32 The Victory, 165 Union Street, Oldham, Lancashire

Description

Vacant two-bedroom, top floor apartment. Ideal for cash investors. The Victory is a modern block of apartments with lift access to all floors. The apartment benefits from gas-fired central heating, double-glazed windows, a balcony with far-reaching views and an intercom security system; the phone in the flat needs replacing. The building was until very recently closed for five years following a prohibition order by Greater Manchester Fire & Rescue Services because of fire safety deficiencies throughout the building. Before replacing the cladding, a series of external façade investigations will also need to take place.

Accommodation

Ground Floor: Communal Entrance Hall, stairs and lift. Sixth Floor: Landing, flat entrance hall, open-plan living/kitchen with integrated appliances, balcony, two bedrooms and bathroom.

Location

Located within the centre of Oldham. A Metro link to Manchester and Rochdale is close to the building, with supermarkets, shops, buses and bars nearby. Oldham gives good access to the M60 motorway, other cities and Manchester Airport.

Tenure / Property Information

Investment Analysis

Recent completed sales within The Victory range from £37,000 to £44,500, with two 2026 sales at £37,000 and £44,500. A base GDV of £40,750 is supported by the average of the two 2026 sales, with a low/high evidence range of £37,000–£44,500. The comparables do not establish the value impact of the building’s recent prohibition order, façade investigations or potential cladding works.

Investment Snapshot

Strategy Recommendation

Proceed only after obtaining the full fire-safety, façade and cladding cost position and confirming all special-condition fees. On the supplied evidence, avoid bidding at the guide without that due diligence.

Works Required

Replace the flat’s intercom phone. Obtain and review the required external façade investigations before any cladding replacement. The extent and cost of any building-wide fire-safety or cladding works are not supplied.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

At the £40,000 guide, the known buyer contract fee is £1,800, before any works, seller fees or other acquisition costs. A 75% refinance against the base GDV would be approximately £30,562.50, but cash left in cannot be calculated because refurbishment and other completion costs are unknown.

Buy-to-Let Analysis

BTL analysis cannot be completed because no sufficiently specific rental evidence or auctioneer rent estimate is provided. Service charge and ground rent are disclosed, but the impact of the building’s fire-safety position and any future costs is unknown.

Flip Analysis

The supported base GDV is £40,750, against a £40,000 guide price before the £1,800 buyer fee and any works or seller charges. No reliable flip surplus can be calculated because façade, cladding and fire-safety costs, resale costs and other completion charges are unknown.

Investor Risks & Due Diligence

• The building was recently closed for five years under a prohibition order because of fire-safety deficiencies.

• External façade investigations are required before replacing the cladding, with scope and cost unknown.

• Potential building-wide fire-safety or cladding liabilities are not quantified.

• No sufficiently specific rental evidence is available, so rental yield cannot be established.

• The seller may charge additional completion fees under the special conditions, but the amount is not supplied.

• The flat’s intercom phone needs replacing.

• Leasehold service charge of £1,777.03 is stated for 1 April 2026 to 30 September 2026, with ground rent of £150 per annum stated for 2025–2026.

Recommendation

Proceed only after obtaining the full fire-safety, façade and cladding cost position and confirming all special-condition fees. On the supplied evidence, avoid bidding at the guide without that due diligence.

Strategy Rating

Analysis Confidence

Recent same-building completed sales support the GDV range, but rental evidence, refurbishment costs, building remediation liabilities and potential seller fees are unavailable.