Flat 6, Broadwater Close, Staines-upon-Thames, Middlesex

Description

Long leasehold 1 bedroom first floor self-contained flat requiring modernisation.

Accommodation

First floor: One bedroom, reception room, kitchen, bathroom/WC. Outside: Demised Garden. Gross Internal Area GIA approximately 55 sq m (592 sq ft).

Location

The property is situated on Broadwater Close off Staines Road. Public transport links include Wraysbury Mainline Rail Station and local bus services. Road links include the A308 and the M25 (Junction 13). Shopping amenities are available locally within Wraysbury Village Centre, with further shops, bars and restaurants in Staines-upon-Thames Town Centre and Windsor Town Centre. Recreational pursuits include Wraysbury Reservoir, Wraysbury Riverfront and Windsor Great Park.

Tenure / Property Information

Investment Analysis

The only supplied relevant comparable is Flat 5, Broadwater Close, sold leasehold for £149,950 in January 2014. It is in the same close but is not the subject flat and is now dated evidence. The £137,000 guide is £12,950 below that historic sale, but no current comparable sales or formal valuation are supplied. A current GDV estimate is therefore uncertain.

Investment Snapshot

Strategy Recommendation

Proceed only conditionally, subject to legal-pack review, confirmation of lease and charges, a survey, heating assessment, current local sales evidence and contractor quotations. Do not rely on the historic comparable or non-local rental listing for bidding.

Works Required

Modernisation is required, but the evidence does not specify the scope. Obtain a survey and contractor quotations before allowing for kitchen, bathroom, finishes, heating or other works; the heating condition is expressly not warranted.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

Using the historic same-close comparable as an indicative £149,950 GDV gives a theoretical 75% refinance figure of £112,462.50. However, refurbishment costs, acquisition costs beyond the £1,800 administration charge, lease details and current market value are not sufficiently evidenced, so cash recycling and viability cannot be confirmed.

Buy-to-Let Analysis

A reliable BTL appraisal cannot be established. The only one-bedroom rental evidence is an advertised £1,616 pcm listing in Twickenham, which is not sufficiently comparable to this Wraysbury property. Works, lease terms, service charges, ground rent and other ownership costs are also unknown.

Flip Analysis

A flip appraisal cannot be completed because refurbishment costs, current resale evidence, selling costs and any applicable seller fees are unavailable. The 2014 comparable is insufficient on its own to establish a current resale surplus.

Investor Risks & Due Diligence

• The only relevant sale comparable is from 2014 and relates to a different flat.

• Refurbishment scope and cost are unspecified; the flat is described as requiring modernisation.

• Heating condition is not warranted or guaranteed.

• Lease information is awaited, including potentially material lease terms and charges.

• No reliable local achieved or advertised rental evidence is supplied for this property.

• Additional seller fees may be payable under the Special Conditions of Sale.

• Leasehold ownership may involve service charge and ground rent liabilities, which are currently unknown.

• EPC rating E may affect letting, financing or future improvement requirements.

Recommendation

Proceed only conditionally, subject to legal-pack review, confirmation of lease and charges, a survey, heating assessment, current local sales evidence and contractor quotations. Do not rely on the historic comparable or non-local rental listing for bidding.

Strategy Rating

Analysis Confidence

The property description, guide price, one historic same-close sale and known £1,800 administration charge are supplied, but current comparable sales, local rent, refurbishment costs, lease details, service charges, ground rent and seller fees are missing.