Venables Court, Venables Close, Canvey Island, Essex

Description

Freehold of a building containing a care home to the ground floor, 28 flats with parking, six further parking spaces allocated to three shops on the high street and a detached garage producing a ground rent income of £2,800 per annum. There is also a plot of land that has planning permission for a detached dwelling; however, this land is allocated amenity land to the leaseholders. The property is located close to the High Street and town centre.

Accommodation

Care home to the ground floor and 28 flats. The building also includes parking, six further parking spaces allocated to three high street shops, a detached garage and a parcel of land with planning permission for a detached dwelling.

Location

Located close to the High Street and town centre in Canvey Island, Essex.

Tenure / Property Information

Investment Analysis

This is a specialist freehold ground-rent investment, not a sale of the 28 flats. The stated income is £2,800 per annum from a detached garage; no valuation comparables, rental comparables, buyer fees or admin charges are supplied. The planning-permitted dwelling plot is also allocated amenity land to leaseholders, so its standalone value is unconfirmed.

Investment Snapshot

Strategy Recommendation

Consider only as a specialist long-term ground-rent/freehold income investment after legal review of the lease, income rights, obligations and planning land. Do not underwrite the flats or dwelling plot without further evidence.

Works Required

No physical works are evidenced. Confirm the condition and management obligations for the building, parking, garage and land, together with the lease and planning position.

Rental & Market Context

Potential BRRR Position

BRRR analysis is unsupported because no GDV, refurbishment budget, finance costs or refinance valuation evidence is supplied. The long lease and exclusion of the flats limit the relevance of residential refinance assumptions.

Buy-to-Let Analysis

This is not a conventional buy-to-let because the flats are excluded from the sale. The evidenced income is £2,800 per annum, equivalent to a 9.33% gross return against the £30,000 guide before buyer fees and other costs. Net yield cannot be established.

Flip Analysis

A flip analysis cannot be established. No comparable value, supported GDV, selling costs or development-cost evidence is supplied, and the planning-permitted land is allocated amenity land to leaseholders.

Investor Risks & Due Diligence

• The 28 flats are excluded from the sale and subject to a 199-year lease from 24 March 1991.

• The planning-permitted dwelling plot is allocated amenity land to leaseholders, so development value and rights require legal confirmation.

• Buyer fees and other acquisition costs are unspecified, reducing the actual yield below the guide-price calculation.

• No valuation comparables, condition information or detailed lease-income evidence is supplied.

• The investment includes a care home, parking, shops' allocated spaces and a garage, creating potentially complex ownership and management obligations.

Recommendation

Consider only as a specialist long-term ground-rent/freehold income investment after legal review of the lease, income rights, obligations and planning land. Do not underwrite the flats or dwelling plot without further evidence.

Strategy Rating

Analysis Confidence

The tenure, lease structure and stated annual income are supplied, but valuation evidence, costs, condition, legal obligations and planning-land value are not.