26 Wheeleys Lane (Apartment 17 -2FF), Birmingham, West Midlands, B15 2DX

Description

Leasehold second floor flat. One bedroom, reception room open plan to kitchen, bathroom/wc. Outside: Balcony.

Accommodation

One bedroom, reception room open plan to kitchen, bathroom/wc. Outside: Balcony.

Location

The property is located on Wheeleys Lane. Shopping amenities can be found locally within Birmingham City Centre. Public transport links are available at Five Ways Train Station to the south west and Birmingham New Street Train Station to the north east, along with a network of local bus services serving the surrounding areas. The property is served by road links including the A38 to the west and A4540 to the south. Recreational pursuits can be found at Sunset Park lying to the west.

Tenure / Property Information

Investment Analysis

The evidence is highly variable. Two sales recorded at number 26 are £193,000 and £194,000 in 2023, with an earlier £202,000 sale, but the specific apartment/unit is not confirmed. Nearby Wheeleys Lane sales are materially lower at £70,000 and £95,000. A provisional base GDV of £194,000 is therefore used, with a broad evidence-based range of £95,000–£202,000. This is not a formal valuation and requires confirmation of the lease, exact unit comparability and condition.

Investment Snapshot

Strategy Recommendation

Do not bid on headline GDV alone. Obtain and review the lease and special conditions, verify service charge, ground rent, lease length and any seller fees, inspect the flat, and only proceed if the conservative comparable evidence and rental case support the price.

Works Required

No specific defects or refurbishment requirements are evidenced. Arrange inspection and confirm the flat’s condition, fixtures, services, balcony and communal areas before budgeting works.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

Using the £82,000 guide plus the known £1,800 documentation fee, and excluding unknown works, seller fees and lease costs, the indicative base cost is £83,800. At the provisional £194,000 GDV, 75% refinance is £145,500, implying £61,700 of capital could remain invested before finance, tax and other costs. This outcome is highly dependent on whether the comparable sales relate to the same unit and on the unknown lease terms and refurbishment position.

Buy-to-Let Analysis

The only rental evidence is an advertised £375 pcm for a one-bedroom flat on Richmond Hill Road, rather than the subject property, so it is only a weak rental indicator. At £375 pcm, annual rent is £4,500, producing an indicative 5.49% gross yield on the £82,000 guide and 5.37% on £83,800 including the known £1,800 documentation fee. Service charge, ground rent, letting costs, finance and any seller fees are unknown, so net yield cannot be established.

Flip Analysis

A provisional £194,000 GDV materially exceeds the £82,000 guide, but the comparable evidence is inconsistent and the sold properties are not confirmed as the same apartment. No refurbishment allowance or supported resale/selling-cost allowance is available, so a reliable flip surplus cannot be calculated.

Investor Risks & Due Diligence

• Lease length, annual service charge, ground rent and review provisions are unknown.

• The specific apartment/unit represented by the number 26 sold comparables is not confirmed.

• Comparable sale values range from £70,000 to £202,000, creating substantial valuation uncertainty.

• The £375 pcm rent is an advertised asking rent for Richmond Hill Road, not the subject property.

• Property condition and any refurbishment requirement are unknown.

• Parking and heating arrangements are unknown.

• Additional seller fees may be payable under the special conditions but are not quantified.

• The known £1,800 documentation fee is included in the base total cost; buyer premium, finance, tax and other acquisition costs are not quantified.

Recommendation

Do not bid on headline GDV alone. Obtain and review the lease and special conditions, verify service charge, ground rent, lease length and any seller fees, inspect the flat, and only proceed if the conservative comparable evidence and rental case support the price.

Strategy Rating

Analysis Confidence

There is some completed-sale and rental evidence, but the sales vary substantially, the comparable units are unconfirmed, the lease information is largely unavailable, condition is not provided, and the rent is an advertised figure for a different road.