129, Alexandra House (GFF), 47 Rutland Street, Leicester, Leicestershire, LE1 1SS

Description

Leasehold ground floor flat. Upon instruction of AMG.

Accommodation

One bedroom, reception room, kitchen, bathroom/wc

Location

Located on Rutland Street. Shops, bars and restaurants are available locally within Leicester City Centre to the west. Leicester Train Station is to the south, with local bus services serving the surrounding areas. Road links include the A594 and A47 to the north east. Spinney Hill Park is to the east and Victoria Park to the south east.

Tenure / Property Information

Investment Analysis

Five completed sales are recorded at the same Alexandra House address, ranging from £45,500 to £128,000. The median is £87,500, used as the base GDV, but the evidence does not identify whether the sold units matched this one-bedroom ground-floor flat or explain the substantial price variation. A £74,500 low scenario and £128,000 high scenario are therefore evidence-based but broad.

Investment Snapshot

Strategy Recommendation

Potential BTL only if the £850 pcm asking rent is achievable and service charge, ground rent, seller fees, lease terms and condition are acceptable. Do not bid on the headline yield alone; obtain the legal pack and full cost information first.

Works Required

No works or defects are evidenced. Obtain a viewing, inspection and lease/building information before budgeting any refurbishment. Heating, parking, service charge and ground rent details also require confirmation.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

At the guide, the purchase price plus the known £1,800 documentation fee is £47,800 before any works, seller fees, service charges or finance costs. A 75% refinance against the £87,500 base GDV would be £65,625, but the cash position cannot be calculated because refurbishment and other acquisition costs are unknown. Refinance valuation and lender treatment of the leasehold flat also require confirmation.

Buy-to-Let Analysis

The advertised asking rent of £850 pcm implies annual gross rent of £10,200 and a 22.17% gross yield against the £46,000 guide. This is not an achieved rent and the yield excludes the £1,800 contract documentation fee, service charge, ground rent, seller fees, finance and other operating costs. Net yield cannot be established until lease and building charges are confirmed.

Flip Analysis

A resale case cannot be reliably quantified because refurbishment costs, selling costs and the exact comparability of the sales evidence are unknown. The recorded same-address sales show a wide £45,500–£128,000 range, making the high GDV outcome particularly uncertain.

Investor Risks & Due Diligence

• Same-address comparable prices vary materially from £45,500 to £128,000 and may relate to different units or specifications.

• £850 pcm is an advertised asking rent rather than achieved or passing rent.

• Annual service charge, ground rent, review terms and increases are unknown.

• The seller may charge additional completion fees under the Special Conditions of Sale.

• Property condition and any refurbishment requirement are unknown.

• Parking and heating details are unknown.

• Leasehold ownership has 101 years remaining as stated; lender and resale requirements should be confirmed.

Recommendation

Potential BTL only if the £850 pcm asking rent is achievable and service charge, ground rent, seller fees, lease terms and condition are acceptable. Do not bid on the headline yield alone; obtain the legal pack and full cost information first.

Strategy Rating

Analysis Confidence

There is same-address sold evidence, one advertised rent and a stated lease term, but unit comparability, condition, service charge, ground rent, seller fees and several operational details are unavailable.