snapshot

Strategy Recommendation

Proceed only subject to inspection, leasehold/service-charge review and a fully priced improvement schedule. The lower guide offers potential rental value, but the uncertain works and comparable evidence make a conservative buy-to-let or light improvement strategy more defensible than an assumed flip.

Works Required

Inspection-led improvement works are required, but the evidence does not specify the defects or scope. Confirm the condition of the kitchen, bathrooms, decoration, flooring, heating, windows, electrics and communal/leasehold obligations before bidding; no refurbishment allowance can be reliably priced from the supplied evidence.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

At the estimated base GDV of £156,500, a 75% refinance is approximately £117,375. However, the improvement budget, auction costs, service charge and other acquisition costs are unknown, so cash left in and equity cannot be calculated reliably. The strategy depends on buying below the supported GDV range and confirming the leasehold and refurbishment position.

Buy-to-Let Analysis

Using the lower advertised rent of £1,275 pcm, annual rent is £15,300 and the gross yield is approximately 12.75% against the £120,000 lower guide, or 12.24% against the £125,000 upper guide. Using the £1,350 pcm asking rent produces higher figures, but these are advertised asking rents rather than achieved rents. Service charge, insurance, management, maintenance, voids, finance and purchase fees are not supplied, so net yield and total-cost yield cannot be established.

Flip Analysis

A potential resale spread exists between the guide and the estimated comparable-based GDV, but no supported refurbishment allowance, buyer costs, selling costs or exact comparable specification is available. A reliable flip surplus and maximum bid therefore cannot be calculated.

Investor Risks & Due Diligence

• The sold comparables vary materially in price and do not identify flat number, size, condition or specification.

• The property is stated to need improvement, but the defects and required works are not specified.

• Buyer premium, administration charges, other auction costs, stamp duty and registration costs are not quantified.

• Service charge, buildings insurance and other leasehold costs are not supplied.

• Rental figures are advertised asking rents, not achieved rents.

• The lease has approximately 95 years remaining based on the stated 125-year term from 24 June 1996, with ground rent of £48.75 per quarter; lease terms and future review provisions should be verified.

Recommendation

Proceed only subject to inspection, leasehold/service-charge review and a fully priced improvement schedule. The lower guide offers potential rental value, but the uncertain works and comparable evidence make a conservative buy-to-let or light improvement strategy more defensible than an assumed flip.

Strategy Rating

Analysis Confidence

There is useful same-building sold evidence and rental asking evidence, but the comparables are not flat-specific, the condition scope is unpriced, and buyer fees, service charge, selling costs and achieved rent are unavailable.