Flat G Saltram House, Saltram Crescent, London

Description

Two bedroom first floor flat, well located for the amenities of Maida Vale, in need of modernisation.

Accommodation

First Floor - Reception Room, Kitchen, Two Bedrooms, Bathroom/WC

Location

The property is situated on Saltram Crescent in the residential area of Maida Vale, West London, close to local shops, cafés, restaurants and everyday amenities. It is conveniently located for the amenities of Harrow Road and nearby Queens Park, which offers independent retailers, eateries and leisure facilities. Local green spaces include Paddington Recreation Ground. Transport links include Queen's Park and Westbourne Park Underground stations. Queen's Park provides access to the Bakerloo, Lioness and Mildmay Lines.

Tenure / Property Information

Investment Analysis

The closest recent evidence is £405,000 for 35 Saltram Crescent and £384,000 for 29 Saltram Crescent, both completed in March 2025. A further same-street sale at £525,000 is materially higher but its size, condition and specification are not supplied. The subject is vacant, leasehold and requires modernisation, but no floor area or detailed condition evidence is provided. A cautious base GDV of £405,000 is therefore used, with a supported evidence range of £384,000 to £525,000 rather than a formal valuation.

Investment Snapshot

Strategy Recommendation

Proceed only after confirming the flat's condition, obtaining a detailed modernisation quotation and validating rental or resale value. At the £400,000 guide, the nearest recent £405,000 comparable suggests limited apparent margin before works and transaction costs.

Works Required

Modernisation of the flat, with the precise scope and specification to be confirmed by inspection. The evidence does not establish specific defects or provide a works budget.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

The indicative base GDV is £405,000, implying a 75% GDV refinance figure of £303,750. Refurbishment cost, acquisition costs, rent and finance assumptions are unavailable, so total project cost and cash left in cannot be calculated. The new 990-year lease is stated to be granted on completion.

Buy-to-Let Analysis

BTL analysis cannot be quantified because no sufficiently specific rental evidence or auctioneer rent estimate is supplied. Gross yield, operating costs and affordability cannot therefore be established.

Flip Analysis

A potential resale benchmark is indicated by the £384,000 and £405,000 same-street sales, with the £525,000 sale as a less comparable upper reference. A flip surplus cannot be calculated because the modernisation budget, acquisition costs and selling allowance are unsupported.

Investor Risks & Due Diligence

• The flat is described as requiring modernisation, but the scope and cost of works are unknown.

• No sufficiently specific rental evidence is available, preventing a reliable BTL yield assessment.

• The comparable sales may differ in size, layout, condition or specification; these details are not supplied.

• Buyer, administration, finance and selling costs are not provided and could materially affect returns.

• The new 990-year lease is stated to be granted upon completion, so completion documentation and lease terms should be verified.

• The property is vacant, so there is no passing rental income.

Recommendation

Proceed only after confirming the flat's condition, obtaining a detailed modernisation quotation and validating rental or resale value. At the £400,000 guide, the nearest recent £405,000 comparable suggests limited apparent margin before works and transaction costs.

Strategy Rating

Analysis Confidence

Recent same-street sold evidence is available, but the comparables lack size and condition details, while rent, works costs, buyer costs, service charges, council tax and other property information are not supplied.