35 Priory Close, Ilkeston, Derbyshire

Description

Long leasehold first floor flat requiring updating. Full vacant possession. By order of Mountview Estates PLC.

Accommodation

Two bedrooms, reception room, kitchen, bathroom/WC

Location

The property is situated on Priory Close, accessed off Wyndale Drive. Public transport links include Ilkeston Train Station, with road links via the A609, A52 and M1 Motorway. Local shops are available nearby, with a wider range of shops, cafes and restaurants in central Ilkeston.

Tenure / Property Information

Investment Analysis

Recent same-road leasehold flat sales are £75,000 on 30 June 2026 and £72,000 on 30 September 2025. Older evidence ranges from £57,550 to £85,000. A base GDV of £73,500 is estimated from the two latest comparable sales, subject to the flat requiring updating and the absence of detailed condition, parking and service-charge information.

Investment Snapshot

Strategy Recommendation

Proceed only subject to inspection, confirmation of service charges and review of the Special Conditions. The guide price appears below recent same-road sales, but the missing refurbishment, rental and leasehold-cost evidence prevents a firm BTL, BRRR or flip recommendation.

Works Required

Updating works are indicated by the description, but the evidence does not specify the required scope. A survey and inspection should establish the condition of the two bedrooms, reception room, kitchen, bathroom/WC, heating and other elements before budgeting.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

At the £45,000 guide, the known contract documentation fee is £1,800, and 75% of the base GDV is approximately £55,125. However, refurbishment costs, service charge, other seller fees and finance costs are unknown, so total project cost and cash left in cannot be calculated reliably.

Buy-to-Let Analysis

No sufficiently specific rental evidence or auctioneer rent estimate is provided, so rent and gross yield cannot be established. The unknown annual service charge and any leasehold costs also prevent a reliable net-income assessment.

Flip Analysis

The recent comparable evidence supports an indicative resale GDV of approximately £72,000–£75,000, with a £73,500 base case. A flip surplus cannot be calculated because refurbishment costs and any seller completion fees are not supplied.

Investor Risks & Due Diligence

• The flat requires updating, but the required works and costs are unspecified.

• Annual service charge and ground-rent review details are unavailable.

• No reliable rental evidence is provided, so rental yield cannot be assessed.

• EPC, heating and parking information are not provided.

• The seller may charge additional completion fees under the Special Conditions of Sale.

• The property is leasehold, although the stated remaining term is approximately 104 years.

Recommendation

Proceed only subject to inspection, confirmation of service charges and review of the Special Conditions. The guide price appears below recent same-road sales, but the missing refurbishment, rental and leasehold-cost evidence prevents a firm BTL, BRRR or flip recommendation.

Strategy Rating

Analysis Confidence

There are two recent same-road sold comparables and clear tenure/occupancy information, but condition, refurbishment costs, rent, service charge, heating, parking, EPC and possible additional fees are unknown.