51, 51B & 51E Main Street, Broughton Astley, Leicester, Leicestershire LE9 6RE

Description

A freehold property converted into three self-contained flats: two one-bedroom ground-floor flats and a spacious two-bedroom first-floor flat. The auctioneer states Flats 51 and 51B are vacant, while Flat 51E is let at £600 pcm. Approximate stated floor areas are 46 m², 77 m² and 43 m² respectively. The flats are presented as well-appointed accommodation with double glazing; 51B and 51E have gas central heating.

Location

Main Street is in Broughton Astley, a large Leicestershire village south-west of Leicester with local shops, schools, services and road access toward Leicester, Hinckley and the surrounding employment areas. The location should support conventional long-term residential letting demand.

Investment Analysis

Investment Snapshot

Property & Refurbishment

The auctioneer describes the accommodation as well maintained, so the initial strategy should focus on safety/compliance checks, redecoration where required, servicing and minor repairs rather than major refurbishment. An indicative allowance of £8,000–£18,000 across the block is reasonable pending inspection and quotations.

Rental Analysis

Only Flat 51E has an auctioneer-published rent, at £600 pcm. For appraisal purposes, a combined market-rent range of approximately £2,300–£2,650 pcm for all three units is an HB/AI estimate and must be verified locally. That would imply £27,600–£31,800 per annum and a gross yield of roughly 11.0%–12.7% on the guide price before costs.

GDV / Resale Analysis

As a freehold block, resale value will depend on the legal structure, condition, achievable rents and whether units can be sold separately. A reliable GDV has not been independently verified; investors should obtain local block/flat comparables and confirm the legal-pack lease arrangements before relying on a breakup or refinance value.

Properties Sold Within Approx. 5 Miles

No sufficiently specific recent sold comparables were independently verified during this appraisal. GDV should be confirmed against Land Registry/RICS comparable evidence before bidding.

Investor Risks & Due Diligence

• Confirm the legal structure and any leases for each flat.




• Verify the existing AST for Flat 51E and deposit/rent history.




• Obtain local letting evidence for the two vacant flats.




• Confirm fire safety, electrical, gas and landlord compliance across the block.




• Allow for the £1,800 inc VAT administration charge and legal-pack disbursements.

Recommendation

Preferred strategy: Multi-Unit Buy-to-Let. The strongest angle is to retain the freehold block, let the two vacant units at verified market rents and optimise the existing rent, subject to legal and compliance checks.

Strategy Rating

Buy-to-Let: ★★★★★

BRRR: ★★★★☆

Flip: ★★★☆☆

Development: ★★☆☆☆