Flat B, 5 Minster Road, Cricklewood, London

Description

A three bedroom first floor flat. The property forms part of a bay fronted converted building. In need of modernisation. Vacant.

Accommodation

First Floor - Entrance Hallway, Reception Room, Kitchen, Three Bedrooms, Bathroom/WC, WC.

Location

The property is situated on Minster Road in Cricklewood, within the London Borough of Barnet. Local shops, supermarkets and everyday services are available along Cricklewood Broadway, with further amenities accessible in nearby Willesden and Brent Cross. Recreational amenities include nearby parks and open spaces, such as Gladstone Park and Roundwood Park. Transport links include Cricklewood railway station and nearby Willesden Green Underground station as well as road access via the A5 and A406, with connections to the M1. Transport Kilburn - Jubilee. Cricklewood - Thameslink.

Tenure / Property Information

Investment Analysis

Indicative GDV is based on the supplied Minster Road sales at £370,000, £400,000 and £407,000. The £762,500 sale is materially inconsistent and cannot be relied upon without further detail. As the comparables provide no bedroom, size, condition or floor information, the £400,000 base GDV is indicative only. The subject is stated to require modernisation, but the comparable condition is unknown.

Investment Snapshot

Strategy Recommendation

Do not bid on the current evidence without confirming the legal pack, all buyer and seller charges, lease/service-charge information, the scope and cost of modernisation, and achievable rent. The supplied rent suggests the property is unsuitable for a straightforward BTL strategy at the guide.

Works Required

Modernisation of the vacant three-bedroom flat, including review and updating of the kitchen, bathroom/WC, decoration, flooring and other finishes as required. The evidence does not quantify the works or identify specific defects.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

At the indicative £400,000 base GDV, a 75% refinance would be approximately £300,000. Works, buyer charges, seller charges, VAT and total project cost are not quantified, so cash required and whether the refinance would recover invested capital cannot be established.

Buy-to-Let Analysis

Using the supplied advertised asking rent of £600 pcm, annual gross rent is £7,200 and the gross yield on the £375,000 guide is approximately 1.92%, before finance, service charges, maintenance, management, voids and tax. The rent is asking evidence rather than achieved or passing rent. BTL appears weak on the supplied figures.

Flip Analysis

A resale value around £400,000 is an indicative scenario based on the supplied sales. The refurbishment cost, acquisition charges, selling costs and comparable condition are unknown, so a reliable flip surplus or maximum bid cannot be calculated.

Investor Risks & Due Diligence

• Modernisation is required, but no quantified scope or cost is supplied.

• The rental evidence is a single advertised asking rent and may not represent achievable or passing rent.

• The supplied sales show a wide range and lack sufficient property detail for direct comparison.

• Buyer fees, seller charges and possible VAT are unspecified.

• Service charge, ground rent and other lease liabilities are not supplied.

• The lease is dated from 6 June 2002 and the remaining term and lease liabilities should be verified in the legal pack.

Recommendation

Do not bid on the current evidence without confirming the legal pack, all buyer and seller charges, lease/service-charge information, the scope and cost of modernisation, and achievable rent. The supplied rent suggests the property is unsuitable for a straightforward BTL strategy at the guide.

Strategy Rating

Analysis Confidence

There are several nearby completed sales and a stated asking rent, but the comparables lack size, bedroom, condition and floor details; the rent is not achieved rent; works and all transaction costs are unquantified; and one comparable is a major outlier.