18A Bridge Street, Evesham, Worcestershire, WR11 4RR

Description

A well-positioned two-bedroom first-floor apartment situated in the heart of Evesham town centre, directly on the High Street. Currently producing £7,200 PA, the property offers an attractive opportunity for investors looking to acquire an existing income-producing asset.

Accommodation

Two bedrooms, Lounge, Kitchen, Bathroom, Communal entrance. Kitchen: 14'11" x 7'10". Living Room: 14'0 x 16'11". Bedroom One: 16'6" x 8'11". Bedroom Two: 9'5" x 7'11". Bathroom: 9'0" x 5'7".

Location

Situated in the heart of the historic market town of Evesham, with access to shops, supermarkets, cafés, restaurants, pubs and public transport. Market Square, River Avon and Abbey Park are within easy walking distance. Evesham railway station is approximately a 10-minute walk from the town centre. The town has road connections via the A46 and nearby M5.

Tenure / Property Information

Investment Analysis

The strongest evidence is the same-address completed sale at £72,000 in April 2023. Earlier same-address sales were £75,000–£80,000 in 2003–2004 and are less relevant. A base GDV of £72,000 is reasonable, with a cautious evidence-based range of £70,000–£75,000. The £70,000 guide is broadly aligned with the latest completed sale, before allowing for auction fees and any undisclosed property condition.

Investment Snapshot

Strategy Recommendation

Best suited to income-led BTL consideration at or below the guide, subject to verifying the stated rent, tenancy and legal pack. It is not attractive as a straightforward flip at the guide because known acquisition costs exceed the base comparable value.

Works Required

No refurbishment works are evidenced. Before bidding, verify the apartment's condition, tenancy documentation, compliance information and legal-pack requirements. No works allowance has been assumed.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

Using the £72,000 base GDV, a 75% refinance is £54,000. Against the £70,000 purchase price plus the stated £3,840 buyer and admin charges, indicative cash remaining in the project is £19,840, before finance, tax, legal costs, disbursements and any works. No refurbishment uplift is evidenced, so the refinance case depends primarily on the existing income and purchase discount.

Buy-to-Let Analysis

At the stated current income of £7,200 per annum (£600 pcm), the gross yield is approximately 10.29% on the £70,000 guide and 9.75% including the £1,800 buyer premium and £2,040 admin charge. The £200 annual ground rent reduces the income before finance, tax, insurance and other landlord costs; service charge is stated as £0. The advertised rental listings are not used because they are asking rents and are not specific achieved rents for this apartment.

Flip Analysis

At the guide price, the purchase price plus the stated buyer premium and admin charge is £73,840. Against the £72,000 base GDV this is already £1,840 above the estimated value, before selling costs, finance, tax or any refurbishment. A reliable flip surplus cannot be established because no supported selling-cost allowance or refurbishment budget is provided.

Investor Risks & Due Diligence

• The stated £7,200 annual income has not been independently evidenced in the supplied data.

• Additional disbursements, seller-cost reimbursements, legal fees, search fees and transfer fees may be payable under the legal pack.

• The £200 annual ground rent reduces net income, despite the stated £0 service charge.

• No EPC, condition, tenancy terms, compliance details, parking or heating information has been supplied.

• The comparable evidence is limited and primarily relates to the same address rather than a wider current market sample.

Recommendation

Best suited to income-led BTL consideration at or below the guide, subject to verifying the stated rent, tenancy and legal pack. It is not attractive as a straightforward flip at the guide because known acquisition costs exceed the base comparable value.

Strategy Rating

Analysis Confidence

The analysis has a direct current-income statement, known auction charges, long lease and same-address completed sale evidence. Confidence is reduced by missing EPC, tenancy, condition, legal-pack, finance and selling-cost information.