290-292 Gipsy Lane, Leicester, Leicestershire

Description

A freehold mixed-use commercial and residential investment comprising two commercial units and two first-floor flats. There is land to the rear and extensive timber-constructed storage units to the rear of 290. The source states there is scope to raise rents in line with current market levels.

Accommodation

Ground Floor 290 Gipsy Lane: 7.80m x 5.57m maximum; currently vacant, with extensive substantial timber-constructed stores to the rear. First-floor flat 290 Gipsy Lane: entrance hall, lounge 3.75m x 3.20m, bedroom 4.11m x 2.43m, kitchen 2.59m x 2.52m, bathroom 1.75m x 1.67m; 35m2. Ground Floor 292 Gipsy Lane: 3.50m x 2.97m, plus walk-in store 3.20m x 1.53m; currently let. First-floor flat 290 Gipsy Lane: entrance hall, lounge 4.11m x 3.35m, bedroom 4.35m x 2.74m, kitchen 2.28m x 1.92m, bathroom 1.92m x 1.52m; 36m2.

Location

The property is described as being in a sought-after location.

Tenure / Property Information

Investment Analysis

The £375,000 guide represents a mixed-use freehold investment with two commercial units, two flats and rear storage/land. The supplied sold comparables are residential properties and are not sufficiently comparable to establish GDV. The auctioneer’s £34,000 ERI is an estimate, with £12,000 attributed to vacant ground-floor 290. No refurbishment cost or market valuation evidence is supplied.

Investment Snapshot

Strategy Recommendation

Consider only as an income-led mixed-use hold, subject to legal-pack, tenancy, condition and rent verification. Do not rely on a BRRR or flip exit without independent valuation evidence.

Works Required

No specific works are evidenced. Confirm condition, statutory compliance, tenancy position, rear storage structures and legal-pack requirements before bidding.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

BRRR cannot be reliably assessed because no GDV, refurbishment budget or refinance valuation evidence is supplied. The property is partly let, while ground-floor 290 is vacant and carries a stated £12,000 ERI.

Buy-to-Let Analysis

The ERI of £34,000 per annum implies approximately £2,833 pcm and a 9.07% gross yield on the £375,000 guide, or 9.02% including the £1,800 admin charge. This is an estimated rent, not passing rent; the vacant ground-floor unit and unspecified costs reduce certainty.

Flip Analysis

A flip surplus cannot be established because no supported GDV, works allowance, selling costs or comparable mixed-use sales are provided.

Investor Risks & Due Diligence

• Ground-floor 290 is currently vacant.

• The £34,000 ERI is an estimate rather than passing rent.

• No sufficiently specific rental comparables are supplied.

• The residential sold comparables are not directly comparable to this mixed-use asset.

• Buyer premium, disbursements and potential special-condition costs are unspecified.

• No condition or refurbishment budget is supplied.

• The two flats are occupied under assured periodic tenancies, requiring tenancy and compliance review.

Recommendation

Consider only as an income-led mixed-use hold, subject to legal-pack, tenancy, condition and rent verification. Do not rely on a BRRR or flip exit without independent valuation evidence.

Strategy Rating

Analysis Confidence

The ERI, guide price, tenure, accommodation and occupancy are supplied, but there is no sufficiently comparable valuation evidence, works budget, detailed cost schedule or verified achieved rent.