2 Priory Heights, Church Street, Dunstable, Bedfordshire, LU5 4RQ

Description

A Vacant First Floor Two Bedroom Fat in Need of Modernisation. The property comprises a first floor two bedroom flat situated within a purpose built block arranged over ground and nine upper floors. The property benefits from lift access.

Accommodation

First 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 Priory Gardens are within easy reach. Transport links are provided by Leagrave rail station and the M1.

Tenure / Property Information

Investment Analysis

Five same-block leasehold sales range from £67,000 to £135,000, with substantial variation and no condition details. A cautious evidence-based scenario is £67,000 low, £90,000 base and £135,000 high. The £90,000 guide is above three of the five recorded sales.

Investment Snapshot

Strategy Recommendation

Proceed only conditionally after inspecting the flat and verifying the legal pack, leasehold charges, works budget and achievable rent. The guide appears high against several same-block sales, so avoid bidding without a firm maximum.

Works Required

Modernisation of the flat, including the reception room, kitchen, two bedrooms and bathroom. The extent and cost of works cannot be established from the supplied evidence.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

At the £90,000 base GDV, 75% refinancing equates to £67,500. The guide plus the known £1,800 admin charge is already £91,800 before modernisation and other possible costs, so the project would not appear cash-neutral on this scenario. Final assessment requires a works budget and legal-pack review.

Buy-to-Let Analysis

The advertised £1,350 pcm rent implies £16,200 annual gross rent and an 18.0% gross yield against the £90,000 guide. This is based on one asking-rent listing, not achieved rent, and excludes works, leasehold costs, finance and other fees. The £1,800 admin charge is payable, with possible additional disbursements.

Flip Analysis

The direct same-block sales provide a wide £67,000–£135,000 range. A resale surplus cannot be calculated because refurbishment costs, selling costs and the full acquisition costs are unsupported.

Investor Risks & Due Diligence

• Wide variation in same-block sold prices with no condition or specification details.

• The flat requires modernisation, but no refurbishment cost evidence is supplied.

• The £1,350 pcm figure is an advertised asking rent rather than achieved rent.

• Leasehold service charge, ground rent and other lease terms are not supplied.

• Special-condition disbursements and other purchase costs may be payable.

• The guide is above three of the five supplied same-block sales.

Recommendation

Proceed only conditionally after inspecting the flat and verifying the legal pack, leasehold charges, works budget and achievable rent. The guide appears high against several same-block sales, so avoid bidding without a firm maximum.

Strategy Rating

Analysis Confidence

There are five direct sold comparables and one rental listing, but condition differences, refurbishment costs, leasehold charges, EPC, council tax and additional auction disbursements are unavailable.