Flat 54, 105 Hallam Street, Marylebone, London, W1W 5HE

Description

A Well Located Fourth Floor Studio Flat Subject to a Regulated Tenancy Producing £11,340 Per Annum. The property comprises a fourth floor studio flat situated within an attractive, portered, purpose built block arranged over ground and five upper floors.

Accommodation

Fourth Floor: Studio Room, Kitchen, Bathroom.

Location

The property is situated in the highly sought after area of Marylebone, close to local shops and amenities. The open spaces of Regent's Park are within easy reach. Transport links are provided by Regent's Park underground station (Bakerloo line) and Marylebone rail station.

Tenure / Property Information

Investment Analysis

Same-address leasehold sales range from £385,000 to £760,000. The two most recent supplied sales are £385,000 and £418,835, while £585,000 and £760,000 indicate substantial variation, potentially reflecting differences between flats. With no floor area, exact-flat match, condition, service-charge or lease-cost evidence, £418,835 is used as the base GDV. The £385,000 and £585,000 sales provide the low and high scenarios; the £760,000 sale is treated as an outlier for this analysis. The current regulated rent is £945 pcm (£11,340 per annum), materially below the supplied advertised asking rents, which are not treated as achieved or applicable vacant-market rent.

Investment Snapshot

Strategy Recommendation

Prioritise a regulated-tenancy income hold only after reviewing the tenancy, rent review provisions, service charges and legal pack. Do not underwrite a flip or refinance exit until tenure, valuation and all costs are confirmed.

Works Required

No refurbishment works are specified. The property is described as a studio with kitchen and bathroom and has an EPC rating of D, but condition, fittings and repair requirements are not evidenced. A survey and legal-pack review are required before budgeting works.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

The indicative 75% refinance against the base GDV is £314,126.25. However, total acquisition cost cannot be established because refurbishment requirements, disbursements and any additional special-condition charges are unknown. The regulated tenancy may also affect valuation, refinance terms and exit flexibility. BRRR potential appears dependent on buying materially below market value, but cash-left-in cannot be reliably calculated.

Buy-to-Let Analysis

At the £200,000 guide, the existing regulated rent of £11,340 per annum produces a 5.67% gross yield before finance, service charges, management, tax, repairs and unknown completion costs. The gross yield falls to approximately 2.71% against the base GDV. The supplied £3,002 pcm and £4,008 pcm figures are advertised asking rents for other properties and are not used because this flat is subject to a regulated tenancy. BTL viability therefore depends heavily on the regulated tenancy terms and ongoing block costs.

Flip Analysis

A resale at the base GDV of £418,835 would represent a substantial apparent discount to the £200,000 guide before fees and works. However, no supported refurbishment budget, selling-cost allowance, finance cost or vacant-possession assumption is available. The regulated tenancy may restrict a straightforward vacant resale, so a reliable flip surplus cannot be calculated.

Investor Risks & Due Diligence

• The property is subject to a regulated tenancy producing only £11,340 per annum, which may limit rent growth, vacant possession and exit options.

• Same-address sale prices vary materially from £385,000 to £760,000, and the supplied evidence does not identify the comparable flats or their sizes and condition.

• Refurbishment requirements and condition are not evidenced, so project costs cannot be budgeted.

• Disbursements and possible special-condition charges are unknown; only the £1,800 administration charge is supplied.

• Service charges, ground rent, insurance and other leasehold running costs are not supplied.

• Advertised rental figures are asking rents rather than achieved rents and may not apply to this regulated-tenancy studio.

Recommendation

Prioritise a regulated-tenancy income hold only after reviewing the tenancy, rent review provisions, service charges and legal pack. Do not underwrite a flip or refinance exit until tenure, valuation and all costs are confirmed.

Strategy Rating

Analysis Confidence

There is useful same-address sales evidence, a stated passing rent and a known guide price, but the exact-flat comparability, accommodation size, condition, service charges, tenancy terms, disbursements and other purchase costs are not supplied.