Apartment 20, Gilbert House, 2 Elmira Way, Salford, Lancashire

Description

Upon instruction of Countrywide. Leasehold second floor flat.

Accommodation

Principal bedroom with en-suite, one further bedroom, reception room open plan to kitchen, bathroom/wc

Location

The property is located on Elmira Way. Shopping amenities are available locally within Salford City Centre lying to the north and Manchester City Centre located to the east. Public transport links can be found at Manchester Oxford Road train station located to the east along with a network of local bus and tram services serving the surrounding areas. The property is served by road links including the A5063 lying to the west and the A5066 located to the south. Recreational pursuits are available at Ordsall Park lying to the north.

Tenure / Property Information

Investment Analysis

Five completed sales in the same building range from £165,000 to £212,500. The most recent supplied sale was £165,000 on 28 August 2026, with another at £170,000 in July 2025. A base GDV of £170,000 is used, with a low scenario of £165,000 and high scenario of £195,000. The exact flat specifications, floor area, parking provision and lease terms are not confirmed, so the range is indicative only. Two-bedroom rental listings in the wider area are advertised at £1,100–£1,250 pcm; these are asking rents, not achieved rents.

Investment Snapshot

Strategy Recommendation

Proceed only after reviewing the legal pack and confirming lease length, service charge, ground rent, review provisions and any seller fees. Subject to satisfactory lease terms, the guide offers potential BTL or resale margin, but the unknown lease liabilities prevent a firm bid recommendation.

Works Required

No specific defects or refurbishment requirements are evidenced. Allow for inspection and confirmation of condition before bidding; no works budget can be reliably quantified from the supplied information.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

At the £130,000 guide, the property is below the supplied same-building comparable evidence. A theoretical 75% refinance of the £170,000 base GDV would be £127,500, but the calculation cannot be completed reliably because lease length, service charge, ground rent, condition, works and any lender-specific valuation assumptions are unknown.

Buy-to-Let Analysis

Using the supplied advertised rental range of £1,100–£1,250 pcm, gross yield on the £130,000 guide is approximately 10.15%–11.54%; the midpoint advertised rent of £1,175 pcm equates to approximately 10.85%. Net yield cannot be established because service charge, ground rent, insurance, finance and management costs are unknown. Advertised rents may not be achievable.

Flip Analysis

Against the £130,000 guide, the base GDV indicates a gross spread of approximately £40,000 before works, acquisition costs, finance, selling costs and any seller-charged fees. A reliable flip surplus cannot be calculated because works and selling allowances are unsupported.

Investor Risks & Due Diligence

• Lease length is not supplied and may materially affect value, mortgageability and resale.

• Annual service charge, ground rent and review provisions are unknown.

• The seller may charge additional completion fees under the Special Conditions of Sale.

• Rental evidence comprises advertised asking rents rather than achieved rents.

• The condition and any required works are not evidenced.

• The comparable sales do not confirm that the sold units had identical floor area, position, specification or parking provision.

Recommendation

Proceed only after reviewing the legal pack and confirming lease length, service charge, ground rent, review provisions and any seller fees. Subject to satisfactory lease terms, the guide offers potential BTL or resale margin, but the unknown lease liabilities prevent a firm bid recommendation.

Strategy Rating

Analysis Confidence

Same-building completed sales and local two-bedroom asking rents are available, but the exact unit attributes, lease terms, service charge, ground rent, condition, parking, heating and possible additional fees are unresolved.