Apartment 144, Centenary Mill Court, New Hall Lane, Preston, Lancashire, PR1 5JH

Description

Leasehold fourth floor flat. Upon instruction of Countrywide.

Accommodation

Bedroom, reception room open plan to kitchen, bathroom/wc. Mezzanine area with bedroom and ensuite.

Location

The property is located on Centenary Mill Court. Shopping amenities can be found locally within Preston City Centre. Public transport links are available at Preston Train Station to the south west and Rostock Hall to the south, along with a network of local bus services serving the surrounding areas. The property is served by road links including the A59 to the south and A6 to the south west. Recreational pursuits can be found at Ribbleton Park to the north east and Avenham and Miller Park to the south west.

Tenure / Property Information

Investment Analysis

Five same-development leasehold flat sales range from £23,000 to £45,000, with the four higher sales ranging from £33,000 to £45,000. As flat size, condition and specification are not provided for the comparables, a cautious base GDV of £40,000 is used, with a supported evidence range of £33,000–£45,000. The £23,000 sale indicates meaningful valuation variability.

Investment Snapshot

Strategy Recommendation

Potentially attractive low-entry BTL, subject to confirming the actual achievable rent, service charge, ground rent, heating, condition and all auction special-condition fees. Do not rely on the headline yield until these unknown costs are verified.

Works Required

No specific defects or refurbishment works are evidenced. Arrange inspection and confirm heating, condition, service-charge position and any required works before bidding. No refurbishment allowance has been included in the calculations.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

At the £19,000 guide plus the known £1,800 administration charge, the indicative cost is £20,800 before any works or additional seller charges. At the £40,000 base GDV, 75% refinance is £30,000, indicating £9,200 cash release before finance, tax and unquantified works. Actual feasibility depends heavily on valuation, lender criteria, leasehold charges and property condition.

Buy-to-Let Analysis

Using the midpoint of the same-development asking rents (£625 pcm), annual advertised rent is £7,500. This produces approximately 39.5% gross yield on the £19,000 guide and 36.1% on the £20,800 total of guide plus the known £1,800 administration charge. These are asking-rent calculations, not achieved rent, and exclude unknown service charge, ground rent, seller fees, finance, maintenance, voids and tax.

Flip Analysis

The base GDV of £40,000 less the £20,800 guide-plus-known-charge figure indicates £19,200 before works, selling costs, finance, tax and any seller fees. A reliable flip surplus cannot be established because condition, refurbishment costs and selling costs are not evidenced.

Investor Risks & Due Diligence

• Annual service charge and ground rent are unknown.

• Additional seller fees may be payable under the Special Conditions of Sale.

• Property condition and heating details are unknown, so refurbishment costs cannot be estimated.

• Rental evidence is advertised asking rent rather than achieved passing rent.

• Comparable sales vary materially from £23,000 to £45,000 and the compared flat specifications are not provided.

• Leasehold title has 102 years remaining as stated at the auction date, but lease terms and charges require verification.

Recommendation

Potentially attractive low-entry BTL, subject to confirming the actual achievable rent, service charge, ground rent, heating, condition and all auction special-condition fees. Do not rely on the headline yield until these unknown costs are verified.

Strategy Rating

Analysis Confidence

Same-development sold evidence and several rental asking figures are available, but comparable specifications, property condition, service charge, ground rent, heating, seller fees and achieved rent are unavailable.