104 Royal Arch Apartments, The Mailbox, Wharfside Street, Birmingham, West Midlands

Description

Leasehold tenth floor flat.

Accommodation

Principal bedroom with en-suite, one further bedroom, reception room, kitchen/diner, bathroom/wc.

Location

Located on Wharfside Street. Shopping amenities are available locally within Birmingham City Centre. Public transport links are available at Birmingham New Street and Birmingham Moor Street Train Stations, along with local bus services. Road links include the A38 and A4540. Recreational pursuits can be found at Sunset Park and City Centre Gardens.

Tenure / Property Information

Investment Analysis

Five Land Registry sales at The Mailbox range from £160,000 to £375,000. The evidence does not provide comparable bedroom counts, sizes, floors, condition or tenure details beyond leasehold. A cautious base GDV of £179,000 uses the median of the five sales; £160,000 and £217,500 are used as lower and upper practical scenarios. The £375,000 sale is not relied upon because its superior characteristics are unknown. The 104-year lease is relatively long, but service charge, ground rent and other lease terms remain unconfirmed.

Investment Snapshot

Strategy Recommendation

Potentially attractive as a buy-to-let or BRRR purchase only if inspection and leasehold due diligence confirm the condition, service charge, ground rent, parking position and any seller fees. Do not rely on the headline yield or base GDV without verifying the rent and comparable characteristics.

Works Required

No refurbishment works are evidenced in the supplied description. Allowance is therefore made for no works only; the flat, lease, common parts and fixtures should be inspected before bidding.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

At the guide, purchase plus the known £1,800 buyer documentation fee is £84,800, excluding unknown seller fees, leasehold charges, finance and tax. At the £179,000 base GDV, 75% refinance is £134,250, indicating a theoretical £49,450 surplus over this limited cost basis before finance, tax and unconfirmed charges. Actual refinance depends on lender valuation, rent assessment, leasehold costs and property condition.

Buy-to-Let Analysis

The single advertised asking rent of £1,275 pcm implies £15,300 annual gross rent. This produces an indicative 18.43% gross yield on the £83,000 guide and 18.04% on the guide plus the known £1,800 documentation fee. These are not achieved rents and net yield cannot be established because service charge, ground rent, management, insurance, maintenance and other costs are unknown.

Flip Analysis

Using the £179,000 base GDV against the £84,800 limited acquisition cost gives a £94,200 gross spread before selling costs, finance, tax, seller charges, leasehold costs and works. A formal flip surplus is not stated because no selling allowance or refurbishment budget is supported by the evidence.

Investor Risks & Due Diligence

• Annual service charge and ground rent are unconfirmed.

• Unknown seller fees may be payable under the special conditions.

• The £1,275 pcm figure is one advertised asking rent, not achieved rent or a passing rent.

• Comparable sale prices vary substantially and lack bedroom, size, floor and condition details.

• Property condition and any required works are not evidenced.

• Parking and heating arrangements are unconfirmed.

• Gross yields exclude management, maintenance, insurance, service charge, ground rent, finance and tax.

• Leasehold lender and refinance acceptability should be confirmed despite the stated 104 years remaining.

Recommendation

Potentially attractive as a buy-to-let or BRRR purchase only if inspection and leasehold due diligence confirm the condition, service charge, ground rent, parking position and any seller fees. Do not rely on the headline yield or base GDV without verifying the rent and comparable characteristics.

Strategy Rating

Analysis Confidence

The analysis has five same-development completed sales and one advertised rent, but comparable property specifications, condition, leasehold charges, occupancy, seller fees and refurbishment requirements are incomplete.