8 Cairns Close, Nottingham, Nottinghamshire

Description

A well maintained one bedroom first floor flat in Nottingham, close to amenities, bus routes and Nottingham City Hospital. The property has a refitted kitchen and bathroom and is very well presented throughout. It is suitable for an owner occupier or buy-to-let investor and is offered with vacant possession. Includes 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.

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

Completed Land Registry sales for the same flat were £64,000 in October 2022 and £65,000 in September 2021. A base GDV of £64,500 is supported, with a £64,000–£65,000 evidence range. The £50,000 guide is below these completed sales, before the £1,800 buyer administration charge and any seller fees.

Investment Snapshot

Strategy Recommendation

Potential buy-to-let or BRRR purchase at or below the guide, subject to verification of the lease, service charge, ground rent, achieved rent and all special-condition fees. Avoid relying on the headline yield until the rent and running costs are confirmed.

Works Required

No refurbishment works are identified in the supplied evidence. The flat is described as well maintained, very well presented, with a refitted kitchen and bathroom. Allowance excludes any defects or compliance items not disclosed.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

At the £50,000 guide, £1,800 known administration cost and no identified refurbishment allowance, base total cost is £51,800. A 75% refinance against the £64,500 base GDV indicates £48,375, leaving approximately £3,425 of the analysed cost unrecovered before finance, tax and other costs. The illustrative £46,575 maximum bid represents a cash-neutral purchase price against that refinance assumption after the known administration charge, not a formal valuation or lending quote.

Buy-to-Let Analysis

The advertised rental evidence is £395 pcm, while the auctioneer estimates approximately £8,000–£9,000 per annum once occupied. Using the midpoint of the auctioneer estimate (£8,500 per annum), gross yield is approximately 17.0% on the £50,000 guide and 16.4% including the £1,800 administration charge. Actual achieved rent, service charge, ground rent and any seller fees remain unconfirmed.

Flip Analysis

The base GDV is £64,500 against analysed total cost of £51,800, giving £12,700 before selling costs, finance, tax and any undisclosed seller fees. No supported selling-cost allowance is available, so a net flip surplus cannot be established. The 81-year lease and unknown charges also need consideration before resale.

Maximum Bid Indicator

This is an HB screening estimate based on the supplied evidence and HB assumptions. It is not a formal valuation or instruction to bid.

Investor Risks & Due Diligence

• The lease has approximately 81 years remaining and may affect mortgageability, resale and future lease-extension cost.

• Annual service charge and ground rent are not supplied.

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

• Rental evidence ranges from an advertised £395 pcm to an auctioneer estimate of approximately £8,000–£9,000 per annum; achieved rent is unconfirmed.

• Parking and heating details require confirmation.

• The refinance calculation is indicative only and does not include finance costs, tax or lender-specific criteria.

Recommendation

Potential buy-to-let or BRRR purchase at or below the guide, subject to verification of the lease, service charge, ground rent, achieved rent and all special-condition fees. Avoid relying on the headline yield until the rent and running costs are confirmed.

Strategy Rating

Analysis Confidence

The analysis has two recent completed sales for the same flat, a stated guide price, known administration charge and rental evidence. Confidence is reduced by the absence of service charge, ground rent, seller fees, achieved rent and confirmed parking or heating details.