3 Biwater House, Gregge Street, Heywood, OL10 2AE

Description

Ground floor apartment being sold with a tenant in situ. The apartment comprises reception/inner hall, generous open plan lounge/kitchen, double bedroom and bathroom/w.c. Residents car park. Auction House Manchester are yet to inspect the property; pictures provided dated August 2024.

Accommodation

Living Room; Kitchen; Bedroom; Bathroom

Location

Conveniently located just off Manchester Road, Biwater House offers easy access to the M62 motorway. The flat is within close proximity to shops, amenities and transport links.

Tenure / Property Information

Investment Analysis

Same-building sold evidence ranges from £85,000 to £182,000, with the most recent sale at £100,000. Because bedroom mix, sizes and condition are not supplied, £100,000 is used as an indicative base GDV only.

Investment Snapshot

Strategy Recommendation

Proceed only after reviewing the legal pack, tenancy, lease, service-charge position and inspection evidence. Do not rely on the advertised rent or refinance assumption.

Works Required

No refurbishment allowance is supported: the auctioneer has not inspected the property and supplied images are dated August 2024. Verify condition, tenancy, lease and communal obligations before bidding.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

At the £43,000 guide, known purchase costs are £2,460 (£2,100 minimum administration charge plus £360 searches), producing a £45,460 base cost before works, finance and other legal-pack disbursements. A 75% refinance of the indicative £100,000 GDV is £75,000, but tenant, valuation, lease and lending terms remain unverified.

Buy-to-Let Analysis

BTL yield cannot be established because no property-specific rent or passing rent is supplied. The £1,000 pcm evidence is an advertised asking rent for one-bedroom flats in Bury, not this property. Ground rent and service charge total £2,593.70 annually before other costs.

Flip Analysis

Using the £100,000 indicative base GDV, the apparent surplus before selling costs, finance, tax and works is £54,540. This is not a reliable flip profit because condition, tenant possession, resale costs and legal-pack charges are unknown.

Investor Risks & Due Diligence

• Tenant in situ with tenancy terms and passing rent undisclosed.

• Auctioneer has not inspected the property; condition is uncertain.

• High annual ground rent and service charge of £2,593.70 are stated.

• Leasehold legal terms, arrears and reserve-fund obligations are unverified.

• Special Conditions may add seller, legal, transfer or other completion costs.

• Comparable sale prices vary substantially and property attributes are not supplied.

Recommendation

Proceed only after reviewing the legal pack, tenancy, lease, service-charge position and inspection evidence. Do not rely on the advertised rent or refinance assumption.

Strategy Rating

Analysis Confidence

There is useful same-building sold evidence, but no property-specific rent, inspection, tenancy terms, council tax, condition, size or complete fee schedule.