14 Scalebeck Court, Gray Street, Workington, Cumbria

Description

A Second Floor Two Bedroom Flat Subject to a Periodic Tenancy Producing £5,400 Per Annum (Reflecting a Gross Initial Yield of 21.6% on Guide Price). The property comprises a second floor two bedroom flat situated within a corner building arranged over ground and two upper floors.

Accommodation

Second Floor: Reception Room, Kitchen, Two Bedrooms, Bathroom

Location

The property is situated on a residential road close to local shops and amenities. The open spaces of Vulcan Park are within easy reach. Transport links are provided by Workington rail station.

Tenure / Property Information

Investment Analysis

The guide is £15,000–£25,000 plus fees. Supplied completed sales at Scalebeck Court range from £30,000 to £55,500, including the same flat at £45,000 in August 2022 and a nearby flat at £55,500 in May 2026. A base GDV of £45,000 is supported by the same-address sale, with £30,000 as a low scenario and £55,500 as a high scenario. Condition, service charges and detailed lease terms are not supplied, so this is not a formal valuation. The analysis uses the £25,000 upper guide for yield calculations, plus the known £1,800 administration charge; the buyer premium and other disbursements are unknown.

Investment Snapshot

Strategy Recommendation

Consider as an income-led purchase only if the tenancy, rent, leasehold liabilities and legal pack are satisfactory. Do not rely on a flip or BRRR strategy until condition, costs and possession position are verified.

Works Required

No specific defects or required works are evidenced. Allow for inspection and verification of the kitchen, bathroom, heating, decoration, communal areas and EPC position before bidding; no refurbishment budget can be reliably quantified from the supplied evidence.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

Using the £45,000 base GDV, 75% refinancing would indicate £33,750 before lender costs and valuation. BRRR viability cannot be fully established because refurbishment costs, total acquisition costs, leasehold charges and refinance terms are not supplied. The existing tenancy may support income, but the periodic tenancy and rent require legal and operational verification.

Buy-to-Let Analysis

At the stated £5,400 annual rent, the gross yield is 21.6% at the £25,000 upper guide before the £1,800 administration charge, buyer premium, other costs and any leasehold outgoings. Rental listings provide asking-rent evidence of £695 pcm for two-bedroom properties, but are not flat-specific or achieved rents. The existing periodic tenancy and rent should be verified in the legal pack, together with arrears, deposit, tenant status, service charges and other landlord liabilities.

Flip Analysis

A resale range of £30,000–£55,500 is supported by the supplied completed sales, with £45,000 as the base GDV. A flip surplus cannot be calculated because refurbishment costs, buyer premium, selling costs and other disbursements are unknown. The property is tenanted, which may also affect possession and resale timing.

Investor Risks & Due Diligence

• The property is subject to a periodic tenancy, so rent, arrears, deposit, tenant status and possession position require verification.

• The current EPC rating is E and any improvement requirements or associated costs are not supplied.

• Buyer premium, disbursements, possible seller costs, legal fees, transfer fees and other acquisition costs are unknown.

• Leasehold service charges, ground rent and other lease liabilities are not supplied.

• The rental listings are advertised asking rents rather than achieved rents and may not be directly comparable to this flat.

• Comparable sales vary materially from £30,000 to £55,500 and may differ in condition, timing or specification.

Recommendation

Consider as an income-led purchase only if the tenancy, rent, leasehold liabilities and legal pack are satisfactory. Do not rely on a flip or BRRR strategy until condition, costs and possession position are verified.

Strategy Rating

Analysis Confidence

There are several relevant completed sales, including the same property, and stated rental income. However, condition, refurbishment requirements, leasehold charges, buyer premium, disbursements and tenancy/legal details are incomplete.