Fortune Court, Stern Close, Barking IG11 0XZ
Asking Price: £230,000
Ground-floor 2-bed flat • Allocated parking • Long lease (98 years) • EPC C
Property Overview
An excellent investment opportunity — a spacious 2-bedroom ground-floor flat located in a quiet, low-rise block within a popular residential area of Barking. The property benefits from allocated parking, a long lease, and a current council-backed tenancy providing guaranteed rent.
Key Details:
- Asking Price: £230,000
- Lease: 98 years remaining
- Service Charge: £1,804 p.a.
- Ground Rent: £110 p.a.
- EPC Rating: C
- Allocated Parking Space
- Current Rent: £1,146 pcm (guaranteed)
- Potential Rent: £1,500 pcm
- Tenancy: Rolling tenancy commenced April 2023, with a rent guarantee insurance policy
- Condition: Would benefit from light refurbishment or “spruce-up”
- Purchase History: Bought in 2017 for £216,000, re-mortgaged in 2020 at £245,000
Investment Returns & Yield Calculations
Current Rental Scenario
- Annual Rent (Current): £13,752
- Annual Outgoings: £1,804 (service charge) + £110 (ground rent) = £1,914
- Net Income: £11,838
- Gross Yield: £13,752 / £230,000 = 5.98 %
- Net Yield (after outgoings): £11,838 / £230,000 = 5.15 %
Potential Rental Scenario (Uplift to £1,500 pcm)
- Annual Rent (Potential): £18,000
- Net Income: £16,086
- Gross Yield: 7.8%
- Net Yield: 7.0%
Summary:
Even at the current rent, the property delivers a solid yield for London. Once refurbished and rent increased to market levels, yields approach 7.7% gross — a strong return for a property under £250k.
Comparable Rental Evidence
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Comparable Sales Evidence
- 2-bed flats in IG11 typically sell between £250,000 – £395,000, depending on age and condition.
- Average IG11 property price (2025): £382,500 (+15.5% over 5 years).
- Barking & Dagenham borough: Average property price £361,000 as of mid-2025, annual growth 7.7%.
At £230,000, 8 Fortune Court is well-priced below comparable sales, giving investors instant equity and room for appreciation.
Why This Property Is a Strong Investment
- Attractive Entry Price: £230,000 is below the local market average.
- Secure Income Stream: Council-guaranteed rent with insurance cover — minimal risk of arrears.
- Yield Potential: Up to 6.5 % gross / 5.7 % net post-uplift.
- Capital Growth Potential: IG11 has shown +15% price growth in 5 years, and +35% over 10 years.
- Long Lease (98 years) — no near-term lease extension costs.
- Parking Included: Adds strong tenant appeal.
- Refurbishment Opportunity: Light modernisation could raise both rent and resale value substantially.
Why Barking IG11 Is a Growth Area
- Regeneration Hotspot: Barking Riverside development and town-centre regeneration continue to transform the area, bringing new jobs, retail, and infrastructure.
- Strong Transport Links: Barking Station (District / H&C / C2C / Overground / EL2 Bus) provides fast access to central London.
- Rental Demand: High demand from professionals, families, and council-assisted tenants.
- Affordability Edge: Barking remains one of London’s most affordable commuter zones, attracting long-term renters.
- Historic Growth:
- 5-Year Capital Growth: +15.55 %
- 10-Year Capital Growth: Approx +35 %
- 5-Year Rent Growth: +25 % (ONS Data)
These fundamentals underpin both solid yields and continued price appreciation, positioning Barking as a key East London investment location.
Summary
| Metric |
Current |
Potential |
| Rent (pcm) |
£1,146 |
£1,500+ |
| Annual Rent |
£13,752 |
£18,000 |
| Gross Yield |
5.98 % |
7.7 % |
| Net Yield (after outgoings) |
5.15 % |
7.0% |
| Lease |
98 years |
— |
| Price |
£230,000 |
— |
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