9 Aston House, Horse Chestnut Close, Chesterfield, Derbyshire S40 2FF

Description

Auctioneer: First-floor one-bedroom apartment let at £550 pcm (£6,600 pa) on an Assured Periodic Tenancy. Lease term 155 years from 1 January 2003, approximately 131 years remaining. Ground rent stated at £256.92 for 1 August 2026 to 31 July 2027. Anticipated service charge for 25 March 2026 to 24 March 2027 is £3,167.39 pa. EPC C.

Accommodation

Secure communal entrance, private entrance hall, open-plan lounge/kitchen/diner, bedroom, bathroom and storage room. Allocated parking plus visitor spaces.

Location

Aston House is in Chesterfield with convenient access to the town centre, railway station, A61 and M1 corridor. One-bedroom apartments can appeal to single professionals and couples, but the unusually material service charge must be reflected in net-income and resale analysis.

Investment Analysis

Investment Snapshot

Strategy Recommendation

Initial strategy: Buy-to-Let. The guide price should be treated as the starting point only. A maximum bid should be based on verified legal-pack liabilities, property condition, finance terms and local market evidence rather than the guide alone.

Works Required

• Allow for minor internal maintenance between tenancies

• Check electrical and heating systems

• Confirm communal-building maintenance programme

• Review any planned major works or reserve-fund position

• Maintain landlord and leasehold compliance

Rental & Market Context

Current published rent is £550 pcm / £6,600 pa, approximately 14.7% gross on guide. However, the stated service charge of £3,167.39 pa and ground rent of £256.92 materially reduce income: before management, maintenance, voids, insurance and tax, about £3,176 pa remains after those two stated charges.

Sold within approximately 5 miles

Reliable recent sold-comparable evidence has not been inserted without property-level verification. Land Registry and closely matched local comparables should be checked for type, condition, tenure and accommodation before setting a maximum bid.

Potential BRRR Position

Illustrative 75% refinance on the HB indicative value range is approximately £63,750–£75,000. Actual refinance depends on lender valuation, rental stress testing, condition, property type, borrower circumstances and seasoning requirements.

Flip Analysis

Indicative gross spread before transaction/finance costs is approximately £34,000–£53,000. This is not profit and excludes SDLT, buyer/admin fees, legal fees, finance, holding costs, professional fees, selling costs, contingency and tax.

Investor Risks & Due Diligence

• Service charge is high relative to current rent and guide price

• Verify ground-rent review provisions and lender acceptability

• Check lease restrictions on letting and any major works

• Confirm tenancy, deposit and rent-payment history

• Assess net yield after service charge, ground rent, insurance and management

Recommendation

Initial recommendation: Buy-to-Let. The opportunity is strongest where the source facts can be verified and the total project cost remains comfortably below a conservatively evidenced end value. Do not bid solely on the headline yield or guide price.

Strategy Rating

Buy-to-Let: ★★★★☆ | BRRR: ★★★★☆ | Flip: ★★★☆☆