Flat 9, Irene Barclay House, 152 Eversholt Street, Somers Town, London

Description

A one bedroom second floor flat. The property forms part of an attractive converted building. In need of modernisation. Vacant.

Accommodation

Second Floor - Entrance Hallway, Reception Room, Kitchen, Bedroom, Bathroom/WC.

Location

Located on Eversholt Street, accessed off Euston Road. Amenities are available nearby, with a broader range of facilities including shopping at Oxford Street and Tottenham Court Road just a short distance away. Recreational amenities of Regent's Park and other nearby green spaces are all easily accessible. Well located for access to London Euston, King's Cross and St Pancras International, providing extensive London Underground, National Rail and Eurostar links. Transport: Mornington Crescent - Northern; Euston - Avanti West Coast, Caledonian Sleeper, Lioness, West Midlands Railway, Lioness, Lumo; St Pancras International - EMR, Eurostar, Hull Trains, RailAdventure, Southeastern; Kings Cross - Grand Central, Great Northern, Hull Trains, Thameslink, Lumo.

Tenure / Property Information

Investment Analysis

The guide price of £190,000 is materially below the two supplied Irene Barclay House completed sales of £330,000 and £340,500, and below other Eversholt Street flat sales of £401,000 and £456,000. However, the evidence does not provide bedroom count, floor area, condition, lease details or specification for the comparables, so it is insufficient to establish a reliable subject-specific GDV or maximum bid. The £650,000 2021 sale is older and not directly comparable without further detail.

Investment Snapshot

Strategy Recommendation

Proceed only after reviewing the legal pack, confirming the new 999-year lease terms, obtaining a measured inspection and pricing the modernisation works. The evidence suggests potential value uplift, but is not sufficient to commit to BTL, BRRR or a flip at a calculated bid.

Works Required

Modernisation of the vacant one-bedroom flat, including the kitchen, bathroom/WC, finishes and general presentation, subject to inspection and the legal pack. No quantified works scope or cost evidence is supplied.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

The guide price is substantially below the supplied same-building sales, creating apparent value potential. However, refurbishment costs, buyer/admin charges, lease terms, rent and finance costs are unavailable. A 75% refinance of the indicative £340,500 base GDV would be £255,375, but the required total project cost and cash requirement cannot be calculated.

Buy-to-Let Analysis

BTL viability cannot be established because no sufficiently specific rental evidence or auctioneer rent estimate is supplied. The vacant status and modernisation requirement may require an initial refurbishment period, but no cost or timescale is evidenced.

Flip Analysis

A resale strategy may offer potential based on the supplied £330,000 and £340,500 same-building sales, but the comparables lack size, bedroom, condition and specification details. No supported refurbishment budget, selling allowance or buyer costs are available, so flip surplus and a defensible maximum bid cannot be calculated.

Investor Risks & Due Diligence

• Buyer premium and VAT may apply, but no amounts are supplied.

• Seller charges and possible VAT treatment are to be confirmed from the Special Conditions of Sale.

• Lease terms and obligations require review despite the stated new 999-year lease.

• The property is described as needing modernisation, but the scope and cost are unknown.

• No sufficiently specific rental evidence is available.

• The supplied comparables may not match the subject flat in size, layout, condition or specification.

Recommendation

Proceed only after reviewing the legal pack, confirming the new 999-year lease terms, obtaining a measured inspection and pricing the modernisation works. The evidence suggests potential value uplift, but is not sufficient to commit to BTL, BRRR or a flip at a calculated bid.

Strategy Rating

Analysis Confidence

There are five completed-sale comparables, including two at the same building, but no comparable sizes, bedroom details, condition, lease information, rental evidence, refurbishment budget or complete fee schedule.