Apartment 2, Bedford House, 14 Bedford Street, Princesshay Square, Exeter, Devon, EX1 1LR

Description

A one-bedroom apartment in good condition, situated on the top floor of Bedford House in the city centre. The building is served by a lift.

Accommodation

Ground Floor: Communal hallway with lift access. Third Floor: Private entrance, hallway, open-plan living room/kitchen, bedroom and bathroom.

Location

Central Exeter location within Princesshay and close to city-centre amenities.

Tenure / Property Information

Investment Analysis

The two most recent supplied sales for Bedford House are £150,000 in May 2025 and October 2025. Older sales are £185,000 in 2022 and £185,000 in 2023, with £190,000 in 2021. As the evidence does not identify the exact comparable apartments' size, floor, condition or lease terms, £150,000 is used as the base GDV, with £150,000–£185,000 as an evidence-supported scenario range. The guide represents a substantial discount to the latest supplied sales, subject to lease, service charge, legal and fee due diligence.

Investment Snapshot

Strategy Recommendation

Potentially suitable for buy-to-let at or near the guide, subject to confirming the advertised rent, service charge, lease acceptability and all auction costs. Do not rely on the apparent BRRR or flip margin without quantified costs and lease due diligence.

Works Required

The apartment is described as being in good condition, so no material refurbishment allowance is supported by the evidence. Allow for inspection, cleaning and any minor works identified during viewing or legal due diligence only; no cost can be quantified from the supplied data.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

At the £110,000 guide, 75% of the £150,000 base GDV is £112,500 before considering finance, tax, fees and any works. This indicates limited apparent capital remaining after refinance, but the calculation cannot establish cash left in because buyer costs, refurbishment costs and other charges are not quantified. The lease runs from 1 April 2006 for 99 years, leaving a materially shorter lease than a new long lease and requiring valuation and lender acceptability checks.

Buy-to-Let Analysis

Using the advertised asking rent of £1,050 pcm, annual gross rent is £12,600 and the gross yield on the £110,000 guide is approximately 11.45%. This is based on an advertised rent rather than achieved rent and excludes service charge, ground rent, management, maintenance, finance, tax and unspecified auction/admin costs. The current ground rent is £100 per annum, increasing to £200 from 1 April 2031.

Flip Analysis

A base resale value of £150,000 is supported by the two latest supplied sales in the same building, with £185,000 used only as the upper scenario based on older sales. A reliable flip surplus cannot be calculated because refurbishment, acquisition, auction, legal, finance and resale costs are not supplied. The apartment is already described as being in good condition, limiting the evidence for a value-add refurbishment strategy.

Investor Risks & Due Diligence

• The comparable sales are for Bedford House but are not identified as the exact apartment, so differences in size, floor, condition and lease terms may affect value.

• The lease commenced on 1 April 2006 for 99 years, leaving a finite remaining term that may affect mortgageability, resale and value.

• Ground rent increases from £100 to £200 per annum on 1 April 2031.

• The £1,050 pcm figure is an advertised asking rent, not an achieved or passing rent.

• Service charge, administration fee, other non-optional auction costs, VAT, Stamp Duty and Land Registry costs are not quantified.

• Parking and heating information is not supplied.

Recommendation

Potentially suitable for buy-to-let at or near the guide, subject to confirming the advertised rent, service charge, lease acceptability and all auction costs. Do not rely on the apparent BRRR or flip margin without quantified costs and lease due diligence.

Strategy Rating

Analysis Confidence

The analysis has two recent same-building sales, one advertised rental listing, a stated guide price and clear tenure/lease information. Confidence is reduced because the comparable apartment specifications, service charge, buyer/admin fees, refurbishment costs and achieved rental evidence are unavailable.