Flat 65 Western Beach Apartments, 36 Hanover Avenue, Canning Town, London, E16 1DZ

Description

The property comprises a first floor two bedroom flat situated within a purpose built block arranged over ground and eleven upper floors.

Accommodation

First Floor: Reception Room, Kitchen, Two Bedrooms, Two Bathrooms.

Location

The property is situated on a residential road close to local shops and amenities. The open spaces of Keir Hardie Recreation Ground are within easy reach. Transport links are provided by Canning Town underground station (Jubilee line) and West Silvertown DLR station.

Tenure / Property Information

Investment Analysis

HM Land Registry evidence shows five sales in the same development ranging from £446,000 to £625,000, with an average of £507,200. The two latest sales were £450,000 and £485,000. A base GDV of £485,000 is used as a cautious evidence-led estimate, with £450,000 low and £530,000 high scenarios. The comparables do not identify individual flat sizes, floors, outlook, condition or parking details, so valuation confidence is limited.

Investment Snapshot

Strategy Recommendation

Potentially attractive as a buy-to-let or refinance-led purchase if the flat’s condition, lease documents, service-charge position and achievable rent are verified. Do not rely on the headline margin or set a firm maximum bid until the unspecified auction and legal-pack costs are known.

Works Required

No condition defects or refurbishment requirements are supplied. Physical inspection and legal-pack review should establish whether any works are required; no works allowance has been included in the calculations.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

At the £295,000 guide plus the known £1,800 administration charge, the indicative total is £296,800 before any buyer premium, legal, search, seller-cost reimbursement, transfer, disbursement, finance or refurbishment costs. A 75% refinance against the £485,000 base GDV would be £363,750, theoretically exceeding this known-cost basis by £66,950. This is not a confirmed refinance outcome because valuation, lender criteria, loan costs, rent coverage and the full acquisition cost are unknown.

Buy-to-Let Analysis

Advertised asking rents for comparable two-bedroom flats in Western Beach Apartments and Canning Town range from £2,400 to £2,500 pcm. Using the midpoint of £2,450 pcm gives £29,400 annual rent and an estimated gross yield of 9.97% on the £295,000 guide, or 9.91% against the guide plus the known £1,800 administration charge. These are asking rents, not achieved or passing rents. Service charge, ground rent, council tax, insurance, finance and buyer premium are not supplied, so net yield cannot be established.

Flip Analysis

Using the £485,000 base GDV, the apparent gross margin over the £295,000 guide is £190,000 before the known £1,800 administration charge and any buyer premium, selling costs, legal costs, finance, tax and works. A reliable net flip surplus cannot be calculated because refurbishment requirements and selling allowances are unsupported.

Investor Risks & Due Diligence

• Buyer premium is payable or may be payable, but the amount is unspecified.

• Additional search, legal, seller-cost reimbursement, transfer and legal-pack disbursement costs may apply and are unquantified.

• The sold comparables do not provide individual flat size, floor, outlook, condition or parking details.

• Rental evidence comprises advertised asking rents rather than achieved or passing rents.

• No condition report or refurbishment specification is supplied.

• Service charge, ground rent, council tax and heating costs are not supplied.

• A refinance at 75% of the estimated GDV is not guaranteed and would be subject to lender valuation, criteria, rent coverage and costs.

Recommendation

Potentially attractive as a buy-to-let or refinance-led purchase if the flat’s condition, lease documents, service-charge position and achievable rent are verified. Do not rely on the headline margin or set a firm maximum bid until the unspecified auction and legal-pack costs are known.

Strategy Rating

Analysis Confidence

Same-development sold and rental evidence is available, but individual comparable details, property condition, service charges, ground rent, council tax, buyer premium, legal-pack costs and achieved rent are not supplied.