72 Crusader House, Thurland Street, Nottingham, Nottinghamshire

Description

Leasehold fourth floor flat with one bedroom, reception room, kitchen, bathroom/wc and allocated parking space.

Accommodation

One bedroom, reception room, kitchen, bathroom/wc

Location

Located on Thurland Street. Shopping amenities are available locally within Nottingham City Centre. Public transport links include Nottingham Train Station to the south, Lace Market Tram Stop to the south east and local bus services. Road links include the A60 to the north and A6008 to the west. Victoria Park is to the north east.

Tenure / Property Information

Investment Analysis

The five supplied Land Registry sales are in Crusader House and range from £90,000 to £170,000. The median is £109,000, used as the base GDV. The wide range may reflect differences in flat size, condition, floor, parking and transaction circumstances, none of which are supplied for the comparables. The £60,000 guide is materially below the supplied building evidence, but service charge, ground rent, seller fees and property condition remain unknown.

Investment Snapshot

Strategy Recommendation

Potentially investigate as a low-guide BTL or value opportunity, but do not bid on the apparent discount alone. Obtain the legal pack, service charge and ground rent details, seller’s additional fees, condition information and a property-specific rental assessment before setting a maximum bid.

Works Required

No refurbishment defects or required works are evidenced. Allow for inspection, legal/title review and confirmation of the flat’s condition, heating, service charge, ground rent and parking arrangements before bidding. No works budget can be supported from the evidence.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

Using the £109,000 base GDV, a 75% refinance figure would be £81,750. However, refurbishment cost, service charge, ground rent, seller fees and other acquisition costs are unknown, so total project cost, equity requirement and cash left in cannot be calculated reliably. BRRR potential exists only if the flat can be acquired near guide and the leasehold costs are acceptable.

Buy-to-Let Analysis

The only rental evidence is a £900 pcm advertised asking rent for a one-bedroom property in The Park, not Crusader House or Thurland Street, so it is only a weak rental indication and not an achieved rent. At £900 pcm, gross rent would be £10,800 annually and the gross yield on the £60,000 guide would be 18.0%, before service charge, ground rent, management, maintenance, voids, finance and tax. Confirm achievable rent and all leasehold costs before relying on a BTL case.

Flip Analysis

The base GDV is estimated at £109,000 from the median of the supplied Crusader House sales, with a £90,000 to £170,000 evidence range. A flip surplus cannot be calculated because refurbishment costs, selling costs and potentially applicable seller fees are not supplied. The comparable range is broad and the relevant flat’s size, condition and exact comparable features are not provided.

Investor Risks & Due Diligence

• Annual service charge, ground rent and review provisions are not supplied.

• The seller may charge additional completion fees under the special conditions.

• The rental evidence is an advertised asking rent from The Park rather than the subject building and is not an achieved rent.

• The same-building sale prices range widely from £90,000 to £170,000, indicating material specification or transaction differences that cannot be assessed.

• Property condition and heating details are not supplied, preventing a supported refurbishment budget.

• The 75% refinance calculation is based on an estimated GDV and is not a lender valuation or commitment.

Recommendation

Potentially investigate as a low-guide BTL or value opportunity, but do not bid on the apparent discount alone. Obtain the legal pack, service charge and ground rent details, seller’s additional fees, condition information and a property-specific rental assessment before setting a maximum bid.

Strategy Rating

Analysis Confidence

There are five same-building completed sales and one one-bedroom rental asking-rent indication, but the comparables’ specifications, property condition, leasehold charges, seller fees and directly comparable rent are unavailable.