Flat D, 34, St. Julians Road, London

Description

Long leasehold top floor self-contained flat requiring updating; far reaching views; full vacant possession. By order of a major housing association.

Accommodation

Entrance hall, one bedroom, reception room, kitchen, bathroom/WC. Approximately 48m² / 520 sqft.

Location

Situated within St Julians Road, well positioned for the amenities, cafes and restaurants of Kilburn, Kilburn Park, Queens Park, West Hampstead and Maida Vale. Public transport links include Brondesbury or Kilburn High Road rail, Kilburn Park London Underground Bakerloo Line and Queens Park station, together with local bus services. Road links include the A5 to the east and the A406 to the west. Shopping amenities can be found locally within Willesden or Kilburn, with recreational pursuits at Gladstone Park and Brondesbury Park.

Tenure / Property Information

Investment Analysis

Recent same-road leasehold flat sales range from £355,000 to £570,000, with an older £885,000 sale. The comparables provide limited valuation support because bedroom count, floor area, condition and exact flat characteristics are not supplied. A cautious evidence-based scenario is £355,000 low, £440,000 base and £570,000 high; these are indicative only and not formal valuations.

Investment Snapshot

Strategy Recommendation

Proceed only subject to legal-pack review, confirmation of the new lease terms, inspection and a firm refurbishment budget. Subject to those checks, a hold/BTL strategy appears more supportable than a flip because the guide-price gross yield is attractive, but the rent is based only on one advertised comparable.

Works Required

Update the existing one-bedroom flat as required following inspection and review of the legal pack. The evidence confirms that updating is required but does not specify the works, condition defects or cost.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

Using the indicative £440,000 base GDV, a 75% refinance would be approximately £330,000. Cash left in cannot be calculated because the refurbishment allowance, service charges and potentially applicable seller fees are unknown. The proposed new 125-year lease at a peppercorn ground rent is positive in principle, but lease information remains awaited and must be checked in the legal pack.

Buy-to-Let Analysis

The only relevant rental evidence is an advertised £1,850 pcm asking rent for a one-bedroom flat in West Hampstead, not an achieved rent for this property. At that rent, annual gross rent is £22,200 and the gross yield on the £199,000 guide is approximately 11.16%, before refurbishment, finance, service charge, tax, voids and other costs. The yield on total cost cannot be established because refurbishment costs and any seller completion fees are unknown.

Flip Analysis

A potential resale margin exists against the indicative £440,000 base GDV, but it cannot be quantified reliably because refurbishment costs, selling costs and any applicable seller fees are not supplied. The comparable evidence is insufficiently detailed to confirm the subject flat's resale value.

Investor Risks & Due Diligence

• Lease information is awaited and must be reviewed in the legal pack.

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

• The £1,850 pcm figure is an advertised asking rent from another property, not achieved rent or a passing rent.

• Same-road comparable sales lack bedroom, size, condition and exact-flat details, limiting GDV reliability.

• A £1,800 inclusive buyer administration charge applies, and additional seller fees may be payable if stated in the Special Conditions of Sale.

• Service charge and other leasehold cost information is not supplied.

Recommendation

Proceed only subject to legal-pack review, confirmation of the new lease terms, inspection and a firm refurbishment budget. Subject to those checks, a hold/BTL strategy appears more supportable than a flip because the guide-price gross yield is attractive, but the rent is based only on one advertised comparable.

Strategy Rating

Analysis Confidence

There is useful same-road sales evidence, one nearby advertised rental and a stated lease structure, but the comparables lack property specifications, the rental is not achieved rent, the works are unpriced, and lease and seller-fee details are outstanding.