34 Silverwell Street, Manchester, Lancashire, M40 1PA

Description

Vacant freehold mid terrace house by order of a Housing Association. Ground floor accommodation comprises a reception room and kitchen. First floor comprises two bedrooms and a bathroom. GIA approximately 54 sq m (581 sq ft), sourced from the EPC.

Accommodation

Ground floor: reception room, kitchen. First floor: two bedrooms, bathroom. GIA approximately 54 sq m (581 sq ft).

Location

Situated on the north side of Silverwell Street. Extensive shops and amenities are available nearby within Manchester City Centre. Manchester Piccadilly Station is approximately 3.1 miles to the south west. The M60 motorway is to the east and Brookdale Park is nearby.

Tenure / Property Information

Investment Analysis

The three supplied freehold terraced comparables on Silverwell Street sold for £73,000–£102,000 between July 2019 and September 2021. The £120,000+ guide is £18,000 above the highest supplied sale, so the evidence does not support the guide as market value. Base GDV is estimated at £102,000, with a low scenario of £81,000 based on the supplied evidence. No newer or broader comparable evidence is provided.

Investment Snapshot

Strategy Recommendation

Do not proceed at or near the £120,000 guide on the supplied evidence. Consider only a substantially lower bid supported by inspection, verified costs and stronger current comparables.

Works Required

No specific defects or refurbishment requirements are evidenced. A viewing and inspection are required before allowing for works; no works budget has therefore been assumed.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

At a 75% refinance of the £102,000 base GDV, indicative refinancing proceeds would be £76,500. This is materially below the £120,000 guide before any works or fees, so the available evidence does not support a viable BRRR purchase at guide level.

Buy-to-Let Analysis

The supplied advertised asking rent is £925 pcm, equivalent to £11,100 annually. Against the £120,000 guide, this indicates a 9.25% gross yield before finance, operating costs, vacancy and any works. The rent is an asking rent rather than an achieved rent, and total project cost cannot be established because works and additional charges are unknown.

Flip Analysis

The £120,000 guide already exceeds the highest supplied completed sale of £102,000. With no supported refurbishment budget, selling allowance or evidence of a resale value above £102,000, a reliable flip surplus cannot be calculated and the guide provides no evident margin.

Investor Risks & Due Diligence

• The £120,000+ guide exceeds the highest supplied completed comparable at £102,000.

• The £925 pcm figure is an advertised asking rent, not an achieved or passing rent.

• Property condition and refurbishment requirements are not evidenced.

• Buyer, administration and other seller or third-party charges are not supplied.

• The available comparable evidence is limited and historic.

Recommendation

Do not proceed at or near the £120,000 guide on the supplied evidence. Consider only a substantially lower bid supported by inspection, verified costs and stronger current comparables.

Strategy Rating

Analysis Confidence

There are three completed sales and one advertised rental, but the sales are from 2019–2021, the rent is unachieved, and condition, works, fees and current market evidence are unavailable.