Flats 1, 269 St Levan Road, Plymouth, Devon

Description

A one bedroom flat; well located for the amenities of Plymouth and Central Park; tenant in situ on an unknown basis; by order of the LPA Receivers.

Accommodation

One bedroom flat

Location

Situated in a residential area of Plymouth, with local shops, convenience stores and everyday amenities nearby. Access to local bus services provides connections to Plymouth city centre. Nearby green spaces include Central Park. National Rail: Dockyard (GWR).

Tenure / Property Information

Investment Analysis

HM Land Registry comparables on St Levan Road range from £87,000 to £115,000, with the two most recent recorded sales at £95,000 and £115,000. A provisional base GDV of £95,000 is used, with £87,000 low and £115,000 high scenarios. This is subject to verification of the flat’s condition, size, exact title arrangement, the benefit and obligations of the Flat 2 freehold title, lease terms, and tenant position. The 62-year unexpired lease may materially affect value and mortgageability.

Investment Snapshot

Strategy Recommendation

Proceed only after reviewing the legal pack, confirming the tenancy and rent, checking lease and freehold obligations, and obtaining a condition assessment. The price-to-comparable relationship is attractive on paper, but the short lease and missing cost information make this unsuitable for an unconditional bid without specialist advice.

Works Required

No specific defects or required works are evidenced. Allow for inspection-led repairs, compliance checks and any letting or presentation works only if confirmed, together with legal review of the lease, Flat 2 freehold title and tenancy documentation.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

At a provisional £95,000 GDV, 75% refinance equates to £71,250. The low purchase price appears substantially below the sales evidence, but the 62-year lease, unknown tenancy, unknown costs and unverified Flat 2 freehold arrangement prevent a dependable cash-left-in or equity calculation. Lease extension and lender eligibility require legal and mortgage review.

Buy-to-Let Analysis

The supplied advertised rents range from £615 to £1,300 pcm, but their comparability and achieved-rent status are unverified; one listing is for a studio. Using the lowest £615 pcm listing gives £7,380 annual rent and an indicative 22.36% gross yield on the £33,000 guide, before all costs. Reliable BTL assessment requires confirmation of the actual rent, tenancy basis, lease restrictions, service charges, ground rent and buyer fees.

Flip Analysis

The comparable sales support a provisional £95,000 resale value, with an evidenced range of £87,000 to £115,000. However, refurbishment costs, buyer charges, VAT, selling costs, lease-related costs and the property’s condition are not supplied, so a reliable flip surplus cannot be calculated.

Investor Risks & Due Diligence

• Only 62 years remain on the lease, potentially affecting mortgageability, resale value and lease-extension cost.

• Tenant is in situ on an unknown basis; rent, arrears, possession status and tenancy obligations are unconfirmed.

• The property includes the Freehold Title for Flat 2, but associated rights, liabilities and legal structure require review of the legal pack.

• Buyer premium is unspecified and VAT or other sale-related charges may apply.

• No condition, floor area, service charge, ground rent, EPC or heating information is supplied.

• Rental evidence consists of advertised asking rents with wide variation and no confirmed achieved rent.

Recommendation

Proceed only after reviewing the legal pack, confirming the tenancy and rent, checking lease and freehold obligations, and obtaining a condition assessment. The price-to-comparable relationship is attractive on paper, but the short lease and missing cost information make this unsuitable for an unconditional bid without specialist advice.

Strategy Rating

Analysis Confidence

There are several relevant completed sales, but the property’s condition, floor area, EPC, service charges, ground rent, buyer fee, tenancy terms, lease restrictions and exact Flat 2 freehold obligations are unavailable. Rental evidence is also inconsistent and asking-only.