Flat D, 88 Hillfield Avenue, Hornsey, London

Description

One bedroom second floor studio flat; well located for the amenities of Hornsey; in need of modernisation; vacant.

Accommodation

Second Floor - Kitchen/Dining Room, Bedroom, Study, Bathroom/WC

Location

The property is situated in the popular residential area of Hornsey, with a range of local shops, cafés, restaurants and everyday amenities nearby. The area benefits from several green spaces, including Alexandra Park and Priory Park, which provide attractive outdoor spaces for sports and recreation. Hornsey railway station is within easy reach, providing connections to central London, while Turnpike Lane Underground station offers convenient access via the Piccadilly line.

Tenure / Property Information

Investment Analysis

The four lower supplied sales on Hillfield Avenue range from £370,000 to £420,000, with an arithmetic average of £405,500. The £992,500 sale appears materially outside that range and has not been used in the base estimate. However, the comparables do not state bedroom count, floor area, condition or layout, so their suitability for this vacant one-bedroom studio is uncertain. A cautious evidence-based GDV range is £370,000–£420,000, with £405,500 as the base estimate. The £250,000 guide represents a substantial apparent discount to this range, but buyer fees, VAT, seller charges, refurbishment cost, service charge, ground rent, EPC and other property information are unavailable.

Investment Snapshot

Strategy Recommendation

Proceed only as a conditional value opportunity after inspecting the flat, confirming the full Special Conditions, lease terms and all charges, and obtaining firm refurbishment, rental and finance figures. Do not rely on the apparent GDV margin alone.

Works Required

Modernisation is required, but the evidence provides no detailed specification. Any works allowance should be based on a full inspection and should address only confirmed items, potentially including general internal finishes, kitchen, bathroom and services where required.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

Using the base estimated GDV, 75% refinance proceeds would be approximately £304,125. However, refurbishment cost, buyer/admin fees, VAT, seller charges, finance costs and rental evidence are unavailable, so total project cost, equity requirement and cash left in cannot be calculated reliably. The new 990-year lease is positive in principle, subject to the lease terms and completion conditions.

Buy-to-Let Analysis

BTL viability cannot be established because no sufficiently specific rental comparable or auctioneer rent estimate was supplied. Gross yield, operating margin and debt coverage cannot therefore be calculated. The vacant status removes reliance on an existing passing rent.

Flip Analysis

The supplied sales indicate a potential resale value around £370,000–£420,000, with a base estimate of £405,500. A flip surplus cannot be calculated because the modernisation budget, acquisition charges, VAT, selling costs and finance costs are unsupported. The apparent guide-price margin should not be treated as profit.

Investor Risks & Due Diligence

• Comparable sales do not specify size, bedroom count, layout or condition, limiting GDV reliability.

• The property requires modernisation but no inspection-based scope or cost is available.

• Buyer premium, VAT and possible seller charges are unknown.

• No rent evidence is available, so BTL yield and debt coverage cannot be assessed.

• EPC, service charge, ground rent, heating, parking and council tax information are unavailable.

• The new 990-year lease is stated to be granted on completion, so the legal and contractual terms should be verified before bidding.

Recommendation

Proceed only as a conditional value opportunity after inspecting the flat, confirming the full Special Conditions, lease terms and all charges, and obtaining firm refurbishment, rental and finance figures. Do not rely on the apparent GDV margin alone.

Strategy Rating

Analysis Confidence

There are several recent same-street completed sales and a stated new 990-year lease, but the comparables lack size, bedroom and condition details. Rental, refurbishment, EPC, service charge, ground rent, buyer fees, VAT and seller charges are not supplied.