Flat C, 8, St. Augustines Road, WISBECH, Cambridgeshire

Description

One bedroom first floor flat currently let producing £5,700 per annum. Situated close to the town centre and hospital. The property is heated via electric storage heaters and would make an ideal first investment or to add to your existing portfolio.

Accommodation

Entrance Hall, Lounge, Kitchen, Bedroom, Bathroom

Location

Close to the town centre and hospital

Tenure / Property Information

Investment Analysis

The £50,000 guide equates to a gross yield of 11.4% on the stated £5,700 annual rent before costs. The three supplied sold comparables are historic, with the most recent sale in 2015, and do not provide a reliable current valuation. The 62-year lease, unknown service charge and unknown ground rent materially limit analysis and may affect mortgageability and resale value.

Investment Snapshot

Strategy Recommendation

Consider only as a cautious income investment after reviewing the full lease, confirming the tenancy and obtaining service-charge, ground-rent and seller-fee details. Do not rely on the headline yield without these costs.

Works Required

No specific physical defects or refurbishment requirements are evidenced. Allow for inspection and verification of the existing electric storage heating, kitchen, bathroom and general condition before bidding. Obtain the lease, service-charge and ground-rent information.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

A BRRR assessment cannot be completed because no current GDV, refurbishment budget or refinance valuation is supported. The short 62-year lease and unknown lease costs are key constraints, and lease-extension costs and terms have not been supplied.

Buy-to-Let Analysis

The property is currently let at £5,700 per annum, equivalent to £475 per month. On the £50,000 guide alone, the gross yield is 11.4%, before service charge, ground rent, management, maintenance, voids, finance and the £1,800 buyer administration charge. Net yield cannot be established because service charge and ground rent are unavailable. The 62-year lease is a significant BTL and mortgageability risk.

Flip Analysis

A flip assessment cannot be supported. The available sold comparables are historic and no current GDV, refurbishment budget or selling-cost allowance is provided. The 62-year lease may constrain resale demand and financing.

Investor Risks & Due Diligence

• Only 62 years remain on the lease.

• Annual service charge and ground rent are unknown.

• Additional seller fees may be payable on completion.

• The £1,800 buyer administration charge reduces investment returns.

• No sufficiently specific external rental comparable is available.

• Historic sold comparables may not represent current market value.

• Physical condition and any required works are not evidenced.

• Electric storage heating may affect operating costs and tenant appeal.

Recommendation

Consider only as a cautious income investment after reviewing the full lease, confirming the tenancy and obtaining service-charge, ground-rent and seller-fee details. Do not rely on the headline yield without these costs.

Strategy Rating

Analysis Confidence

Current rent, guide price, tenure, lease length and one historic comparable set are supplied, but current valuation evidence, lease costs, lease terms, physical condition, refurbishment costs and seller fees are unavailable.