55 Parkers Apartments, 115 Corporation Street, Manchester M4 4HB

Description

Modern city centre apartment adjacent to the Green Quarter, Manchester Victoria Station 0.2 miles. Part of a contemporary block with lift and stairs to all floors. The apartment is on the 5th floor and enjoys far reaching, city views. Let producing £800 pm, similar apartments are currently listed at £900 - £950 pm. The internal photographs pre-date the current tenancy and for guidance purposes only.

Accommodation

Fifth Floor: Front door to hallway, living room and kitchen, bedroom, bathroom.

Location

Adjacent to the Green Quarter, Manchester Victoria Station 0.2 miles.

Tenure / Property Information

Investment Analysis

Five completed sales in the same building range from £115,000 to £225,000, with a median of £167,875. The wide range and absence of flat-specific details such as floor area, exact condition and comparable bedroom specification reduce valuation certainty. A base GDV of £167,875 is used, with the observed comparable range used as low and high scenarios.

Investment Snapshot

Strategy Recommendation

BTL appears the most supportable strategy because the property is already let and the current rent produces a strong gross yield at the guide, subject to tenancy and condition verification. BRRR may work on the base comparable valuation but is dependent on an unverified refinance valuation and lender terms. Avoid relying on the £900–£950 asking-rent evidence or the high GDV scenario without further evidence.

Works Required

No specific works are evidenced. The internal photographs pre-date the current tenancy, so current condition should be inspected before bidding. Any refurbishment allowance, if required, is unquantified.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

At a guide-price purchase plus the stated buyer premium, a 75% refinance against the £167,875 base GDV would be approximately £125,906, exceeding the analysed acquisition cost by approximately £33,566 before finance, tax, refinance costs and any works. This is highly sensitive to the appropriate valuation, actual purchase price, lender criteria and unquantified refurbishment or auction costs. The low and high comparable scenarios imply refinance values of £86,250 and £168,750 respectively.

Buy-to-Let Analysis

The apartment is currently let at £800 pcm, producing £9,600 per annum. At the £90,000 guide, this is a gross yield of approximately 10.67%, reducing to approximately 10.40% after adding the £2,340 buyer premium, before service charge, sinking fund, management, maintenance, voids and finance. Similar apartments are advertised at £900–£950 pcm, but these are asking rents rather than achieved rents and are not sufficiently specific external comparables. The £750 annual service charge and £150 sinking-fund contribution further reduce net returns.

Flip Analysis

Using the base GDV of £167,875 against a guide-price acquisition and the £2,340 buyer premium gives £75,535 before selling costs, finance, tax and works. No selling allowance or refurbishment cost is supported by the evidence, so a reliable flip surplus cannot be established. The wide range of same-building sales creates material resale-value uncertainty.

Investor Risks & Due Diligence

• Same-building completed sales range widely from £115,000 to £225,000, creating substantial valuation uncertainty.

• The current passing rent is £800 pcm; the £900–£950 figures are asking rents for similar apartments, not achieved rents or sufficiently specific external comparables.

• The property is leasehold and has a stated £750 annual service charge plus £150 annual sinking-fund contribution.

• Internal photographs pre-date the current tenancy, so current condition is not evidenced.

• Additional fees may be specified in the Special Conditions of Sale, but none are provided.

• EPC, council tax, parking, heating, floor area and tenancy terms are not supplied.

• A 75% GDV refinance is an estimate only and is not evidence of lender availability or achievable terms.

Recommendation

BTL appears the most supportable strategy because the property is already let and the current rent produces a strong gross yield at the guide, subject to tenancy and condition verification. BRRR may work on the base comparable valuation but is dependent on an unverified refinance valuation and lender terms. Avoid relying on the £900–£950 asking-rent evidence or the high GDV scenario without further evidence.

Strategy Rating

Analysis Confidence

There are five completed sales in the same building and confirmed current rent, but values vary widely. Flat size, condition, EPC, council tax, tenancy terms, external achieved-rent evidence, finance terms and potential special-condition costs are unavailable.