Apartment 006 New Bank House, 100 Queen Street, Sheffield, South Yorkshire, S1 2FA

Description

A Ground Floor One Bedroom Flat Subject to a Periodic Tenancy Producing £8,372 Per Annum. The property comprises a ground floor one bedroom flat situated within a corner building arranged over ground and twelve upper floors.

Accommodation

Ground Floor: Reception Room, Kitchen, Bedroom, Bathroom.

Location

The property is situated on a residential road close to local shops and amenities. The open spaces of South Street Park are within easy reach. Transport links are provided by Sheffield rail station.

Tenure / Property Information

Investment Analysis

Completed sales at New Bank House range from £42,000 to £69,000 in 2024, with an older £82,000 sale in 2022. The evidence does not identify whether these are the same flat or equivalent one-bedroom units. A cautious base GDV of £55,000 is used, with a £42,000 low case and £69,000 high case. The stated rent of £8,372 per annum is strong relative to these sale prices, but no external rental comparable or tenancy detail is supplied.

Investment Snapshot

Strategy Recommendation

Investigate as a cash-flow-led BTL or BRRR opportunity, but only proceed after confirming the tenancy, rent, leasehold charges, legal-pack fees and the comparability of the sold evidence. Do not rely on the headline yield without this verification.

Works Required

No specific defects or refurbishment requirements are evidenced. Allowance is therefore made for no works in the base calculation, subject to inspection and legal-pack review. The EPC is rated E.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

Using a £15,000 purchase figure, no evidenced works allowance and the £1,800 administration charge, the base cost is £16,800. A 75% refinance against the £55,000 base GDV would be £41,250, implying theoretical gross cash release of £24,450 before finance, tax, valuation, refinance and other costs. Actual refinanceability is uncertain because lender treatment of the tenancy, leasehold costs, EPC E rating and valuation are not provided.

Buy-to-Let Analysis

At the upper guide figure of £15,000, the stated £8,372 annual rent produces a headline gross yield of 55.81%, or 49.83% including the £1,800 administration charge. This is based on the auction description and is not independently supported by rental comparables. The periodic tenancy, rent payment history, service charges, ground rent and other outgoings require verification.

Flip Analysis

The base GDV is estimated at £55,000 against a base acquisition and known-charge cost of £16,800, giving £38,200 before selling costs, finance, tax and any works. A formal flip surplus is not calculated because no supported selling-cost allowance, finance cost or refurbishment budget is provided. The existing periodic tenancy may also affect resale strategy and possession.

Investor Risks & Due Diligence

• The property is subject to a periodic tenancy, but tenancy terms, arrears status, rent review position and possession requirements are not supplied.

• The £8,372 annual rent is an auction description figure with no external rental comparable or independent passing-rent evidence.

• The sold comparables are at the same building but are not confirmed to be the same flat or directly equivalent units.

• Disbursements, search fees, seller-cost reimbursement, legal fees and transfer fees may be payable in addition to the stated £1,800 administration charge.

• Leasehold service charge, ground rent and other lease obligations are not provided.

• The EPC is rated E and the implications for letting or future improvements are not evidenced.

Recommendation

Investigate as a cash-flow-led BTL or BRRR opportunity, but only proceed after confirming the tenancy, rent, leasehold charges, legal-pack fees and the comparability of the sold evidence. Do not rely on the headline yield without this verification.

Strategy Rating

Analysis Confidence

The property has a stated annual rent, known administration charge, long lease and several same-building completed sales. However, the sold comparables are not confirmed as the same flat, no rental comparables or tenancy details are supplied, refurbishment condition is unknown, and additional auction and leasehold costs are unspecified.