204 Clarence House, The Boulevard, Leeds, West Yorkshire

Description

A one-bedroom, open plan apartment situated in Clarence House at Leeds Dock. The apartment is situated on the upper floor, complete with a balcony off the living area, providing views over the surrounding area. The property is fitted with UPVC double glazed windows, electric heating and has the potential to make a great buy to let investment purchase.

Accommodation

Ground Floor: Communal Entrance. Upper Floor: Hallway with Storage, Open Plan Living/Kitchen/Diner, Bedroom and Bathroom. External: Balcony off Living Area.

Location

Situated in a high demand, dockside location at Leeds Dock, served by bars and restaurants, a local gym and a Tesco Express.

Tenure / Property Information

Investment Analysis

Five completed sales in Clarence House range from £110,000 to £157,000, with an average of £138,000. As the evidence does not identify the comparable apartments' bedroom count, size, floor or condition, £138,000 is an indicative base GDV only. The £85,000 guide is materially below the supplied comparable range, but this may reflect auction-specific factors not disclosed in the evidence.

Investment Snapshot

Strategy Recommendation

Treat as a conditional value-led purchase only. Verify the exact lease terms, service-charge account, special conditions, any seller fees and achievable rent before bidding; the evidence is insufficient to recommend a firm BTL, BRRR or flip strategy.

Works Required

No specific refurbishment works are evidenced. The apartment should be inspected for condition, and the lease, service-charge position and any auction special conditions should be reviewed before bidding.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

At the £85,000 guide, the known contract documentation fee would bring the purchase figure to £86,800 before any seller fees, refurbishment, finance or tax. A 75% refinance of the £138,000 base GDV is £103,500, but cash left in cannot be calculated because refurbishment and potentially applicable completion costs are unknown. Refinance feasibility also depends on lender valuation and leasehold/management review.

Buy-to-Let Analysis

The apartment is described as suitable for buy to let, but no sufficiently specific rental evidence or auctioneer rent estimate is supplied. Rental yield cannot therefore be established. Known recurring charges include ground rent of £250 per year based on the stated payment and service charge of £2,364.20 per year based on the stated quarterly charge, before other ownership and finance costs.

Flip Analysis

Using the indicative £138,000 base GDV, the apparent gross value gap against the £85,000 guide is £53,000, or £51,200 after the known £1,800 documentation fee. This is not a reliable flip surplus because refurbishment, selling, finance, tax and any seller-charged completion fees are not supplied.

Investor Risks & Due Diligence

• No sufficiently specific rental evidence is available, so income and yield cannot be established.

• The service charge is stated as £591.05 quarterly and the ground rent as £125 half-yearly; future charges and arrears are not evidenced.

• The seller may charge additional completion fees under the special conditions, but the amount is not supplied.

• The completed comparables are from the same building but their bedroom count, size, floor, outlook and condition are not supplied.

• Refurbishment and condition costs are unknown.

• The property is leasehold, so lease, management and lender acceptability should be verified despite the stated 125 years remaining.,

Recommendation

Treat as a conditional value-led purchase only. Verify the exact lease terms, service-charge account, special conditions, any seller fees and achievable rent before bidding; the evidence is insufficient to recommend a firm BTL, BRRR or flip strategy.

Strategy Rating

Analysis Confidence

The evidence includes several same-building completed sales and clear lease and recurring-charge information, but lacks unit-specific comparable details, rental evidence, condition assessment, refurbishment costs and potentially applicable seller fees.