Flat E, Saltram House, Saltram Crescent, London, W9 3JR

Description

A two bedroom ground floor flat; in need of modernisation; a new 990 year lease to be granted on completion.

Accommodation

Ground Floor - Reception Rooms, Two Bedrooms, Kitchen, Bathroom/WC

Location

Situated on Saltram Crescent in the residential area of Maida Vale, West London, close to local shops, cafés, restaurants and everyday amenities. Conveniently located for Harrow Road and nearby Queens Park. Local green spaces include Paddington Recreation Ground. Nearby transport links include Queen's Park and Westbourne Park Underground stations.

Tenure / Property Information

Investment Analysis

The guide is £425,000. Supplied completed sales on Saltram Crescent range from £384,000 to £525,000, including £405,000 and £384,000 sales in March 2025. However, the evidence does not provide comparable floor areas, bedroom details, condition, lease terms or whether the sales included similar modernisation. The subject requires modernisation and is being sold with a new 990-year lease, but buyer fees, VAT position, seller charges and refurbishment costs are not supplied. The comparables therefore provide context only and are insufficient to support a reliable GDV or maximum bid.

Investment Snapshot

Strategy Recommendation

Proceed only after reviewing the legal pack, confirming all buyer and seller charges, inspecting the modernisation requirement and obtaining independent rental and valuation evidence. On the supplied evidence alone, do not bid above a separately verified value-based limit.

Works Required

Modernisation of the flat as described, with the precise scope to be confirmed by inspection. The heating system requires particular due diligence because its condition is not warranted or guaranteed. No specific repairs, finishes or cost allowances are evidenced.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

A BRRR assessment cannot be quantified. The new 990-year lease is potentially helpful, but refurbishment cost, supported post-works value, rent, buyer costs and refinance assumptions are not evidenced. The 75% GDV refinance figure and cash left in are therefore unsupported.

Buy-to-Let Analysis

BTL appraisal cannot be established because no sufficiently specific rental evidence or auctioneer rent estimate is supplied. The flat is vacant, but achievable rent, service charges, ground rent, finance costs and total acquisition costs are unknown.

Flip Analysis

A flip appraisal cannot be calculated reliably. Sold evidence ranges from £384,000 to £525,000, but comparability is unverified and there is no supported refurbishment budget, selling allowance or post-modernisation GDV. The £425,000 guide is before any applicable buyer fee, VAT or seller charges.

Investor Risks & Due Diligence

• The property requires modernisation, but no quantified scope or refurbishment cost is supplied.

• The heating system condition is expressly not warranted or guaranteed.

• Buyer fees, VAT and possible seller charges are unspecified.

• The sold comparables differ in unspecified size, layout, condition and lease details, limiting valuation reliability.

• No specific rental evidence is available, so yield and refinance calculations cannot be supported.

• Leasehold service charges, ground rent and other lease terms are not supplied.

• A new 990-year lease is stated to be granted on completion, but the legal terms and conditions should be verified in the special conditions and legal pack.

Recommendation

Proceed only after reviewing the legal pack, confirming all buyer and seller charges, inspecting the modernisation requirement and obtaining independent rental and valuation evidence. On the supplied evidence alone, do not bid above a separately verified value-based limit.

Strategy Rating

Analysis Confidence

There are several relevant completed sales on the same road and the tenure, vacancy and proposed new lease are stated, but the evidence lacks comparable sizes and specifications, rental evidence, refurbishment costs, service-charge information and applicable auction fees.