74 Gigg Lane, Bury, Greater Manchester

Description

Three Bedroom Semi-Detached House – Requires Refurbishment. Auction House North West has not inspected the property but, based on the information provided and gained, believes the subject to be a three-bedroom semi-detached property. The property is being sold without possession.

Accommodation

Hallway, living room, dining room and separate kitchen to the ground floor; three bedrooms and a bathroom to the first floor. Total floor area approximately 73 m2.

Location

74 Gigg Lane, Bury, Greater Manchester BL9 9HU

Tenure / Property Information

Investment Analysis

The two directly comparable same-road sales completed in 2022 at £224,000 and £230,000. A base GDV of £227,000 is estimated from their average, with a supported evidence range of £224,000–£230,000. The property has not been inspected, requires refurbishment, and current market movement is unverified.

Investment Snapshot

Strategy Recommendation

Proceed only subject to legal-pack review, inspection and a verified refurbishment budget. Consider BTL or BRRR only if total costs and achievable rent support the strategy.

Works Required

Refurbishment is required, but no inspection or detailed schedule is available. Scope and cost cannot be quantified from the evidence.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

At the estimated £227,000 base GDV, 75% refinance is £170,250. BRRR viability cannot be established because refurbishment cost, total acquisition cost, possession status and finance costs are unsupported.

Buy-to-Let Analysis

Advertised asking rents range from £725 to £1,150 pcm, equivalent to indicative gross yields of 5.61%–8.90% against the £155,000 guide. These are asking rents, not achieved rents, and refurbishment, fees and leasehold costs are unquantified.

Flip Analysis

The evidence indicates a potential value gap between the £155,000 guide and comparable values, but no reliable flip surplus can be calculated because refurbishment, selling and other project costs are unknown.

Investor Risks & Due Diligence

• Auctioneer has not inspected the property.

• Property is sold without possession and vacancy is not confirmed.

• Refurbishment is required but its scope and cost are unknown.

• Ground rent, service charge and other leasehold costs require legal-pack review.

• Buyer administration charge is 2.75% including VAT, subject to a £3,600 minimum; further disbursements may apply.

• Rental evidence comprises advertised asking rents rather than achieved rents.

• Comparable sales are from 2022 and may not represent current market value.

Recommendation

Proceed only subject to legal-pack review, inspection and a verified refurbishment budget. Consider BTL or BRRR only if total costs and achievable rent support the strategy.

Strategy Rating

Analysis Confidence

Direct local sold comparables and two rental listings are available, but the property has not been inspected and refurbishment, possession, leasehold charges and project costs remain unverified.