Flat B, 43 Victoria Road, Finsbury Park, London

Description

One bedroom first floor flat; well located for the amenities of Stroud Green Road and Blackstock Road; in need of modernisation; vacant.

Accommodation

First Floor - Reception Room, Shower Room/WC, Kitchen, Bedroom

Location

The property is situated in the vibrant area of Finsbury Park, with a wide range of local shops, cafés, restaurants and everyday amenities nearby. Stroud Green Road and Blackstock Road provide a diverse selection of independent businesses, eateries and local conveniences. Finsbury Park itself offers extensive green space and sports facilities. Finsbury Park Underground and railway stations are within easy reach, providing Victoria and Piccadilly line services alongside National Rail connections across London and beyond. Crouch Hill (Suffragette) Overground is also nearby.

Tenure / Property Information

Investment Analysis

The strongest supplied evidence is the completed sale of 45 Victoria Road, a leasehold flat/maisonette, at £422,500 on 9 June 2022. No floor area, bedroom count, condition or exact comparability is provided, so this is only an indicative reference rather than a formal valuation. The £280,000 guide is materially below that historic comparable, but buyer fees, VAT and modernisation costs are not supplied.

Investment Snapshot

Strategy Recommendation

Do not rely on the apparent guide-to-comparable discount alone. Proceed only after reviewing the auction legal pack, confirming the new lease terms, obtaining a survey and securing a detailed refurbishment budget.

Works Required

Modernisation is required according to the description, but no detailed schedule of works or cost evidence is supplied. A survey and contractor pricing would be required before bidding.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

Using the single local comparable as an indicative base GDV gives a theoretical 75% refinance figure of £316,875. However, refurbishment cost, acquisition fees, VAT and total project cost are unknown, so cash left in and refinance viability cannot be calculated reliably.

Buy-to-Let Analysis

The two supplied one-bedroom asking rents range from £575 to £2,167 pcm and are highly divergent; neither is confirmed as achieved rent or specifically attributable to this flat. A reliable rent, annual income and BTL yield therefore cannot be established. Buyer fees, VAT, service charge, ground rent, council tax and refurbishment costs are also unavailable.

Flip Analysis

The supplied comparable indicates a possible reference GDV of £422,500, but it relates to another flat/maisonette and completed in 2022, with no size, bedroom or condition details. With modernisation required and no works, acquisition-fee or selling-cost evidence, a flip surplus cannot be calculated.

Investor Risks & Due Diligence

• The flat is stated to need modernisation, but the scope and cost of works are unknown.

• The only relevant supplied comparable is a different flat/maisonette and is dated June 2022, with no size, bedroom or condition details.

• Rental evidence is limited to asking rents and varies substantially from £575 to £2,167 pcm.

• The buyer fee and any applicable VAT are excluded from the guide and are not quantified.

• The new 990-year lease is to be granted on completion, so the legal pack and lease terms require review before bidding.

Recommendation

Do not rely on the apparent guide-to-comparable discount alone. Proceed only after reviewing the auction legal pack, confirming the new lease terms, obtaining a survey and securing a detailed refurbishment budget.

Strategy Rating

Analysis Confidence

There is one nearby completed sale and two conflicting advertised rents, but no detailed comparable attributes, condition budget, property charges, buyer fees, VAT or auction legal-pack information.