Flat 9 Jerningham Court, Ommaney Road, London

Description

A three bedroom split level flat over the second and third floors of this purpose built block, situated just to the south of New Cross Gate station. The property requires full refurbishment throughout.

Accommodation

Second/Third Floor: Entrance Hall, reception room, kitchen, 3 bedrooms, bathroom

Location

Situated just to the south of New Cross Gate station.

Tenure / Property Information

Investment Analysis

Recent same-address sold evidence ranges from £175,000 to £365,000, with a further 2025 sale at £365,000. Older sales were £341,500–£370,000. The £175,000 transaction may indicate materially different size, condition or circumstances, but no details are supplied. A provisional post-refurbishment evidence range of £341,500–£370,000 is used, with £365,000 as the base GDV; this is low-confidence because the comparable specifications and condition are not provided.

Investment Snapshot

Strategy Recommendation

Proceed only after obtaining a full refurbishment budget, leasehold and special-condition review, and evidence of comparable three-bedroom values. Do not rely on the provisional GDV alone to set a bid.

Works Required

Full refurbishment throughout, as stated in the auction description. No detailed specification is supplied, so kitchen, bathroom, finishes, services and other work items cannot be costed or assumed individually.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

Using the provisional £365,000 base GDV, 75% refinance is £273,750. Total project cost and cash left in cannot be calculated because the full-refurbishment allowance and other applicable costs are unknown. The 83-year unexpired lease should also be considered in refinanceability, but no lender criteria or lease-cost evidence is supplied.

Buy-to-Let Analysis

BTL analysis cannot be established because no sufficiently specific rental comparable or auctioneer rent estimate is provided. Refurbishment costs, leasehold charges and other property costs are also unavailable.

Flip Analysis

A flip case cannot be reliably quantified because refurbishment costs, selling costs and other project costs are unavailable. The provisional post-refurbishment GDV range is £341,500–£370,000, but the guide price plus the £1,500 administration charge already totals £291,500 before refurbishment and other costs.

Investor Risks & Due Diligence

• Full refurbishment is required, but no scope or cost estimate is supplied.

• No sufficiently specific rental evidence is available, so rental yield cannot be assessed.

• The lease has 83 years unexpired, which may affect marketability and refinancing; extension costs are unknown.

• Comparable sales lack bedroom, size, condition and transaction-context details, while the same-address evidence is materially dispersed.

• A £1,500 contract administration charge is payable on exchange, with possible additional fees under the sale conditions.

• The guide price is £290,000 plus, so the eventual purchase price is uncertain.

Recommendation

Proceed only after obtaining a full refurbishment budget, leasehold and special-condition review, and evidence of comparable three-bedroom values. Do not rely on the provisional GDV alone to set a bid.

Strategy Rating

Analysis Confidence

The property description and tenure are clear, but there is no refurbishment budget, rental evidence, service-charge or ground-rent information, buyer premium, detailed comparable specification, or complete fee schedule.