PURCHASE AT AUCTION
Southport, Basement Flat and Flats 1, 2 and 3, 32 Scarisbrick New Road, Southport, Merseyside, PR8 6QE
INVESTMENT - Four Leasehold Self Contained Flats
Guide Price* £140,000+
Residential - 18th Sept 2025 - Live Stream
Key Features
- Currently comprising Three x 2 Bedroom Flats and a Derilict Lower Ground Floor One Bedroom Flat
- The Three x 2 Bedroom Flats are each subject to an Assured Shorthold Tenancy
- Each Flat is held on a lease for a term of 125 years from 1st January 2008 (108 years unexpired)
- Front and rear Gardens
- Southport Rail Station is situated 0.7 miles to the north
Accommodation and Tenancy Schedule
| Flat | Floor | Accommodation | Approx GIA | Terms of Tenancy | Current Rent (PA) | Council Tax Band | EPC | |
|---|---|---|---|---|---|---|---|---|
Basement
|
Lower Ground
|
One Bedroom Flat
|
50 sqm
|
|
Vacant
|
|
|
|
1
|
Ground
|
Two Bedroom Flat
|
90 sqm
|
969 sq ft
|
AST for a term of 6 months from March 2023
|
£7,339
|
B
|
E
|
2
|
First
|
Two Bedroom Flat
|
87 sqm
|
936 sq ft
|
AST for a term of 6 months from March 2023
|
£6,600
|
B
|
E
|
3
|
Second
|
Two Bedroom Flat
|
66 sqm
|
710 sq ft
|
AST for a term of 6 months from April 2023
|
£6,600
|
B
|
F
|
| Total | 293 sqm | 2,616 sq ft | Total | £20,539.8 | ||||
Acquisition Cost
| Purchase Price | £225,000 |
| Stamp Duty | £13,250 |
| Agent's Fee (1.5%+vat ) | £4.050 |
| Legal & Misc | £5,000 |
| Total Acquisition Cost | £247,300 |
Cash Investment Required
| 30% Deposit at Purchase | £67,500 |
| Stamp Duty | £13,250 |
| Interest for 12months @ 15% for £275k | £23,500 |
| Agent & Legal | £9,000 |
| Professionals / B.R / Structural / QS / MS, etc. | £5,000 |
| Misc | £10,000 |
| Total | £99,750 |
Profit
| Profit (Estimated) | ||
| GDV (Sale Price) | £600,000 | |
| Interest on Purchase | £20,000 | |
| Sales Agent + Legal (2%) | £9,000 | |
| Acquisition costs | £247,300 | |
| Development Costs | £137,000 | |
| Total Costs: | £413,000 | |
| Profit | £187,00 | |
Return on Investment
| ROI (Estimated) | |
| Cash Invested | £99,750 |
| Profit Earned | £187,000 |
| Total ROI | 187% |
| Profit for JV Partner (50% share) | £93,500 |
| ROI for JV Partner | 93.5% |
GDV Appraisal
| Units Type (Flats) | Units |
| One Bed (2 Persons) - Basement | 1 |
| Two Beds (4 person) - Ground Floor | 1 |
| Two Beds (4 person) - First Floor | 1 |
| Two Beds (4 person) - Second Floor | 1 |
| Total Units | 4 |
| Gross Development Value (Collective) | |||||
| Units | Level | Description | GIA m2 | NIA m2 | Value |
| 1 | Basement | 1 Bedroom (2 Person) | 57 | 57 | £114,000 |
| 1 | Ground | 2 Bedroom (4 Person) | 90 | 90 | £180,000 |
| 1 | First | 2 Bedroom (4 Person) | 87 | 87 | £174,000 |
| 1 | Second | 2 Bedroom (4 Person) | 66 | 66 | £132,000 |
| Total: | Sale@£2,000/m2 | 300 | 300 | £600,000 | |
| Gross Rental Value (Collective) | ||||
| Units | Level | Description | Sqm | Value (Rent) |
| 1 | Basement | 1 Bedroom (2 Person) | 57 | £6,000 |
| 1 | Ground | 2 Bedroom (4 Person) | 90 | £7,340 |
| 1 | First | 2 Bedroom (4 Person) | 87 | £6,600 |
| 1 | Second | 2 Bedroom (4 Person) | 66 | £6,600 |
| Total: | @ 6.64% Yield |
(At cost) | 300 | £26,540 |
DEVELOPMENT Costs (Estimates)
| Item | Description | Amount £ |
| Legals | £5,000 | |
| Professionals / Architect | 3% of Construction Cost | £5,500 |
| Construction / Refurb | Basement + upper 3 | £100,000 |
| Insurances | For building & Construction | £2,500 |
| Finance Cost | 15% @ for £100k for 12m | £15,000 |
| Section106 / CIL | Nil | £0 |
| Contingency | 5% of Construction Cost | £10,000 |
| Total | £137,000 |
DISCLAIMER
Valuations & Appraisals by Sleek are strictly estimates only and you should use them on that basis. The valuation Model analyses prices for equivalent properties sold or sold in the area. These properties may differ in ways that we do not or cannot consider. Valuations are subjective and based on market forces, which may change. Valuations must not be used for property sale, purchase, mortgage or related purposes. You should seek a professional valuation from a qualified surveyor before deciding whether to buy or sell a property. We shall not be liable for any losses you or anyone else suffer due to relying on the valuations. This includes not being liable for any loss of property, loss of bargain, loss of capital through over-payment or under-sale or for any indirect, special or consequential loss.