Flat B, 50 Elswick Road, London

Description

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

Accommodation

Entrance hall, studio room (combined bedroom and reception room), kitchen, bathroom/WC. Approx. 44m2 / 474 sq ft.

Location

Elswick Road is located to the north of Loampit Hill (A20) to the north of Lewisham town centre. Communication links include road links via the A20, A2211 and A2, local bus routes, a choice of Lewisham National Rail and DLR rail station or St John’s and Elverson Road rail stations. Recreational pursuits can be found at Brookmill Park. Lewisham town centre provides a wide range of shopping amenities, cafes, bars, restaurants and recreational pursuits.

Tenure / Property Information

Investment Analysis

The strongest supplied evidence is the £365,000 December 2023 sale of 44B Elswick Road, with an earlier sale of the same address at £327,500 in 2017. These are not confirmed identical units and no comparable floor area, condition or specification is provided. A provisional base GDV of £365,000 is therefore indicative only; the subject is a 474 sq ft studio requiring updating.

Investment Snapshot

Strategy Recommendation

Proceed only after reviewing the legal pack, confirming the new lease terms and obtaining a detailed refurbishment and resale-cost budget. At the current evidence level, avoid bidding solely on the guide-to-GDV spread.

Works Required

Updating is required, but the evidence does not specify the condition or scope. Obtain a survey and legal-pack information before budgeting for kitchen, bathroom, decoration, flooring or other works.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

A provisional 75% refinance against the indicative £365,000 base GDV would be £273,750. Total acquisition and refurbishment cost cannot be calculated because the updating budget, lease costs, service charge, seller fees and other purchase costs are unknown. BRRR viability is therefore unconfirmed.

Buy-to-Let Analysis

The supplied rental evidence comprises a £1,750 pcm advertised asking rent for a one-bedroom house and £2,150 pcm for a two-bedroom flat. Neither is a confirmed studio-flat rent, and no achieved rent or service-charge information is supplied. Rental income and yield cannot therefore be established reliably.

Flip Analysis

A flip may have potential based on the indicative £365,000 GDV versus the £139,000 guide, but the comparable is not confirmed as directly equivalent and refurbishment, acquisition, finance and selling costs are unavailable. No reliable flip surplus or maximum bid can be calculated.

Investor Risks & Due Diligence

• Lease information is awaited, including lease term confirmation, service charge, ground rent and review provisions.

• The flat requires updating, but the scope and cost of works are unspecified.

• Additional seller fees may be payable under the Special Conditions of Sale.

• No directly matched studio-flat rental evidence or achieved rent is supplied.

• The completed-sale comparables are different addresses or are not confirmed as identical to the subject property.

• No reliable maximum bid can be calculated without refurbishment and total-cost information.

Recommendation

Proceed only after reviewing the legal pack, confirming the new lease terms and obtaining a detailed refurbishment and resale-cost budget. At the current evidence level, avoid bidding solely on the guide-to-GDV spread.

Strategy Rating

Analysis Confidence

There is useful local completed-sale evidence and a stated guide price, but the comparables are not confirmed as equivalent and key lease, condition, cost and rental information is missing.