Flat B, 83 Messina Avenue, West Hampstead, London

Description

A one bedroom ground floor flat forming part of an attractive four storey converted building. In need of modernisation. Vacant.

Accommodation

Ground Floor - Entrance Hallway, Reception Room, Kitchen, Bedroom, Bathroom/WC.

Location

Located on the north side of Messina Avenue, above a well established and busy local parade of shops. Convenient to the popular cafes, shops, bars and restaurants of West Hampstead. Recreational amenities of Hampstead Heath, Queen's Park and Paddington Recreation Ground are easily accessible. Transport includes West Hampstead - Mildmay, Suffragette, Jubilee, and West Hampstead Thameslink - Thameslink.

Tenure / Property Information

Investment Analysis

The two most recent completed sales supplied for 75 Messina Avenue were £395,000 and £425,000 for leasehold flats/maisonettes. They are not the subject flat and no floor areas or condition details are provided. A cautious indicative base GDV of £410,000 is derived from these two recent same-street sales, with a £395,000–£425,000 evidence range. The higher-value 2021–2022 sales are older and materially less comparable because the evidence does not establish size, layout or condition.

Investment Snapshot

Strategy Recommendation

Do not bid on the current evidence alone. Obtain a full inspection, refurbishment quotations, legal-pack review, confirmation of all buyer and seller charges/VAT, and better comparable rental and sales evidence before considering a purchase or flip.

Works Required

Modernisation of the vacant one-bedroom flat is indicated. The supplied evidence does not specify the required items or condition, so no reliable works scope or cost allowance can be calculated; inspection and review of the legal pack are required.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

A 75% refinance against the indicative £410,000 base GDV would be approximately £307,500. Total project cost cannot be calculated because refurbishment costs and buyer/seller charges are unspecified. Consequently, cash left in and BRRR viability cannot be established.

Buy-to-Let Analysis

BTL returns cannot be reliably established. The only rental evidence is an advertised £1,582 pcm asking rent for a different property, Flat 10 Eyot House, so it is not a sufficiently comparable property-specific rent. Buyer fees, VAT position, works costs and other acquisition costs are also unknown.

Flip Analysis

A potential resale value range of £395,000–£425,000 is indicated by the two recent supplied same-street transactions, with a £410,000 base estimate. A flip surplus cannot be calculated because refurbishment costs, auction charges, VAT and any selling allowance are not supplied. The comparables also lack size and condition details.

Investor Risks & Due Diligence

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

• The supplied sold comparables are different properties and provide no size or condition details.

• The only rental evidence relates to a different property and is an advertised asking rent, not achieved rent.

• The buyer fee, VAT treatment and any seller charges remain unspecified and may materially increase total cost.

• The new 990-year lease and other lease terms require review of the legal pack.

• The property is above a busy local parade of shops, which may affect purchaser and tenant appeal, but no quantified impact is evidenced.

Recommendation

Do not bid on the current evidence alone. Obtain a full inspection, refurbishment quotations, legal-pack review, confirmation of all buyer and seller charges/VAT, and better comparable rental and sales evidence before considering a purchase or flip.

Strategy Rating

Analysis Confidence

The property description, tenure, vacancy and two recent same-street sales are supplied, but there is no floor area, detailed condition schedule, refurbishment pricing, reliable comparable rent, council tax, parking or fee information.