Flat B, 1, Tuscan Road, London

Description

Long leasehold first floor self-contained flat requiring updating. By order of a major housing association.

Accommodation

Entrance hall, two bedrooms, reception room, kitchen, bathroom/WC. Approximate area: 51m2 / 550 sq ft.

Location

Situated on Tuscan Road, well positioned for the amenities of Plumstead Common, Shooters Hill, Woolwich and historical Greenwich. Transport options include local bus routes, rail connections via Plumstead or road links via Woolwich Tunnel, A2 and A205.

Tenure / Property Information

Investment Analysis

The strongest supplied comparable is 9 Tuscan Road at £321,500 in September 2022, with an earlier sale at £250,000 in January 2019. The comparable is on the same road but is not confirmed as the same flat, size or condition. A base GDV of £321,500 is therefore an indicative evidence-led estimate, with £250,000 as a conservative lower scenario. The subject requires updating, but the scope and cost are not supplied.

Investment Snapshot

Strategy Recommendation

Proceed only as a cautious potential BTL/BRRR purchase subject to inspection, full legal-pack review and confirmation that updating costs and all completion charges leave adequate margin. Do not bid without a quantified works budget.

Works Required

General updating is required, but no specific defects, specification or contractor costs are provided. The precise works should be established from inspection and the legal pack before bidding; no refurbishment allowance can be reliably quantified from the evidence.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

A potential BRRR case exists if the flat can be acquired near guide, updated economically and refinanced against a value close to the £321,500 base GDV. However, works costs, full acquisition costs, lease details and refinance terms are unavailable, so refinance proceeds and cash left in cannot be calculated reliably.

Buy-to-Let Analysis

Supplied advertised asking rents for comparable two-bedroom flats range from £1,495 to £1,800 pcm. This implies approximately 9.20% to 11.08% gross yield on the £195,000 guide, with a midpoint rent estimate of £1,647.50 pcm and annual rent of £19,770. These are asking rents rather than achieved rents and exclude the unknown updating cost, seller charges and normal operating costs.

Flip Analysis

The latest supplied same-road comparable supports an indicative £321,500 GDV, against the £195,000 guide. A flip surplus cannot be calculated because the refurbishment allowance, seller fees and resale costs are not supplied. The comparable is not confirmed to match the subject in size or condition.

Investor Risks & Due Diligence

• The flat requires updating, but the extent and cost of works are unknown.

• Lease information is awaited and the legal pack must be checked for the new 990-year lease and other terms.

• The seller may charge additional completion fees, which are not quantified.

• Rental figures are advertised asking rents rather than achieved rents or passing rent.

• The main comparable sales are for a different property and do not confirm matching size, condition or specification.

• The £1,800 buyer administration charge is known, but the full acquisition cost cannot be calculated without other charges.

Recommendation

Proceed only as a cautious potential BTL/BRRR purchase subject to inspection, full legal-pack review and confirmation that updating costs and all completion charges leave adequate margin. Do not bid without a quantified works budget.

Strategy Rating

Analysis Confidence

There is useful same-road completed-sale and rental evidence, but the comparable property details, condition scope, lease information, refurbishment costs, seller fees and achieved rent are not confirmed.