29 Atlantic Way, Derby, Derbyshire, DE24 1AB

Description

Leasehold second floor flat.

Accommodation

Principal bedroom with ensuite, one further bedroom, reception room, kitchen, bathroom/wc

Location

The property is located on Atlantic Way. Shopping amenities can be found locally within Derby City Centre. Public transport links are available at Derby Train Station to the north west along with a network of local bus services serving the surrounding areas. The property is served by road links including the A6 to the west. Recreational pursuits can be found at Wilmorton Recreation Ground to the west.

Tenure / Property Information

Investment Analysis

Five completed sales on Atlantic Way range from £115,000 to £125,000, with a simple average of £119,600. They are relevant same-development leasehold flat evidence, but bedroom count, floor, size, condition, parking and exact specification are not provided, so the GDV scenarios are indicative only. The guide represents a substantial discount to the comparable evidence, subject to auction costs and unknown leasehold charges.

Investment Snapshot

Strategy Recommendation

Proceed only subject to satisfactory legal, leasehold and condition due diligence. The guide-to-comparable discount is potentially attractive, but the absence of rent, service-charge, ground-rent, condition and parking information means neither BTL nor BRRR is currently underwritten. Avoid bidding beyond a separately costed maximum after reviewing the auction legal pack.

Works Required

No specific refurbishment works are supported by the supplied evidence. Confirm condition, heating, parking, service charge, ground rent and any required repairs before bidding.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

On an illustrative guide-price basis, £70,000 purchase plus the known £1,800 documentation fee gives a quantified cost of £71,800 before any works or other charges. A 75% refinance against the £119,600 base GDV is £89,700, implying £17,900 of cash released before finance, tax and other costs. This is not a confirmed BRRR outcome because rent, refurbishment requirements, service charge, ground rent and lender valuation criteria are unknown.

Buy-to-Let Analysis

BTL yield cannot be established because no sufficiently specific rental evidence or auctioneer rent estimate is supplied. The known on-guide acquisition cost is £71,800 including the £1,800 contract documentation fee, before any unquantified works, service charges, ground rent, finance and seller fees. Obtain passing or achieved rental evidence and full leasehold costs before relying on a BTL case.

Flip Analysis

The comparable evidence supports an indicative base GDV of £119,600, with a £115,000–£125,000 evidence range. Against the £71,800 on-guide cost including the known documentation fee, the gross difference before works, selling costs, finance, tax and any seller fees is £47,800. A formal flip surplus cannot be calculated because refurbishment and selling allowances are unsupported.

Investor Risks & Due Diligence

• Annual service charge, ground rent and review provisions are not supplied.

• The seller may charge additional completion fees under the special conditions.

• No sufficiently specific rental evidence or auctioneer rent estimate is available.

• Condition, heating and parking details are not supplied, so refurbishment and operating costs cannot be quantified.

• The sold comparables do not provide bedroom count, floor, size, condition or specification details, limiting GDV precision.

• Finance, tax and selling costs are excluded from the indicative calculations.

Recommendation

Proceed only subject to satisfactory legal, leasehold and condition due diligence. The guide-to-comparable discount is potentially attractive, but the absence of rent, service-charge, ground-rent, condition and parking information means neither BTL nor BRRR is currently underwritten. Avoid bidding beyond a separately costed maximum after reviewing the auction legal pack.

Strategy Rating

Analysis Confidence

Completed sales provide useful same-location evidence and the lease term is stated, but rental, condition, leasehold charge, parking, heating, refurbishment and potential seller-fee information is incomplete.