64 The Courtyard, Castle Brewery, Newark, Nottinghamshire NG24 4FF

Description

An excellent investment opportunity to buy a one bedroom apartment within a secure gated development. This converted character development has been sympathetically converted and retains a wealth of features as well as being centrally located within walking distance of the town centre offering a multitude of shops, cafes, restaurants local amenities and excellent transport links. Current service charges can be seen within the legal pack and are at a reasonable level of £1,500 per year. The property in brief consists of a secure gated entrance, entrance hall, double bedroom, bathroom and an open plan living / dining / kitchen, which benefits from integrated white goods, including fridge/freezer, cooker and dishwasher. Further benefits include an allocated parking space and an on site gym for use by residents. Offering an excellent BTL investment potential with rental income expected in the region of £9k - £10k per year.

Accommodation

Open plan living, dining and kitchen area; Hall; Bedroom; Bathroom

Location

Centrally located within walking distance of the town centre, offering a multitude of shops, cafes, restaurants, local amenities and excellent transport links.

Tenure / Property Information

Investment Analysis

Completed sales within the same development range from £85,000 to £98,000 for 2025–2026, with an older £120,000 sale in 2023. Using the average of the four more recent sales gives a base GDV of £91,250. The exact comparability of the units, including size, condition and lease terms, is not supplied, so this is an estimate rather than a formal valuation.

Investment Snapshot

Strategy Recommendation

Potential BTL or BRRR purchase subject to confirming the lease, service-charge history, remaining lease term, rental evidence, lender acceptability and all special-condition fees. Do not rely solely on the auctioneer's rent estimate.

Works Required

No specific refurbishment works or defects are identified in the supplied evidence. Allowance should therefore be confirmed only after inspection and review of the legal pack, lease and service-charge information.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

Using the base GDV of £91,250, a 75% refinance is approximately £68,437.50. Against guide-price acquisition plus the £6,000 minimum buyer premium, and assuming no refurbishment allowance because none is evidenced, this indicates approximately £2,937.50 of theoretical cash left in before finance, tax and any additional legal-pack or special-condition costs. Actual refinanceability will depend on lender valuation, lease terms, rent assessment and finance costs.

Buy-to-Let Analysis

At the guide price, the auctioneer's estimated rent of £9,000–£10,000 per year implies a gross yield of approximately 15.13%–16.81% before costs. The stated £1,500 annual service charge and £125 ground rent reduce the indicated income to approximately £7,375–£8,375 before finance, tax, repairs, voids and management. No sufficiently specific external rental comparable was identified, so the rent remains unverified. Buyer premium is £6,000 at the guide because the 4.8% calculation is below the stated minimum; no admin charge has been supplied.

Flip Analysis

The base GDV indicates a substantial gross margin over the guide price, but a reliable flip surplus cannot be established because refurbishment costs, resale costs, finance costs, tax and any selling allowance are not supplied. The same-development sales support the estimated value range, but unit-specific comparability is incomplete.

Investor Risks & Due Diligence

• Auctioneer rent estimate is not a passing rent and lacks sufficiently specific external rental support.

• The £1,500 annual service charge and £125 ground rent materially reduce net income; review provisions are unconfirmed.

• Remaining lease term, ground-rent review provisions and other lease restrictions are not supplied.

• Additional fees may be listed in the Special Conditions of Sale and are not included in the calculations.

• No refurbishment or condition inspection evidence is supplied.

• GDV comparables are from the same development but exact unit size, condition and lease comparability are not provided.

• Finance, valuation, void, management, tax and resale costs are excluded.

Recommendation

Potential BTL or BRRR purchase subject to confirming the lease, service-charge history, remaining lease term, rental evidence, lender acceptability and all special-condition fees. Do not rely solely on the auctioneer's rent estimate.

Strategy Rating

Analysis Confidence

Same-development completed sales and an auctioneer rent range are available, but there is no external rental comparable, no EPC or council-tax data, no condition evidence, no lease-length information and no full legal-pack fee detail.