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

Description

Ground-floor apartment sold with a tenant in situ producing £525 pcm / £6,300 pa. Accommodation comprises open-plan lounge/kitchen, bedroom and bathroom, with residents' parking.

Accommodation

Accommodation should be read together with the auctioneer particulars and legal pack. Where the auctioneer has supplied a room schedule, that source information forms the factual basis of this report; any configuration changes require verification on inspection.

Location

The property is located in the OL10 postcode area. The location should be assessed for access to local amenities, schools, employment, road/rail links and tenant demand. The latitude/longitude fields use a postcode-area coordinate fallback for mapping and should not be treated as a surveyed building position.

Investment Analysis

Investment Snapshot

Strategy Recommendation

Initial strategy: Buy-to-Let. The guide is only a starting point. A maximum bid should be based on the legal pack, physical condition, finance costs, achievable rent and independently verified comparable evidence.

Works Required

• Commission a pre-purchase condition survey / detailed inspection

• Obtain contractor quotations for any refurbishment or compliance works

• Test electrical, heating and plumbing systems

• Check kitchen, bathroom, decoration and flooring condition

• Confirm EPC, fire, gas and electrical compliance before letting

Rental & Market Context

Auctioneer/source published rent is £6,300 pa. HB indicative market rent is £525–£625 pcm (£6,300–£7,500 pa). The source rent and HB estimate are intentionally shown separately.

Sold within approximately 5 miles

No unverified sold comparables have been inserted. Check recent Land Registry evidence and closely matched local sales for property type, size, condition and tenure before setting a maximum bid.

Potential BRRR Position

Illustrative 75% refinance against the HB indicative value range is approximately £48,750–£60,000. Actual refinance depends on lender valuation, rent stress testing, property condition, tenure and borrower circumstances.

Flip Analysis

Simple gross spread before transaction and finance costs is approximately £14,000–£33,000. This is not profit and excludes SDLT, auction/admin fees, legal fees, finance, holding costs, insurance, professional fees, selling costs, contingency and tax.

Investor Risks & Due Diligence

• Review legal pack, title, special conditions and completion period

• Confirm auction administration charge, buyer's premium and disbursements

• Verify physical condition and refurbishment budget

• Check finance and insurance availability

• Verify rental evidence and recent sold comparables

• Check tenancy agreement, rent history, deposit position and landlord compliance

Recommendation

Initial recommendation: Buy-to-Let. The opportunity should only be pursued where the verified total acquisition and works cost leaves adequate margin against conservative rental and resale evidence.

Strategy Rating

Buy-to-Let: ★★★★☆ | Income Hold: ★★★★☆ | Flip: ★★☆☆☆