8D Steamer Street, Barrow-In-Furness, Cumbria

Description

Tenanted two bedroom room apartment. The accommodation briefly comprises a reception room and kitchen, two bedrooms and a bathroom. The property is situated close to BAE Systems on Barrow Island. Auction House are informed that the property is currently tenanted producing an income of £500 pcm.

Accommodation

Reception room and kitchen, two bedrooms and a bathroom

Location

Situated close to BAE Systems on Barrow Island.

Tenure / Property Information

Investment Analysis

Same-street leasehold flat comparables range from £17,000 to £46,800, completed in 2015–2016. A £31,000 base GDV uses the strongest central evidence, but the sales are dated and widely varied; this is an estimate, not a formal valuation.

Investment Snapshot

Strategy Recommendation

Investigate as a potentially high-yielding tenanted buy-to-let only after verifying the tenancy, leasehold liabilities, legal pack and property condition. Do not rely on the guide price alone.

Works Required

No refurbishment works are evidenced. Verify condition, tenancy documentation, lease terms and any required works through inspection and the legal pack.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

At the £31,000 base GDV, 75% refinance is approximately £23,250. However, total project cost and cash left in cannot be calculated because works and several purchase-related costs are unsupported or unknown.

Buy-to-Let Analysis

The reported rent is £500 pcm, or £6,000 annually. This equates to 120% gross rent yield against the £5,000 guide alone, but a meaningful all-in yield cannot be established because refurbishment, leasehold, disbursement and other ownership costs are unknown. Tenancy terms and rent evidence require verification.

Flip Analysis

The evidence-supported GDV range is £17,000–£46,800, with £31,000 as the base case. A flip surplus cannot be calculated because refurbishment costs, selling costs and total project costs are unavailable.

Investor Risks & Due Diligence

• Tenancy terms, rent payment history and tenant status are not provided.

• Leasehold service charges, ground rent, remaining lease obligations and other liabilities are not provided.

• Property condition and refurbishment requirements are unknown.

• Legal-pack disbursements and other buyer costs may apply.

• Comparable sales are dated and show a wide value range.

Recommendation

Investigate as a potentially high-yielding tenanted buy-to-let only after verifying the tenancy, leasehold liabilities, legal pack and property condition. Do not rely on the guide price alone.

Strategy Rating

Analysis Confidence

Passing rent and several same-street sales are available, but comparables are dated, condition and tenancy terms are unverified, and works, leasehold costs and disbursements are not supplied.