Flat 7 Cheriton Court, Selhurst Road, Selhurst, London, SE25 6LW

Description

A Vacant Ground Floor Two Bedroom Flat with a Garage. The property comprises a ground floor two bedroom flat in shell condition situated within a purpose built block arranged over ground and two upper floors.

Accommodation

Ground Floor: Reception Room, Kitchen (Not Fitted), Two Bedrooms, Bathroom (Not Fitted).

Location

Situated on a residential road close to local shops and amenities. South Norwood Recreation Ground is within easy reach. Transport links are provided by Norwood Junction overground station and Selhurst rail station.

Tenure / Property Information

Investment Analysis

The most recent supplied completed sale in Cheriton Court was £152,500 on 18 June 2024. Other same-address sales range from £250,000 to £360,000 between 2016 and 2021, but the evidence does not identify the individual flats, sizes, condition, lease lengths or whether garages were included. The subject is explicitly in shell condition with approximately 38 years of lease remaining, so the £152,500 figure is used only as an indicative base GDV and not as a formal valuation. A reliable low/high GDV range cannot be supported.

Investment Snapshot

Strategy Recommendation

Do not bid on the guide alone. Consider only after reviewing the legal pack, confirming lease and building charges, obtaining a refurbishment quotation and checking that the post-works value and mortgageability are acceptable. The evidence currently supports caution rather than a committed BTL, BRRR or flip strategy.

Works Required

Complete the shell-condition flat, including fitting the kitchen and bathroom and carrying out the works necessary to make the reception room and two bedrooms usable. Exact scope and cost require inspection and quotations; no allowance has been assumed.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

Using the indicative £152,500 base GDV, 75% of GDV is £114,375. However, total project cost cannot be calculated because refurbishment costs, disbursements, legal costs and any other applicable charges are unknown. The approximately 38-year lease may also materially affect valuation and refinanceability, so BRRR viability is unproven.

Buy-to-Let Analysis

The supplied rental listing advertises £1,650 pcm, equivalent to £19,800 annually. Against the £70,000 guide alone, this indicates a headline gross yield of 28.29%, before the £1,800 administration charge, refurbishment, other purchaser costs, running costs and finance. A reliable yield on total invested cost cannot be calculated because refurbishment costs and other completion costs are not supplied. The 38-year lease and shell condition require particular scrutiny before relying on the rental case.

Flip Analysis

An indicative £152,500 base GDV is supported by the latest same-block completed sale, but the comparable may not match this flat and does not establish the value of a shell-condition property with approximately 38 years remaining on the lease. A flip surplus cannot be calculated without a supported refurbishment allowance, full purchase costs and selling costs.

Investor Risks & Due Diligence

• The flat is described as being in shell condition, with the kitchen and bathroom not fitted.

• Approximately 38 years remain on the lease, which may constrain value and finance options.

• The £152,500 comparable is for the same court but does not identify whether it is the same flat or confirm matching condition, size, lease length or garage provision.

• The £1,650 pcm figure is an advertised asking rent rather than achieved rent.

• An £1,800 inc VAT administration charge applies, while further disbursements and other legal, search, seller-cost or transfer charges may be payable under the special conditions.

• Refurbishment costs, service charges, ground rent, EPC and council tax information are not supplied.

Recommendation

Do not bid on the guide alone. Consider only after reviewing the legal pack, confirming lease and building charges, obtaining a refurbishment quotation and checking that the post-works value and mortgageability are acceptable. The evidence currently supports caution rather than a committed BTL, BRRR or flip strategy.

Strategy Rating

Analysis Confidence

There is a recent same-block completed sale and one advertised rent, but the comparable details, refurbishment costs, service or building charges, lease terms beyond the headline term, and additional purchaser costs are incomplete.