Flat 67, Park House, St. Austell, Cornwall, PL25 5HD

Description

A two-bedroom top-floor flat situated in St Austell, enjoying views across the town. The accommodation comprises a living/dining room, kitchen, two double bedrooms and a bathroom. The property requires light refurbishment. Access is via a communal lift or staircase, with further benefits including a communal laundry room and an allocated storage shed. The property is currently tenanted, generating a rental income of £575 per calendar month (£6,900 per annum).

Accommodation

Entrance Hall; Kitchen: 1.94m x 4.06m; Living Room: 3.13m x 5.41m; Bedroom: 2.84m x 4.30m; Bedroom: 2.44m x 4.30m; Bathroom: 1.63m x 1.96m

Location

St Austell, Cornwall. The flat enjoys views across the town.

Tenure / Property Information

Investment Analysis

Same-building completed sales provide useful evidence: £45,000 in June 2026, £59,950 in August 2025, £61,000 in October 2024 and £57,000 in May 2024. The £5,118,021 entry is clearly inconsistent with the other evidence and has been excluded. A base GDV of £57,000 is adopted, with a supported range of £45,000–£61,000. The current £575 pcm rent implies a gross yield of approximately 11.3%–15.3% against that GDV range.

Investment Snapshot

Strategy Recommendation

Potential income-led buy-to-let at the guide, subject to verification of the tenancy, lease term, service charges, ground rent and refurbishment requirement. Do not set a maximum bid without a priced works schedule and full lease/outgoings review.

Works Required

Light refurbishment is stated to be required, but no specific defects, scope or cost allowance is provided. Obtain inspection evidence and price only the confirmed works, while checking the communal lift, staircase, laundry facilities and storage shed arrangements.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

At the guide, the known buyer premium and administration charge bring the stated purchase price plus those two charges to £31,800, before any other fees or works. A 75% refinance against the £57,000 base GDV would be £42,750. However, refurbishment cost, lease term, service charges, ground rent and finance costs are unavailable, so total project cost and cash left in cannot be reliably calculated.

Buy-to-Let Analysis

The existing passing rent is £575 pcm (£6,900 annually). Against the £30,000 guide, the headline gross yield is 23%, before refurbishment, buyer premium, administration charge, other acquisition costs, finance, service charges, ground rent, maintenance, voids and management. The tenancy terms, lease length and property outgoings are not supplied, so net performance and sustainable rent cannot be established.

Flip Analysis

The supported same-building GDV range is £45,000–£61,000, with a £57,000 base case. A flip surplus cannot be calculated because refurbishment costs, other acquisition costs and a supported selling allowance are not provided. The relatively small apparent spread over the guide leaves limited tolerance for unknown costs.

Investor Risks & Due Diligence

• Lease term is not supplied, preventing assessment of mortgageability and lease value.

• Tenancy agreement, deposit position, arrears status and tenant terms are not supplied.

• The property requires light refurbishment, but no detailed scope or cost is available.

• Service charge, ground rent, communal maintenance costs and other property outgoings are not supplied.

• Buyer premium and administration charge are payable, with additional search, seller-cost, legal and transfer charges possible.

• The £5,118,021 comparable is inconsistent with the other same-building sales, indicating potential data-quality risk.

• Parking, heating and council tax information are not supplied.

Recommendation

Potential income-led buy-to-let at the guide, subject to verification of the tenancy, lease term, service charges, ground rent and refurbishment requirement. Do not set a maximum bid without a priced works schedule and full lease/outgoings review.

Strategy Rating

Analysis Confidence

There are several relevant completed sales in the same building and a stated passing rent, but the lease term, outgoings, tenancy terms, refurbishment cost and full acquisition costs are missing. One comparable is also an obvious data outlier.