50 Upper Cheltenham Place, Montpelier, Bristol

Description

A classic mid-terraced freehold period property arranged over four floors, with rear garden and city views from the upper floors. Arranged as a fully licensed six-double-bedroom HMO with four bathrooms and an open-plan communal kitchen diner on the lower ground floor opening onto the rear garden. Includes a double garage and a bonus rear plot with vehicular access via Brook Hill.

Accommodation

Accommodation of 1,624 sq ft arranged over four floors; six double bedrooms, four bathrooms, open-plan communal kitchen diner on the lower ground floor, rear garden, double garage and bonus rear plot.

Location

Located in Montpelier, north-east of central Bristol, in a sought-after and quiet residential enclave close to shops and amenities. Gloucester Road, Cabot Circus, Bristol city centre, Montpelier train station and the M32 are nearby. Bristol Temple Meads is stated to be less than two miles away and Bristol International Airport 12 miles away.

Tenure / Property Information

Investment Analysis

The supplied sold comparables on Upper Cheltenham Place range from £545,000 to £820,000, with four of the five sales between £545,000 and £702,500. The £820,000 sale is treated as an outlier because no accommodation or condition detail is supplied. A base GDV of £650,000 is estimated for this six-bedroom freehold HMO, allowing for the property's four bathrooms, garden, double garage and bonus rear plot, although the comparable property details are insufficient for a formal valuation. A supported scenario range of £545,000 to £702,500 is used. The auctioneer's £4,500 pcm rent estimate is above the currently stated room rents totalling £3,745 pcm and is conditional on cosmetic updating and necessary consents.

Investment Snapshot

Strategy Recommendation

Investigate as an income-led HMO purchase, subject to verification of the licence, tenancy contracts, bills-inclusive obligations, consents and property condition. Do not bid beyond a separately modelled limit once works, compliance and finance costs are confirmed.

Works Required

The evidence only supports allowing for possible cosmetic updating, as referenced by the auctioneer. Necessary HMO/property consents should be verified through the legal pack. No quantified works allowance is supported by the evidence.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

At the £475,000 guide, 75% of the £650,000 base GDV is £487,500. A meaningful cash-left-in calculation cannot be completed because no supported refurbishment allowance, finance costs or full acquisition cost structure is available. Refinanceability also depends on lender treatment of the occupied HMO, valuation, licensing and tenancy documentation.

Buy-to-Let Analysis

The auctioneer estimates £4,500 pcm or £54,000 pa, based on £750 per room, subject to cosmetic updating and necessary consents. The stated room rents total £3,745 pcm, or £44,940 pa, and include rates, broadband and utilities. At the £475,000 guide, the gross yield is 11.37% using the £54,000 estimate, before bills, management, maintenance, compliance, finance, tax and acquisition costs. Passing rents, tenancy terms and bill obligations should be checked in the legal pack.

Flip Analysis

The base GDV estimate of £650,000 is above the £475,000 guide, but no supported refurbishment budget, selling allowance, finance cost or complete acquisition-cost basis is available. A reliable flip surplus and maximum bid therefore cannot be calculated. The spread should not be treated as profit.

Investor Risks & Due Diligence

• The property is sold subject to existing individual tenancies, so tenancy terms, deposits, arrears and vacant-possession limitations require legal-pack verification.

• The stated rents include rates, broadband and utilities, so gross rent is not equivalent to net operating income.

• The auctioneer's £4,500 pcm estimate is conditional on cosmetic updating and necessary consents, and exceeds the currently stated total room rents of £3,745 pcm.

• HMO licensing, planning and other necessary consents should be verified; the evidence does not provide the licence details or consent documentation.

• No quantified refurbishment, finance, selling or ongoing operating-cost allowance is supplied.

• The guide is stated as £475,000 +++, and the supplied buyer premium of £1,800 is payable on exchange; other acquisition costs are not provided.

Recommendation

Investigate as an income-led HMO purchase, subject to verification of the licence, tenancy contracts, bills-inclusive obligations, consents and property condition. Do not bid beyond a separately modelled limit once works, compliance and finance costs are confirmed.

Strategy Rating

Analysis Confidence

There is good evidence for tenure, occupancy, room rents, the auctioneer rent estimate and nearby completed sales, but no detailed comparable particulars, legal-pack review, condition report, quantified works budget, external rental comparables or full cost schedule.