Apartment 23, Alexandra House, 47 Rutland Street, Leicester LE1 1SE

Description

A two/three bedroomed flat located on the third floor of a converted period building. The property includes an open plan kitchen/reception, two bedrooms, a further room which could be utilised as a bedroom, and two bathrooms, one of which is en-suite. It has a size of approximately 829 square feet and is in good condition with ample storage.

Accommodation

Open plan kitchen/reception, two bedrooms, further room which could be utilised as a bedroom, and two bathrooms, one en-suite. Approximately 829 square feet.

Location

Situated within the heart of Leicester's cultural quarter, Alexandra House benefits from a wealth of bars and restaurants on its doorstep and a short walk from the remainder of the City's amenities.

Tenure / Property Information

Investment Analysis

The five supplied completed sales at Alexandra House range from £56,000 to £94,000, with a median of £80,000. The comparables do not identify bedroom count, floor, size, condition or individual unit, so they provide only an indicative building-level range rather than a confirmed valuation for Apartment 23. A base GDV of £80,000 is used solely as an estimate. The £5,589.20 annual service charge and uncosted Section 20 major works materially affect value and investment viability.

Investment Snapshot

Strategy Recommendation

Do not bid solely on the £45,000 guide. Proceed only after reviewing the legal pack, quantifying the Section 20 works and confirming all fees, lease terms and market rent; otherwise pass.

Works Required

The description states that the flat is in good condition, so no specific refurbishment works are evidenced. Allow for inspection, routine preparation and confirmation of any works required, but the Section 20 major works must be fully costed from the legal pack before bidding.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

Using the indicative £80,000 base GDV, a 75% refinance is £60,000. However, total acquisition and project cost cannot be established because the major-works bill, any refurbishment requirement and additional special-condition fees are unknown. A BRRR exit is therefore not underwritten.

Buy-to-Let Analysis

BTL analysis cannot be completed because no sufficiently specific rental evidence or auctioneer rent estimate is supplied. The £5,589.20 annual service charge, £313 ground rent and unknown major-works liability would materially reduce net returns. Obtain a rent assessment and full service-charge and Section 20 information before considering purchase.

Flip Analysis

The indicative building-level GDV range is £56,000 to £94,000, with a base of £80,000. A flip surplus cannot be calculated because refurbishment, major works, selling costs and total acquisition costs are unsupported. The high service charge and Section 20 notice create significant resale-margin risk.

Investor Risks & Due Diligence

• Section 20 notice has been served for forthcoming major works, but the final cost and billing timeframe are unknown.

• The 2026 service charge is £5,589.20 per annum and may materially impair rental yield and resale demand.

• Ground rent is £313 per annum, with review periods to be confirmed in the lease.

• Additional fees may appear in the Special Conditions of Sale.

• No sufficiently specific rental evidence is available, so rental income and yield cannot be established.

• The supplied comparable sales do not identify the relevant units' size, bedroom count, floor or condition.

• The further room is described as capable of being utilised as a bedroom, but its formal bedroom status is not confirmed.

Recommendation

Do not bid solely on the £45,000 guide. Proceed only after reviewing the legal pack, quantifying the Section 20 works and confirming all fees, lease terms and market rent; otherwise pass.

Strategy Rating

Analysis Confidence

There are five same-building completed sales and clear tenure, service-charge and lease information, but the comparables are not unit-specific and there is no rental evidence, bedroom confirmation, EPC, full cost for major works or complete fee schedule.