75 Merchants Quay, East Street, Leeds, West Yorkshire LS9 8BB

Description

This two bedroom, two bathroom first floor apartment is offered for sale via traditional auction. The property is currently tenanted generating a gross rental income of £13,140 per annum. This sought-after riverside development is situated to the east of the City Centre, offering access to Leeds Train Station, Leeds Bus Station and major motorways. Merchants Quay is close to restaurants and bars and is located by the Leeds Docks.

Accommodation

First floor: lounge/kitchen area, balcony, two bedrooms, en-suite and bathroom.

Location

Riverside development east of Leeds City Centre, by Leeds Docks, with access to Leeds Train Station, Leeds Bus Station, major motorways, restaurants and bars.

Tenure / Property Information

Investment Analysis

Comparable sales within Merchants Quay range from £135,000 to £234,000. Their differences in date and unspecified flat characteristics create uncertainty. The £195,800 base GDV is the simple average of the five supplied sales, not a formal valuation.

Investment Snapshot

Strategy Recommendation

Consider only as a tenanted income purchase after reviewing the legal pack, tenancy, service charge and all auction costs. Do not rely on the apparent GDV uplift without valuation confirmation.

Works Required

No specific refurbishment defects or works are evidenced. Verify the EPC E position, lease, service-charge history and legal pack before purchase.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

Using the £195,800 base GDV, a 75% refinance is £146,850. Against the guide, known acquisition costs and no evidenced works allowance, indicative cash left in is negative £54,390. This is highly sensitive to valuation, lender criteria, leasehold costs and unknown auction disbursements.

Buy-to-Let Analysis

At the guide price, the existing £13,140 annual gross rent gives a 14.60% gross yield, or 14.21% including the known £2,100 admin charge and £360 searches. The £4,216.88 service charge and £150 ground rent reduce the indicated income before finance and other costs. The current rent is below the supplied advertised asking-rent evidence of £1,165–£1,195 pcm.

Flip Analysis

The base GDV indicates substantial gross headroom over the guide and known costs, but no supported selling-cost allowance, refurbishment budget or exact comparable specification is available. A reliable flip surplus therefore cannot be established.

Investor Risks & Due Diligence

• High annual service charge of £4,216.88

• EPC rating E

• Leasehold and ongoing £150 ground rent

• Current tenancy terms and rent security are not supplied

• Buyer fees beyond the stated minimum and possible legal-pack disbursements are unknown

• Comparable sale prices vary materially and flat-specific details are unavailable

Recommendation

Consider only as a tenanted income purchase after reviewing the legal pack, tenancy, service charge and all auction costs. Do not rely on the apparent GDV uplift without valuation confirmation.

Strategy Rating

Analysis Confidence

Supplied sales, current rent and leasehold costs support an indicative analysis, but comparable attributes, condition, tenancy terms, legal-pack costs and selling costs are incomplete.