Apartment 233, Daisy Spring Works, 1 Dun Street, Sheffield, South Yorkshire

Description

A first-floor flat with two bedrooms. The property is well located for all amenities and transport links. The total approximate floor area, taken from the EPC is 58m2 and the energy rating C.

Accommodation

Open plan living area and kitchen, two bedrooms, an ensuite shower room and bathroom.

Location

Well located for all amenities and transport links.

Tenure / Property Information

Investment Analysis

Same-development completed sales range from £70,000 to £145,000, with the two latest supplied sales at £70,000 and £80,000. The wide spread may reflect differences between flats, condition or transaction circumstances; no unit-specific details are supplied. A cautious base GDV of £80,000 is used, with £70,000 low and £120,000 high scenarios based on the supplied evidence.

Investment Snapshot

Strategy Recommendation

Conditional BTL or light-hold strategy at or near the guide, subject to satisfactory legal-pack, lease, service-charge and property-condition checks. Do not rely on the refinance or resale scenarios until those costs are confirmed.

Works Required

No specific refurbishment defects or required works are evidenced. Allowance should be made only after inspection and review of the legal pack, lease, service charge information and any management requirements.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

At the £55,000 guide, the known purchase cost including the £1,200 minimum buyer premium is £56,200, before any works or other legal-pack costs. A 75% refinance against the £80,000 base GDV would be £60,000, leaving an indicative £3,800 surplus against that known-cost figure, but this is not reliable while service charges, disbursements, finance costs and any refurbishment costs remain unknown.

Buy-to-Let Analysis

The two advertised two-bedroom rents are £850 and £875 pcm, implying a midpoint annual advertised rent of £10,350 and approximately 18.5%–19.1% gross yield on the £55,000 guide. This is based on asking rents, not achieved rents, and excludes service charge, ground rent, management, maintenance, voids, finance, tax and unknown disbursements. The investment case cannot be fully assessed until lease costs and legal-pack liabilities are confirmed.

Flip Analysis

A base resale value of £80,000 suggests a gross difference of £23,800 against the guide and minimum buyer premium before works, selling costs, finance, tax and other expenses. A dependable flip surplus cannot be calculated because refurbishment costs and a supported selling-cost allowance are unavailable.

Investor Risks & Due Diligence

• Ground rent and service charge are unknown and must be confirmed from the legal pack.

• Additional disbursements, seller-cost reimbursements, legal fees, search fees or transfer fees may be payable.

• Rental evidence consists only of advertised asking rents, not achieved rents or a passing tenancy.

• Same-development sold prices range widely from £70,000 to £145,000, with no supplied confirmation that the comparables match Apartment 233.

• No condition survey or refurbishment cost evidence is supplied.

• Leasehold title and lease terms require legal review despite the stated 999-year term from 2005.

Recommendation

Conditional BTL or light-hold strategy at or near the guide, subject to satisfactory legal-pack, lease, service-charge and property-condition checks. Do not rely on the refinance or resale scenarios until those costs are confirmed.

Strategy Rating

Analysis Confidence

There are several same-development completed sales and two rental listings, but the sales vary substantially, the comparables are not identified by flat number, and lease costs, condition, works, parking, heating and legal-pack disbursements are incomplete.