Apartment 109, Manor Mills, Ingram Street, Leeds, West Yorkshire

Description

This ground floor, studio apartment is in excellent condition having just been refurbished. It is to be sold with vacant possession; however, similar flats in the development have recently been marketed for £850pcm. This would be an ideal investment for a landlord wanting to add to their portfolio.

Accommodation

Ground floor. Studio: kitchen/living area, sleeping area and bathroom.

Location

Manor Mills is a popular city centre development that is a short walk to the shops, offices and train station. It is also conveniently located near the Leeds-Liverpool Canal and the motorway network.

Tenure / Property Information

Investment Analysis

Recent Manor Mills evidence ranges from £64,000 to £82,500, with older sales at £85,000–£105,000. Base GDV uses the latest comparable at £82,500; older evidence supports a wider scenario range but may be less representative.

Investment Snapshot

Strategy Recommendation

Potential buy-to-let acquisition at the guide, subject to confirming the £850 rent, lease terms, service-charge position and all legal-pack costs. The evidence does not support a firm maximum bid.

Works Required

No further works allowance assumed: the apartment is described as recently refurbished and in excellent condition. Verify condition during inspection.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

Using the £82,500 base GDV, 75% refinance is approximately £61,875. Against the guide price, assumed zero further works and £2,460 known buyer costs, indicative cash left in is £5,585. This excludes finance, tax and unknown legal, transfer, seller-cost or other auction charges.

Buy-to-Let Analysis

At the £850 pcm auctioneer estimate, annual gross rent is £10,200 and gross yield is approximately 15.69% on the guide price, or 15.12% including the £2,100 minimum admin charge and £360 searches. Ground rent, service charge and insurance total £1,933.62 annually before finance, voids, management and maintenance. £850 is marketed-rent evidence, not achieved rent.

Flip Analysis

The base GDV of £82,500 exceeds the guide purchase plus known costs of £67,460 by £15,040 before selling costs, finance, tax and any unforeseen expenditure. No supported selling-cost allowance is available, so a reliable flip surplus cannot be calculated.

Investor Risks & Due Diligence

• £850 pcm is an advertised/auctioneer estimate rather than achieved rent.

• Ground rent, service charge and insurance total £1,933.62 annually.

• Buyer premium and other possible legal, transfer, seller-cost and disbursement charges are not quantified.

• Leasehold legal-pack terms and any service-charge arrears or restrictions require verification.

• Studio comparables vary materially in value, with older evidence reaching £105,000.

Recommendation

Potential buy-to-let acquisition at the guide, subject to confirming the £850 rent, lease terms, service-charge position and all legal-pack costs. The evidence does not support a firm maximum bid.

Strategy Rating

Analysis Confidence

Recent same-development sales, lease details and an auctioneer rent estimate are available, but rent is asking evidence, the exact comparable specifications are unknown and additional auction/legal costs are unspecified.