Roof Space at Mount Court, Lansdowne Hill, London, SE27 0LR

Description

Long leasehold roof space with planning permission for a self-contained apartment. Planning was granted by the London Borough of Lambeth on 26/09/2024 under reference 24/00083/FUL for the erection of a third-floor rooftop extension to create one residential unit. Freeholder's consent granted; refer to the legal pack.

Accommodation

Proposed accommodation of approximately 62m² comprising stairs leading to one bedroom, dressing room, reception room, kitchen and bathroom/WC.

Tenure / Property Information

Investment Analysis

No reliable current GDV can be established from the supplied evidence. The five Land Registry sales relate to unspecified flats/maisonettes at Mount Court from 2006–2013 and do not confirm size, floor, specification or whether they are comparable to the proposed 62m² rooftop apartment. The £1,516 pcm rental evidence is an advertised asking rent for a nearby Pilgrim Hill flat, not achieved rent for this proposed unit.

Investment Snapshot

Strategy Recommendation

Proceed only after reviewing the legal pack, confirming the applicable documentation fee, obtaining a detailed construction budget and securing current local valuation and letting evidence. On the supplied evidence alone, the opportunity is not sufficiently underwritten for a bid.

Works Required

Deliver the planning-approved third-floor rooftop extension and form the proposed approximately 62m² self-contained one-bedroom apartment, including the stated bedroom, dressing room, reception room, kitchen, bathroom/WC and access stairs. Construction costs, services, finishes and compliance requirements are not supplied.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

BRRR cannot be underwritten from the evidence. The proposed development has planning permission and freeholder consent, but build cost, completed value, finance costs, lease terms and lender acceptability are unknown. Consequently, 75% GDV refinancing and cash-left-in calculations are unsupported.

Buy-to-Let Analysis

BTL cannot be reliably assessed because the property is currently roof space requiring development and no achieved or subject-specific rent is supplied. The £1,516 pcm figure is only an advertised asking rent for a nearby one-bedroom flat and should not be treated as passing rent or a firm letting estimate. Ground rent is stated at £250 per annum, with other ownership and development costs unknown.

Flip Analysis

A flip appraisal cannot be established because there is no supported current GDV or construction-cost estimate. Historic Mount Court sales provide context only and are insufficient to value the proposed rooftop unit. Any resale surplus would also need to allow for the £1,500 contract documentation fee or the separately stated £1,800 fee, applicable seller charges and development costs.

Investor Risks & Due Diligence

• Construction and professional costs are not supplied, so total project cost and maximum bid cannot be calculated.

• Current GDV is uncertain because the comparable sales are historic and do not specify size, specification or comparability.

• Lease information is awaited; the new 900-year lease and £250 annual ground rent require legal review.

• The auction material gives conflicting contract documentation charges of £1,500 and £1,800 inclusive of VAT.

• The seller may charge additional completion fees under the Special Conditions of Sale.

• No EPC, heating, parking or detailed service information is supplied.

• The rental evidence is an advertised asking rent for a nearby property, not achieved rent for the proposed apartment.

Recommendation

Proceed only after reviewing the legal pack, confirming the applicable documentation fee, obtaining a detailed construction budget and securing current local valuation and letting evidence. On the supplied evidence alone, the opportunity is not sufficiently underwritten for a bid.

Strategy Rating

Analysis Confidence

Planning and proposed accommodation are supplied, but current GDV, construction costs, completed-unit rent, lease details, service costs and applicable completion charges are materially incomplete. The available sales are historic and the rental evidence is nearby advertised asking rent only.