BTL Deals of the Week #10 - featuring a beautiful Stoke Newington school-conversion loft!
Scouring the market for quality investments can be daunting and, at times, overwhelming. In this week's Buy To Let Deals video, Kristjan reviews three listings, one for each of the price brackets set out: up to £500k, £500-750k, and £750-1m.
Our first find this week is a 2-bedroom flat by Newington Green at a very affordable price. Next up is a 3-bed in Bethnal Green very much in need of a cosmetic re-fit, and finally the stand-out property this week is a beautiful loft in Stoke Newington with soaring ceilings and beautiful architectural features throughout.
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Up to £500k
This 2-bed flat, located on Green Lanes between Newington Green & Stoke Newington’s Church Street is ideally located for tenants wanting that village/culture spot. The property itself looks to be well proportioned, as ExLA properties often are, but is in need of a complete cosmetic refurb. I would estimate around £30k would need to be spent to get it to a suitable standard. I would expect a 2 bed 1 bath in this location to achieve at the very least £1800pm but would not be surprised to see this exceed £2k making a substantial return on the £325k list price. I doubt very much that (as the advert states) this is Freehold- as such, you would need to establish the accurate property details- likely to be leasehold- so once you have established this ensure you verify the years left on the lease, ground rent & service charge costs. As with all ExLA properties, always make sure to ask if the vendor or agent is aware of any pending/planned communal or substantial works on the block. However, apart from those details, you should bite this agent’s arm off fast- this is an absolute belter of an opportunity!
This 3 bed on Corfield St is just of Bethnal Green high st, moments from the tube (on the Central Line) and a stone’s throw from the beautiful neighbouring park- Weavers Fields. In other words, it ticks all three boxes- amenities, transport & green space. The property is compact, could do with modernising and only has one bathroom. I would be tempted to reconfigure this to a delightful 2 bed 2 bath and create an (at least semi) open plan kitchen/reception (subject to the relevant consent) however, failing that, keep it as a compact 3 bed which should still let for roughly £2400 pm if marketed right. The lease is just under 100 years so worth at least understanding the cost of a lease extension otherwise the ground rent & service charges look manageable.
Located a short stroll from Stokey’s Church Street again is this jaw-droppingly gorgeous 2-bed maisonette in the Fleetwood apartments school conversion development. With soaring ceilings, oodles of character features, a decent private roof terrace and private off-street gated parking this will appeal to a power couple looking for a statement home (possibly that they work from) or a young family. I wouldn’t be surprised to see this achieve £4k as it blows away anything currently on the market in this area but you need to make sure you have the right agent to ensure the marketing conveys just how special a property this really is. The property is a Share of Freehold (so lease concerns aren’t really an issue) however this structure normally still has Service Charges (if not Ground Rent too) - make sure you establish what those costs are. However, a chance to get your hands on a historic property, stunningly converted in one of London’s most desired patches.