No. 26 Friars Wharf Apartments, Green Lane, Gateshead, Tyne And Wear, NE10 0QX

Description

A one bedroom leasehold apartment situated within the popular Friars Wharf development on Green Lane, Felling, Gateshead. The property offers an opportunity for a first time buyer, professional or investor, and benefits from an allocated parking space. It is offered for sale by auction.

Accommodation

One bedroom apartment

Location

Friars Wharf is positioned on the south bank of the River Tyne, with access to Gateshead and Newcastle, Gateshead Quays, Newcastle Quayside and the city centre. The surrounding area has local amenities, shops, leisure facilities, nearby Metro transport links and road connections including the A184 and A1(M). The riverside setting provides access to pedestrian and cycle routes along the Tyne.

Tenure / Property Information

Tenure	Leasehold
EPC	C
Parking	Allocated parking space

Investment Analysis

The two most recent supplied sales in Friars Wharf are £44,000 and £56,505, although the evidence does not confirm that either comparable matches this one-bedroom apartment in size, condition, floor, lease terms or parking provision. A cautious evidence-led GDV range is therefore £44,000–£56,505, with a midpoint-based estimate of £50,252.50. The £41,000 guide plus the known £3,600 administration charge is £44,600 before any other charges, works or finance costs. The older £104,500–£125,000 sales are not relied upon because they are materially higher and less recent.

Investment Snapshot

Guide Price	£41,000
HB Estimated GDV	£50,253

Strategy Recommendation

Proceed only as a tightly priced acquisition after confirming the lease, service charge, ground rent, legal pack, property condition and all auction costs. Do not underwrite as BTL or BRRR without rent and lease-cost evidence.

Works Required

No refurbishment works or defects are specified in the supplied evidence. Obtain a viewing, lease review and any available management information before allocating a works budget.

Rental & Market Context

No sufficiently specific external rental comparable identified.

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Friars Wharf Apartments, Green Lane, Gateshead, Gateshead, Ne10 0qx 2025-02-05 · Flat/Maisonette · Leasehold	£44,000
Friars Wharf Apartments, Green Lane, Gateshead, Gateshead, Ne10 0qx 2024-04-29 · Flat/Maisonette · Leasehold	£56,505
Friars Wharf Apartments, Green Lane, Gateshead, Gateshead, Ne10 0qx 2022-04-13 · Flat/Maisonette · Leasehold	£125,000
Friars Wharf Apartments, Green Lane, Gateshead, Gateshead, Ne10 0qx 2020-08-28 · Flat/Maisonette · Leasehold	£104,500
Friars Wharf Apartments, Green Lane, Gateshead, Gateshead, Ne10 0qx 2020-03-20 · Flat/Maisonette · Leasehold	£115,000

Potential BRRR Position

Base GDV	£50,253
75% Refinance	£37,689

The midpoint GDV implies a theoretical 75% refinance value of £37,689.38, below the £41,000 guide alone and before the £3,600 administration charge, other acquisition costs or any works. The supplied evidence does not support a viable BRRR calculation.

Buy-to-Let Analysis

A BTL assessment cannot be completed because no sufficiently specific rental comparable or auctioneer rent estimate is supplied. Leasehold costs, including any service charge and ground rent, are also absent. Do not rely on the apparent discount to the guide as evidence of rental profitability.

Flip Analysis

A resale opportunity may exist against the recent £44,000–£56,505 local sales, but total project cost cannot be established because refurbishment, other auction charges, legal costs and selling costs are not supplied. A reliable flip surplus cannot therefore be calculated.

Investor Risks & Due Diligence

• No sufficiently specific rental evidence or auctioneer rent estimate is supplied.

• Lease details, including remaining term, ground rent and service charge, are blank or unavailable in the evidence.

• Additional search, seller-cost reimbursement, legal and transfer fees may apply.

• The recent comparable sales have a wide range and are not confirmed to match this apartment in size, condition or specification.

• Property condition and any required refurbishment are not evidenced.

• The £3,600 administration charge is payable on exchange and is non-refundable.

Recommendation

Proceed only as a tightly priced acquisition after confirming the lease, service charge, ground rent, legal pack, property condition and all auction costs. Do not underwrite as BTL or BRRR without rent and lease-cost evidence.

Strategy Rating

HB Rating

★★★☆☆

Analysis Confidence

Confidence

Low-Medium

Recent same-development sales and the known administration charge are available, but the comparables are not confirmed as matching units and there is no rent, condition, lease-term, service-charge or complete-fee evidence.