Apartment 108 New Bank House, 100 Queen Street, Sheffield, South Yorkshire, S1 2FA

Description

A First Floor One Bedroom Flat Subject to a Periodic Tenancy Producing £7,800 Per Annum. The property comprises a first floor one bedroom flat situated within a corner building arranged over ground and twelve upper floors.

Accommodation

First 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 in the same building range from £42,000 to £82,000. With no flat-specific details for the comparables, a cautious evidence-based scenario is £42,000 low, £69,000 base and £82,000 high. The current £7,800 annual tenancy is supported by the auction description; the rental listings are asking rents only.

Investment Snapshot

Strategy Recommendation

Potential income-led BTL or BRRR purchase only if the tenancy, lease, service charges, legal pack and all completion costs are satisfactory. Do not rely on the apparent margin without verifying the flat-specific valuation and auction disbursements.

Works Required

No specific defects or refurbishment requirements are evidenced. Allow for inspection and any legally or conditionally required works only after reviewing the legal pack and viewing information.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

Using the £69,000 base GDV and a 75% refinance assumption gives £51,750. Against the assumed £16,800 purchase and known admin cost, the indicative result is £34,950 cash released before works, finance, tax and other costs. This is not a formal refinance valuation and depends on lender acceptance, lease and tenancy checks, valuation, service charges and missing auction costs.

Buy-to-Let Analysis

At the stated £7,800 per annum, rent is £650 pcm and produces a 52.00% gross yield against the £15,000 upper guide, or 46.43% against £15,000 plus the known £1,800 admin charge. These calculations exclude unknown service charges, insurance, management, maintenance, voids, finance, disbursements and any buyer premium. The tenancy terms and rent should be verified in the legal pack.

Flip Analysis

The base sold evidence suggests a £69,000 resale value, but refurbishment costs, selling costs, finance costs and other acquisition costs are not sufficiently evidenced. A reliable flip surplus or maximum bid cannot therefore be calculated. The wide £42,000–£82,000 comparable range creates material valuation risk.

Investor Risks & Due Diligence

• The same-building sold evidence ranges widely from £42,000 to £82,000 and lacks flat-specific details.

• The £7,800 rent is described as annual tenancy income but tenancy terms, payment history and tenant status are not supplied.

• Buyer premium, legal disbursements and other completion costs are unknown.

• Service charge, ground rent, buildings insurance and reserve fund obligations are not supplied.

• No condition, viewing, EPC or heating information is provided; refurbishment costs are therefore unsupported.

• The 75% GDV refinance assumption is illustrative and may not be available on the actual lease, tenancy or valuation.

Recommendation

Potential income-led BTL or BRRR purchase only if the tenancy, lease, service charges, legal pack and all completion costs are satisfactory. Do not rely on the apparent margin without verifying the flat-specific valuation and auction disbursements.

Strategy Rating

Analysis Confidence

Same-building completed sales and stated passing rent are available, but comparable flat details, condition, service charges, EPC, buyer premium, disbursements and tenancy documentation are missing.