Apartment 1, Waterways House, 3 Quayside Court, Coventry, West Midlands

Description

Tenanted investment opportunity. 2 bedroom ground floor flat. Current rent payable £13,200 p.a. with yield circa 13%. Leasehold with 143 years remaining. Ideal investment opportunity less than 0.5 miles to Coventry city centre.

Accommodation

Ground floor: Lounge 14 ft 5 in x 12 ft 7 in; Bedroom 1 12 ft 7 in x 11 ft 3 in; Bedroom 2 12 ft 6 in x 10 ft 6 in; Bathroom; Kitchen 10 ft 3 in x 9 ft 8 in. Outside: Parking space.

Location

Less than 0.5 miles to Coventry city centre.

Tenure / Property Information

Investment Analysis

Same-development sold evidence ranges from £159,995 to £182,995, but transactions are from December 2016–January 2017 and do not identify this exact apartment. A cautious evidence-based scenario is £159,995 low, £162,995 base and £182,995 high; current market value is therefore uncertain.

Investment Snapshot

Strategy Recommendation

Prioritise as a buy-to-let investment at or near the lower guide, subject to legal-pack, tenancy and service-charge verification. Do not rely on the historic GDV for a BRRR or flip without a current valuation.

Works Required

No refurbishment works are described. Verify condition, tenancy documentation, service-charge position and leasehold legal matters before bidding.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

Using the base GDV of £162,995, 75% refinance is approximately £122,246. Against guide price plus stated buyer and admin charges, indicative cash left in is negative £44,606 before finance, tax, legal costs and any works. The GDV evidence is historic, so refinance assumptions require current valuation confirmation.

Buy-to-Let Analysis

Current rent is £1,100 pcm, within the supplied advertised range of £995–£1,175 pcm. At the £75,000 guide, gross yield is 17.6%, reducing to approximately 17.0% including the stated £1,440 buyer premium and £1,200 admin charge. Service charge, ground rent and reserve fund total £2,274 annually, before finance, management, maintenance, tax and other costs.

Flip Analysis

At the guide price, the base purchase and stated auction charges total £77,640, before selling costs and any unrecorded works. The historic same-development comparables indicate substantial nominal value headroom, but no supported current selling allowance or current comparable evidence is available; flip surplus is therefore not quantified.

Investor Risks & Due Diligence

• Historic comparables may not represent current market value.

• Additional legal-pack, seller-cost reimbursement, search or transfer charges may apply.

• Leasehold service charge, ground rent and reserve fund reduce net income.

• Tenancy terms, deposit, compliance and arrears position require verification.

• No condition survey or refurbishment inspection is supplied.

• Finance, tax, management, maintenance and selling costs are excluded.

Recommendation

Prioritise as a buy-to-let investment at or near the lower guide, subject to legal-pack, tenancy and service-charge verification. Do not rely on the historic GDV for a BRRR or flip without a current valuation.

Strategy Rating

Analysis Confidence

Passing rent, tenancy, lease, charges, fees and same-development sales are supplied, but the comparable sales are almost ten years old and no condition survey, current valuation or full legal-pack costs are provided.