Apartment 15, 26 Garden Vale, Leigh, Lancashire WN7 5SY

Description

A one bedroom flat set in a purpose built block. Currently let at £725 per calendar month (£8,700 per annum).

Accommodation

Secure communal entrance, entrance hallway, lounge/kitchen, bedroom and bathroom.

Location

Conveniently positioned close to local schools, shops and everyday amenities, with good transport links into Leigh town centre and neighbouring towns.

Tenure / Property Information

Investment Analysis

The strongest evidence is a £62,000 completed sale at 26 Garden Vale in March 2025, with four earlier recorded sales at £50,000 in June 2022. The evidence does not confirm that the comparable sales relate specifically to Apartment 15, so £62,000 is used as the base GDV, with £50,000 as a conservative supported scenario. The £40,000 guide is below these recorded values, but the high £2,418 annual service charge materially affects investment returns.

Investment Snapshot

Strategy Recommendation

Consider as a BTL or BRRR candidate only after verifying the tenancy, lease terms, service-charge position, special conditions and the applicability of the comparable sales to Apartment 15. Avoid relying on a flip strategy without confirmed selling and project costs.

Works Required

No specific repair or refurbishment works are evidenced. Physical condition, EPC, heating and any compliance requirements should be verified before bidding; no refurbishment allowance has been included.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

Using the £62,000 base GDV, 75% refinancing would indicate £46,500 before lender-specific valuation, affordability, finance costs and taxes. Against the £40,000 guide plus the £3,600 buyer fee, this implies approximately £2,900 more than the analysed acquisition cost could theoretically be released, excluding works and all finance/refinance costs. The result depends on the comparable being applicable to Apartment 15 and the refinance valuation being achieved.

Buy-to-Let Analysis

At the stated £725 pcm rent, annual gross rent is £8,700. Against the £40,000 guide this produces a 21.75% gross yield, or 19.95% including the £3,600 minimum buyer fee, before service charge and other ownership costs. After the £2,418 annual service charge, rent surplus before other costs is £6,282, equivalent to 14.41% on the guide-plus-buyer-fee cost. The rent is directly stated as current letting information, while £550 pcm is only advertised rental evidence.

Flip Analysis

A £62,000 base GDV compared with the £40,000 guide and £3,600 buyer fee gives £18,400 before selling costs, finance, taxes, legal costs and any works. A formal flip surplus is not stated because no supported selling-cost allowance or refurbishment budget is available. The £50,000 low-GDV scenario would leave £6,400 before those additional costs.

Investor Risks & Due Diligence

• The £2,418 annual service charge is substantial and may increase or include further liabilities not supplied.

• The comparable sales are recorded for 26 Garden Vale but are not confirmed as Apartment 15.

• The current tenancy terms, deposit, arrears position and tenant status beyond the stated rent are not supplied.

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

• No EPC, heating, condition, compliance or refurbishment information is supplied.

• Refinance proceeds depend on lender criteria and an achieved valuation, not solely the guide price or comparable evidence.

Recommendation

Consider as a BTL or BRRR candidate only after verifying the tenancy, lease terms, service-charge position, special conditions and the applicability of the comparable sales to Apartment 15. Avoid relying on a flip strategy without confirmed selling and project costs.

Strategy Rating

Analysis Confidence

There is direct rent information, a recent same-address completed sale and clear lease costs, but the comparable unit identity, property condition, EPC, tenancy terms, special-condition fees and full ownership costs are not evidenced.