Flat 92 Sleaford House, Fern Street, Bow, London, E3 3PZ

Description

A Vacant Seventeenth and Eighteenth Floor Three Bedroom Split Level Flat in Need of Refurbishment. The property comprises a seventeenth and eighteenth floor three bedroom split level flat situated within a purpose built block arranged over ground and nineteen upper floors.

Accommodation

Seventeenth Floor: Reception Room with Open-Plan Kitchen; Bedroom. Eighteenth Floor: Two Bedrooms; Bathroom; Separate W/C.

Location

The property is situated on a residential road close to local shops and amenities. The open spaces of Bartlett Park are within easy reach. Transport links are provided by Bromley-by-Bow underground station (Circle line) and Limehouse rail station.

Tenure / Property Information

Investment Analysis

Completed sales supplied for Sleaford House range from £194,444 to £390,000, including £200,000 in December 2024 and £390,000 in March 2025. The comparables are at the same address but do not provide bedroom count, floor, size, condition or unit numbers, so they provide only a broad value indication rather than a precise valuation. A midpoint scenario of £295,000 is used for analysis, with £200,000 low and £390,000 high scenarios.

Investment Snapshot

Strategy Recommendation

Conditional BTL or BRRR consideration only after confirming refurbishment costs, service charge, legal-pack disbursements and achievable rent. Do not rely on the headline yield or base GDV without further due diligence.

Works Required

The flat is described as needing refurbishment. A detailed scope and cost allowance cannot be established from the evidence supplied; inspection and legal-pack review are required before bidding.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

Using the £295,000 base GDV scenario, 75% refinancing would equate to approximately £221,250. The guide price plus the known £1,800 administration fee is £141,800 before refurbishment and any other fees, but total project cost and cash left in cannot be calculated because refurbishment costs and disbursements are unknown. Refinance viability is therefore highly dependent on the actual works budget and achieved valuation.

Buy-to-Let Analysis

At the £140,000 guide, the advertised £2,700 pcm rent implies a gross yield of approximately 23.14% before refurbishment, finance, service charge, management, maintenance, voids and other costs. This is based on an asking rent rather than achieved rent, and the absence of cost and service-charge information prevents a net-yield assessment.

Flip Analysis

The supplied same-building sales indicate a broad resale range of £200,000 to £390,000, but the comparables are insufficiently detailed to confirm direct comparability with this three-bedroom split-level flat. A flip surplus cannot be calculated because refurbishment costs and selling costs are unsupported.

Investor Risks & Due Diligence

• The flat is explicitly described as needing refurbishment, but no works scope or cost estimate is supplied.

• The £2,700 pcm figure is an advertised asking rent, not an achieved or passing rent.

• Same-building sale prices vary materially from £194,444 to £390,000 and lack unit-specific details such as size, floor, bedroom count and condition.

• Buyer costs beyond the confirmed £1,800 administration fee and any legal-pack disbursements are not quantified.

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

• The property is leasehold; the legal pack should be reviewed to confirm lease terms and all ongoing obligations despite the stated new 125-year lease.

Recommendation

Conditional BTL or BRRR consideration only after confirming refurbishment costs, service charge, legal-pack disbursements and achievable rent. Do not rely on the headline yield or base GDV without further due diligence.

Strategy Rating

Analysis Confidence

The evidence includes same-building completed sales, a guide price, a new 125-year lease and one advertised rent, but lacks comparable unit details, refurbishment costs, service charges, selling costs, financing costs and confirmed achieved rent.