5 Thorndyke Apartments, Bury New Road, Manchester, Lancashire

Description

Leasehold ground floor flat. Upon instruction of Countrywide.

Accommodation

Principal bedroom with en-suite, one further bedroom, reception room, kitchen, bathroom/WC.

Location

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 in Manchester City Centre. Public transport links include Clifton Train Station and local bus and tram services. Road links include the A56 and M60. Heaton Park is located to the east.

Tenure / Property Information

Investment Analysis

The five supplied sold comparables are within Thorndyke Apartments and range from £192,000 to £325,000, but they completed between April 2012 and October 2016. No dates, sizes, condition details or unit-specific evidence are supplied, so they cannot support a reliable current GDV. The £150,000 guide is below all supplied historic comparables, but current value remains unestablished. The known buyer documentation fee is £1,800 inclusive of VAT; ground rent, service charge, review provisions and any seller costs are unknown.

Investment Snapshot

Strategy Recommendation

Do not bid on the current evidence alone. Obtain the special conditions, confirm all leasehold charges and seller fees, inspect the flat, and establish current unit-specific sale and rental evidence before considering purchase.

Works Required

No specific defects or refurbishment requirements are evidenced. Arrange a full inspection and obtain details of heating, service charge, ground rent and lease restrictions before budgeting for works.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

BRRR cannot be underwritten because current GDV, rent, refurbishment cost and refinance value are unsupported. The 105-year stated remaining lease is potentially usable, but lease costs and lender-specific requirements remain unverified.

Buy-to-Let Analysis

BTL viability cannot be established because no sufficiently specific rental comparable or auctioneer rent estimate is supplied. Ground rent, service charge and any other seller costs are also unknown, preventing a reliable net-cost or yield assessment.

Flip Analysis

A flip surplus cannot be calculated. Although the guide is £150,000 and the supplied historic building comparables are higher, they are too old and insufficiently specific to establish a current resale value. Works, selling costs and any seller charges are also unknown.

Investor Risks & Due Diligence

• No sufficiently specific rental evidence or auctioneer rent estimate is supplied.

• Annual ground rent and service charge, including review details, are unknown.

• The seller may charge additional completion fees under the special conditions, which have not been supplied.

• The historic comparables completed between 2012 and 2016 and lack unit-specific size and condition information.

• Parking is a right to use an unallocated space rather than a particular allocated space.

• Heating details are unknown.

• No property condition or refurbishment requirements are evidenced.

Recommendation

Do not bid on the current evidence alone. Obtain the special conditions, confirm all leasehold charges and seller fees, inspect the flat, and establish current unit-specific sale and rental evidence before considering purchase.

Strategy Rating

Analysis Confidence

The evidence confirms the property description, lease term, guide and historic same-development sales, but provides no current valuation evidence, rental evidence, condition budget, service charge, ground rent or complete buyer-cost information.