Property Dossier · Leasehold flat

2-bed flat · Clerkenwell

Clerkenwell, Islington · EC1V · 2-bed leasehold flat, ex-council block · 474 sq ft
Tenure
Leasehold~115 yrs remaining
Council tax
Band CIslington
EPC
Dbills + 2030 risk
Nearest station
Old Street600m · Northern
6.7/10
Overall verdict

Pros

  • Standout gross yield ~7–8% — well above the typical London average; the core of the case
  • Prime Zone 1 — Old Street 600m, Angel 800m, Barbican 900m, Farringdon / Elizabeth line 1km, all walkable
  • By the Old Street tech cluster — resilient rental demand from young professionals
  • Good local primary — Moreland (Good), 200m
  • Long lease (~115 yrs) + near-peppercorn ground rent (~£10 pa) — no near-term lease worry
  • Superfast broadband; Band C council tax (modest for Zone 1)

Cons

  • Ex-council block, plastic-composite overcladding EWS1 — uPVC / GRP-type rainscreen panels; confirm fire-safety status and mortgageability before committing
  • High service charge (~£3,900 pa) — heavy for 474 sqft; the main drag on that headline yield
  • Sports pitch / football cage nearby — likely noise and people gathering, especially evenings and weekends
  • Higher-than-average crime — central-urban EC1V; review the police.uk map
  • EPC D — higher bills, and needs C to let from Oct 2030
  • Compact — 474 sqft — suits singles / couples; limited buyer pool
This is an income play, and a good one: a ~7–8% gross yield in Zone 1, on the doorstep of the Old Street tech cluster, with a long lease and a strong local primary. The catch is what sits under that yield — a £3,900 service charge and EPC-D running costs thin it out, and the plastic-composite overcladding on an ex-council block is the one thing that could stall a mortgage. Clear the cladding and service-charge questions and it's a dependable rental; leave them open and the headline number is doing more work than it should.

Buyer's due-diligence checklist

Lease & ownership

EWS1 / cladding & mortgageability
The plastic-composite (uPVC / GRP) overcladding on an ex-council block is the key unknown. Get the EWS1 / fire-risk-assessment status and check with your lender early — some are cautious on overclad ex-local-authority blocks until fire safety is confirmed.
Service-charge accounts
~£3,900 pa is high for the size — pull 3 years of accounts, confirm what it covers (heating/hot water?), the reserve fund, and any planned major works.
Lease term & ground rent
Verify the ~115-year term for this flat and the ~£10 pa ground-rent review wording.

Building & condition

EPC-to-C cost
Block runs D–E. Model the retrofit to reach the 2030 rental minimum and check the current EPC's issue date.
Sound & condition
Dense block — check inter-flat sound transmission, communal heating condition, and the state of the overcladding.
Noise
Test against the nearby pitch and street activity at evening and weekend, not just a daytime viewing.

Neighbours & surroundings

Parking
No dedicated space likely — check Islington permit eligibility and the local pay & display rules.
Crime
Review the police.uk map for the block; central EC1V runs above average.
Rental comps
Confirm the ~£2,300 pcm against live lets, and factor voids into the net yield.
Est. value · Jun 2026
£330k–£360k
No recorded sale for this flat · est. from block comps
~£725/sqft · block 1–3 beds range £300k–£680k by size
Est. market rent£2,200–£2,400 pcm
Gross yield · est.≈ 7.9%
Block comp Larger unit, 2020 £525,000
Postcode 1–3 beds, by size £300–680k
Jun 2026 This flat · est (small 2-bed) ~£344k

The flat

Lease length ~115 yrs
Long lease, near-peppercorn ground rent (~£10 pa). No near-term extension worry — verify the exact term for this flat.
Service charge ~£3,900 pa
High for 474 sqft; covers heating / hot water in some units. The main drag on the yield — pull the accounts.
Council tax
Band C — modest for a Zone 1 address.
Energy rating EPC D
Higher bills; needs C to let from Oct 2030. Block ranges D–E.
Size & layout
474 sqft (44 m²), 2-bed. Compact — a singles / couples let.
Building & cladding
Ex-council low-rise (1967–75), lift access. Plastic-composite (uPVC / GRP) overcladding — get the EWS1 / fire-safety status.

The area · EC1V

  • Old Street Northern · tech cluster600m
  • Angel Northern800m
  • Barbican · Farringdon Elizabeth line 1km900m
  • Moreland Primary Good200m
Noise pitch nearby
A sports pitch / football cage sits close by — expect noise and gatherings, especially evenings and weekends.
Crime
Above average for the wider area (central EC1V). Review the police.uk map for the block.
Tenant demand
The Old Street tech cluster on the doorstep keeps young-professional demand resilient even as sales cool.
Wider context
Superfast broadband available · vibrant but lively (bars, restaurants, street activity).

Verify before you offer

1
EWS1 / cladding
The plastic-composite overcladding on an ex-council block — confirm fire-safety status and lender appetite first.
2
Service charge
Three years of accounts — what the £3,900 covers, the reserve fund, and any planned works.
3
Lease term
Verify the ~115 years and the ground-rent review wording.
4
Noise & crime
Test the pitch and street noise at evening / weekend; review the police.uk map.
Where the price sits
At ~£344k it's the low end of the block's £300–680k range — as you'd expect for a compact 2-bed. The ~7.9% gross yield is the headline, but the £3,900 service charge and EPC-D running costs are the difference between that and a much thinner net. Price for the service charge, not the gross.
The Old Street tech cluster on the doorstep keeps young-professional rental demand resilient even when sales cool — the case here is income, not quick capital growth. Paraphrased · market analysis
Parking
No dedicated space likely. Islington's residents' permit scheme applies, with pay & display on the street (Mon–Sat) — a low-car, transport-rich spot.