Flat 6 Courier House, Ewen Crescent, West Norwood, London

Description

Investment property. By Order of Receivers. Let on a room by room basis. GIA approximately 80 sq m (861 sq ft), sourced from the EPC.

Accommodation

Ground floor: reception room, kitchen. First floor: three bedrooms, shower room.

Location

Situated on the north side of Ewen Crescent, north of its junction with Upper Tulse Hill. Shops and amenities are available to the west along Brixton Hill. Tulse Hill station (Southern Line and Thameslink) is approximately 0.6 miles to the south. The A205 (Christchurch Road/South Circular) is readily accessible. Brockwell Park is located nearby.

Tenure / Property Information

Investment Analysis

The strongest evidence is from the same building: £285,000 and £382,500 completed sales in January/February 2022, with an older £307,000 sale in 2014. The wide spread, absence of flat-specific details and lack of more recent evidence make valuation uncertain. A derived base scenario of £333,750 is used as the midpoint of the two 2022 sales; this is an estimate rather than a formal valuation.

Investment Snapshot

Strategy Recommendation

Do not bid on the current evidence alone. Proceed only after verifying the room-by-room rent roll, condition, lease terms, legal title, fees and achievable resale value; the investment case is presently unquantified.

Works Required

No specific defects or refurbishment requirements are evidenced. Confirm condition, statutory compliance and any works required for the room-by-room letting arrangement before bidding.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

Using the derived base GDV, 75% refinance proceeds would be approximately £250,313 before lender deductions. A BRRR assessment cannot be completed because purchase price, refurbishment costs, rental income, fees and finance costs are not sufficiently evidenced.

Buy-to-Let Analysis

The property is occupied on a room-by-room basis, but no passing rent, room rents or reliable rental comparables are supplied. BTL income and gross yield therefore cannot be established. The approximately 84-year lease term also requires legal and lender acceptability checks.

Flip Analysis

The same-building sales indicate a broad 2022 value range of £285,000 to £382,500. However, refurbishment costs, acquisition costs, selling costs and the eventual purchase price are unavailable, so project profit and flip surplus cannot be calculated.

Investor Risks & Due Diligence

• No reliable rental evidence or passing rent is supplied, preventing yield and affordability analysis.

• The lease has approximately 84 years unexpired, which may affect lender appetite, value and future extension cost.

• Same-building comparable sales range from £285,000 to £382,500 and are from 2022, creating substantial valuation uncertainty.

• The property is let room by room, but tenancy structure, compliance position and management arrangements are not evidenced.

• Buyer premium, administration charges and other potential seller or third-party fees are not supplied.

• Property condition and any required refurbishment are not evidenced.

Recommendation

Do not bid on the current evidence alone. Proceed only after verifying the room-by-room rent roll, condition, lease terms, legal title, fees and achievable resale value; the investment case is presently unquantified.

Strategy Rating

Analysis Confidence

Same-building sold evidence is available, but it is dated, materially varied and not linked to flat-specific size or condition. Rent, works, fees, council tax, parking, heating and passing tenancy details are missing.