Flat 64 Rivers Apartments, Cannon Road, Tottenham, London, N17 8FE

Description

A Fourteenth Floor Two Bedroom Flat Subject to a Periodic Tenancy Producing £26,400 Per Annum (Reflecting a Gross Initial Yield of 10.7%)

Accommodation

Fourteenth Floor; Reception Room/Diner; Kitchen; Two Bedrooms; Bathroom

Location

Situated on a residential road close to local shops and amenities. Bull Lane Playing Fields are within easy reach. Transport links are provided by White Hart Lane Overground station and Northumberland Park Rail Station.

Tenure / Property Information

Investment Analysis

Same-building completed sales range from £153,000 to £340,000. The latest evidence is £340,000, while other sales include £198,000 and £257,000. Because flat-specific details are unavailable, a cautious scenario range of £198,000–£340,000 is used, with £257,000 as the base GDV.

Investment Snapshot

Strategy Recommendation

Prioritise as a cash-flow BTL, subject to satisfactory legal-pack, tenancy, service-charge and lease review. Avoid relying on a flip without confirming the flat-specific value and all fees.

Works Required

No refurbishment works are evidenced. Verify condition, service charge, lease terms and legal-pack requirements before bidding.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

At the base £257,000 GDV, 75% refinancing indicates £192,750, leaving approximately £54,050 of the stated purchase-plus-administration-cost basis unrecovered before finance, tax and other fees. Actual refinance depends on lender valuation, tenancy and lease assessment.

Buy-to-Let Analysis

The existing periodic tenancy produces £26,400 annually. This gives approximately 10.8% gross yield on the £245,000 guide and 10.7% including the stated £1,800 administration charge, excluding unknown fees and finance costs. The £3,350 pcm rental evidence is an advertised asking rent, not achieved rent.

Flip Analysis

Using £257,000 base GDV against £246,800 purchase plus known administration cost produces an indicative £10,200 surplus before selling costs, finance, tax, unknown auction fees and refurbishment. A formal flip surplus is not stated because no supported selling allowance is available.

Investor Risks & Due Diligence

• Periodic tenancy terms and possession position require legal review.

• Approximately 87 years remain on the lease.

• Same-building completed sales show substantial price variation.

• Special-condition disbursements and other purchaser costs are unknown.

• No condition, service-charge, council-tax, parking or heating information is supplied.

Recommendation

Prioritise as a cash-flow BTL, subject to satisfactory legal-pack, tenancy, service-charge and lease review. Avoid relying on a flip without confirming the flat-specific value and all fees.

Strategy Rating

Analysis Confidence

Passing rent and several same-building sales are available, but comparable flat details, condition, service charges, buyer fees and special-condition costs are incomplete.