Apartment 010 New Bank House, 100 Queen Street, Sheffield, South Yorkshire, S1 2FA

Description

A Ground Floor One Bedroom Flat Subject to a Periodic Tenancy Producing £7,800 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.

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

The strongest evidence is the identical building and address sale at £42,000 on 13 December 2024. Other same-building sales range from £42,000 to £69,000 in 2024, with an older £82,000 sale in 2022. A cautious base GDV of £42,000 is used, with £69,000 as an evidence-supported upper scenario. The £7,800 annual passing rent is attractive against the auction guide, but service charge, ground rent, tenancy terms and property condition are not supplied.

Investment Snapshot

Strategy Recommendation

Investigate as a tenanted buy-to-let or BRRR opportunity only if the legal pack confirms the tenancy, leasehold charges and no material disbursements. Do not bid on yield alone; set a maximum bid after confirming all costs and condition.

Works Required

No specific defects or refurbishment requirements are evidenced. Confirm condition, compliance, communal-cost liabilities and any required works through inspection and the legal pack before bidding.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

At a £42,000 base GDV, 75% refinancing would indicate £31,500 of borrowing. The unusually low guide and existing rent could support a BRRR strategy, but total project cost cannot be calculated because refurbishment, leasehold costs, disbursements and other purchase costs are not supplied. Confirm lender valuation, tenancy acceptability and all legal-pack liabilities.

Buy-to-Let Analysis

The flat is subject to a periodic tenancy producing £7,800 per annum, equivalent to £650 pcm. Using the £10,000 midpoint of the £5,000-£15,000 guide range, the headline gross yield is 78% before the £1,800 administration charge and any other costs. Advertised local one-bedroom rents of £750-£950 pcm provide supportive but not achieved-rent evidence. Net yield cannot be established because service charge, ground rent, insurance, maintenance, voids and management costs are unavailable.

Flip Analysis

A £42,000 base GDV is supported by the latest same-building sale, with £69,000 as a higher comparable outcome. A flip surplus cannot be calculated because refurbishment costs, selling costs and a reliable purchase price are not established. The periodic tenancy may also affect vacant-possession resale options.

Investor Risks & Due Diligence

• The property is subject to a periodic tenancy, and tenancy terms, rent payment history and possession position are not supplied.

• Leasehold service charge, ground rent, insurance and other building liabilities are not provided.

• Legal-pack disbursements may become payable in addition to the stated £1,800 administration charge.

• No condition, EPC, council tax, heating or parking information is supplied.

• Same-building sale prices vary materially from £42,000 to £69,000 in 2024, making valuation uncertain.

• Advertised rents are asking rents and do not confirm achievable rent for this flat.

Recommendation

Investigate as a tenanted buy-to-let or BRRR opportunity only if the legal pack confirms the tenancy, leasehold charges and no material disbursements. Do not bid on yield alone; set a maximum bid after confirming all costs and condition.

Strategy Rating

Analysis Confidence

The analysis has an exact-address recent sale, additional same-building comparables and stated passing rent, but lacks condition, EPC, leasehold charges, tenancy terms, disbursements and complete purchase-cost information.