8, Cairns Close, Nottingham, Nottinghamshire, NG5 5JE

Description

A well-maintained one-bedroom first-floor flat in Nottingham, close to amenities, bus routes and Nottingham City Hospital. The property is being sold with vacant possession and is suitable for an owner occupier or buy-to-let investor. The accommodation comprises an entrance hall, kitchen/living/dining room, bedroom and shower room. There is a private storage cupboard accessed from the communal hallway.

Accommodation

First floor: entrance hall, kitchen/living/dining room, bedroom and shower room. Private storage cupboard accessed from the communal hallway. Approximately 40 sq.m.

Location

Located in Nottingham close to amenities, bus routes and Nottingham City Hospital. Regular transport links include the Brown Line from NTC Buses, and David Lane Tramstop is a short walk away.

Tenure / Property Information

Investment Analysis

The three supplied completed sales for the same flat are £55,000 in 2014, £65,000 in 2021 and £64,000 in 2022. These support a current evidence-based GDV range of £64,000–£65,000, with a base GDV of £64,500. The £55,000 guide is below the latest supplied sales, although lease length, service charge, ground rent and any seller fees require confirmation.

Investment Snapshot

Strategy Recommendation

Potential buy-to-let purchase at or near the guide, subject to confirming the lease charges, rentability and legal conditions. Do not rely on the apparent margin or refinance outcome until the 81-year lease and all completion fees are reviewed.

Works Required

No specific refurbishment works are identified in the supplied description, which describes the flat as well maintained. Allowance is therefore £0 for identified works only; inspection and confirmation of heating, parking and lease costs remain necessary.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

Using the £55,000 guide, no identified works and the known £1,800 documentation fee, the base cost is £56,800. A 75% refinance of the £64,500 base GDV would be £48,375, leaving indicative cash of £8,425 in before finance, tax and any further costs. Actual refinancing depends on lender criteria, lease terms, valuation and the undisclosed lease charges.

Buy-to-Let Analysis

At the £55,000 guide, the auctioneer's estimated rent of £8,000–£9,000 per annum implies gross yields of approximately 14.55%–16.36%. Using the midpoint rent, gross yield is 15.45% on the guide and 14.96% including the £1,800 documentation fee. These are estimates rather than achieved rents, and net yield cannot be established because service charge, ground rent, insurance and other costs are unknown.

Flip Analysis

Against a base GDV of £64,500, the guide purchase plus the known £1,800 documentation fee gives a gross value surplus of £7,700 before finance, tax, resale costs, seller fees and any works. A reliable net flip surplus cannot be calculated because no selling-cost allowance or seller fee details are supplied.

Investor Risks & Due Diligence

• The lease has approximately 81 years remaining, which may affect mortgageability, resale and refinancing.

• Annual service charge, ground rent, review terms and increases are unknown.

• The £8,000–£9,000 rent is an auctioneer estimate, not achieved rental evidence.

• The seller may charge additional completion fees under the Special Conditions of Sale.

• Parking and heating details are not supplied.

• Net yield cannot be confirmed without property running costs.

Recommendation

Potential buy-to-let purchase at or near the guide, subject to confirming the lease charges, rentability and legal conditions. Do not rely on the apparent margin or refinance outcome until the 81-year lease and all completion fees are reviewed.

Strategy Rating

Analysis Confidence

Same-property completed sales and an auctioneer rent estimate are available, but there is no external rental evidence and key lease costs, seller fees, parking and heating details are undisclosed.