2 the Convent, Orchard Lane, Leigh, Greater Manchester

Description

This ground floor, two-bedroom apartment is located within a Grade 2 listed building, offering its own private entrance and is being sold with a tenant in situ. Totalling approximately 1,585 sq ft, the apartment offers plenty of space throughout, original features and character. Externally there are landscaped communal gardens including patio space, off-road parking and visitor’s spaces.

Accommodation

Entrance hallway, office/study, WC, living room, kitchen/diner, two bedrooms with en-suite bathrooms, and several built-in storage cupboards.

Tenure / Property Information

Investment Analysis

Completed sales within The Convent range from £105,000 to £145,000, with the latest supplied sale at £130,000 in May 2025. The £150,000 guide exceeds the latest sale and the highest supplied comparable. Comparability is limited because individual flat sizes and specifications are not provided.

Investment Snapshot

Strategy Recommendation

Do not bid at the guide without confirming rent, tenant terms, leasehold costs and legal-pack liabilities. Only consider a purchase materially below the strongest comparable evidence if the income and legal position are satisfactory.

Works Required

No specific refurbishment works are evidenced. Confirm condition, listed-building restrictions, EPC, lease terms, service charge, ground rent and tenant documentation through inspection and the legal pack.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

At the guide, known acquisition cost including the administration charge is approximately £154,125 before works and other costs. A 75% refinance of the base £130,000 GDV is £97,500, leaving approximately £56,625 before finance, tax and other costs. The refinance case is therefore weak on the supplied evidence.

Buy-to-Let Analysis

Potentially suitable as a tenanted BTL, but no passing rent is supplied. The £401 pcm advertised rent relates to two-bedroom houses in Standish, not this Leigh flat, so a reliable subject rent and yield cannot be established. Base cost includes the £4,125 administration charge at the £150,000 guide but excludes unknown legal-pack costs, service charge and other disbursements.

Flip Analysis

A resale value range of £105,000–£145,000 is supported by supplied completed sales. At the £150,000 guide, the base case is already above the latest £130,000 comparable before selling costs, works or other acquisition costs. A reliable flip surplus cannot be calculated because selling costs and works are unsupported.

Investor Risks & Due Diligence

• Guide price exceeds the latest supplied £130,000 comparable and the highest supplied sale of £145,000.

• Passing rent is not supplied; the available £401 pcm evidence is for different properties and a different location.

• Tenant is on a rolling month contract, creating income and possession uncertainty.

• Ground rent, service charge and possible legal-pack disbursements are unknown.

• EPC rating is currently unconfirmed.

• The property is in a Grade 2 listed building, potentially limiting alterations.

Recommendation

Do not bid at the guide without confirming rent, tenant terms, leasehold costs and legal-pack liabilities. Only consider a purchase materially below the strongest comparable evidence if the income and legal position are satisfactory.

Strategy Rating

Analysis Confidence

Several local completed sales are supplied, but individual comparable details, passing rent, condition, EPC, leasehold charges and full auction costs are unavailable.