22 Pearl Assurance House, 32 Queen Street, Wakefield, West Yorkshire

Description

Vacant self-contained fifth floor flat with studio accommodation, approximately 32 sq m (344 sq ft) GIA, situated on the fringe of Wakefield town centre.

Accommodation

Studio accommodation; GIA approximately 32 sq m (344 sq ft), source: EPC

Location

The property fronts both the west side of Queen Street and the east side of Market Street and is within a short walk of Wakefield town centre. Wakefield Westgate station is approximately 0.4 miles to the north west, Wakefield Kirkgate station is also close by, and Clarence Park and Thornes Park are accessible to the south. The nearby A638 provides access onto the M1 motorway.

Tenure / Property Information

Investment Analysis

Recent HM Land Registry sales in the same building were £38,000, £40,000 and £42,500 during 2025. These support a base GDV estimate of £40,000, with a low scenario of £38,000 and high scenario of £42,500. The older £52,000 and £70,000 sales are less directly representative of current value. No formal valuation, service charge information or specific flat-level condition evidence is supplied.

Investment Snapshot

Strategy Recommendation

Proceed only with detailed legal, leasehold and physical due diligence and a tightly controlled bid below the supported market range. Do not rely on BTL or BRRR returns until rent, service charge, costs and condition are verified.

Works Required

No specific refurbishment works are evidenced. Before bidding, verify the flat’s condition, EPC E implications, communal areas, service charge, planned major works and any compliance requirements.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

At the £32,500 guide, the purchase is below the recent same-building sales range, but the evidence does not establish refurbishment cost, rent, service charge, acquisition fees or finance costs. A 75% refinance of the £40,000 base GDV would be approximately £30,000, but total project cost and cash requirement cannot be calculated reliably.

Buy-to-Let Analysis

BTL analysis cannot be established because no sufficiently specific rental comparable or auctioneer rent estimate is supplied. Ground rent is £420.92 per annum, with service charge and other leasehold costs unknown, so net income and yield cannot be assessed.

Flip Analysis

The base GDV is estimated at £40,000 from recent same-building sales. A flip surplus cannot be calculated because works, buyer costs, seller charges and selling costs are unsupported. The apparent guide-to-GDV margin is limited and could be eroded by leasehold and transaction costs.

Investor Risks & Due Diligence

• Current ground rent of £420.92 per annum reduces net investment returns.

• Service charge, reserve fund and potential major works liabilities are not supplied.

• No sufficiently specific rental evidence is available, preventing reliable yield analysis.

• EPC rating is E and any upgrade implications are not evidenced.

• Additional seller or third-party charges may apply.

• Leasehold legal terms, restrictions and remaining lease details should be verified despite approximately 105 years remaining.

Recommendation

Proceed only with detailed legal, leasehold and physical due diligence and a tightly controlled bid below the supported market range. Do not rely on BTL or BRRR returns until rent, service charge, costs and condition are verified.

Strategy Rating

Analysis Confidence

There are three recent completed sales in the same building supporting a value range, but rental evidence, service charge, condition, refurbishment costs and transaction charges are unavailable.