5 Thorndyke Apartments, Bury New Road, MANCHESTER, Lancashire, M25 0PZ

Description

Leasehold ground floor flat with principal bedroom with en-suite, one further bedroom, reception room, kitchen, bathroom/wc and allocated parking.

Accommodation

Principal bedroom with en-suite, one further bedroom, reception room, kitchen, bathroom/wc. Outside: Allocated parking.

Location

The property is located on Bury New Road (A56). Shopping amenities are available locally within Prestwich Town Centre with a more comprehensive range of shops, bars and restaurants found within Manchester City Centre lying to the south. Public transport links are available at Clifton Train Station located to the west along with a network of local bus and tram services serving the surrounding areas. The property is served by road links including the A56 and the M60 lying to the north. Recreational pursuits can be found at Heaton Park located to the east.

Tenure / Property Information

Investment Analysis

The five supplied completed sales are within Thorndyke Apartments and range from £192,000 to £325,000, but all are dated 2012–2016 and may represent different flats. The two latest sales were £215,000 and £260,000 in 2016. A cautious evidence-derived base GDV of £237,500 is used, with a £215,000–£260,000 range. This is not a current formal valuation and requires updating with current comparable evidence.

Investment Snapshot

Strategy Recommendation

Consider only as a cautious income-led purchase subject to legal-pack review, confirmation of ground rent and service charge, inspection, and validation of the £895 pcm rent. Do not bid on the historic GDV evidence alone.

Works Required

No specific defects or refurbishment requirements are evidenced. The flat should be inspected and the legal pack reviewed before budgeting; no works allowance has been assumed.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

A BRRR assessment cannot be completed reliably because refurbishment costs, ground rent, service charge, current valuation evidence and finance assumptions are unavailable. The 75% refinance figure and cash left in are therefore unsupported. The 105-year stated lease term is broadly useful, but the full lease and legal pack remain important.

Buy-to-Let Analysis

The supplied advertised asking rent is £895 pcm, equivalent to £10,740 per year. Against the £180,000 guide, the headline gross yield is approximately 5.97%. This is based on an asking rent rather than achieved rent and excludes the £1,800 buyer documentation charge, ground rent, any service charge, seller fees, finance, maintenance, voids and tax. Net yield and sustainable cash flow cannot be established from the evidence.

Flip Analysis

The historic evidence suggests a broad same-development value range of £215,000–£260,000 based on the two latest supplied sales, but it is too old and inconsistent to support a reliable current flip appraisal. Works, selling costs and any seller charges are also unavailable, so flip surplus cannot be calculated.

Investor Risks & Due Diligence

• Historic comparable sales span £192,000 to £325,000 and are dated 2012–2016, limiting current GDV confidence.

• The £895 pcm figure is an advertised asking rent, not an achieved or passing rent.

• Ground rent is currently TBC and lease information is awaited.

• The £1,800 buyer documentation charge is payable, and additional seller fees may apply under the special conditions.

• No service charge, refurbishment requirement, finance cost or other ownership cost is supplied.

• The full legal pack and lease should be reviewed before bidding.

Recommendation

Consider only as a cautious income-led purchase subject to legal-pack review, confirmation of ground rent and service charge, inspection, and validation of the £895 pcm rent. Do not bid on the historic GDV evidence alone.

Strategy Rating

Analysis Confidence

The property description, tenure, lease term, one rental advert and same-development completed sales are supplied, but the sales are historic, condition and refurbishment costs are unknown, and ground rent, service charge, lease details and potential seller fees remain unconfirmed.