Apartment 238 Landmark, Waterfront West, Brierley Hill

Description

A vacant leasehold second floor apartment situated in a purpose built block, close to the Merry Hill Shopping Centre and local amenities.

Accommodation

Ground Floor: Communal Entrance. Second Floor: Apartment 238 - Hall, Airing Cupboard, Open Plan Reception/Dining Kitchen, Bedroom, Bathroom/WC. Outside: Communal Grounds and an Allocated Parking Space.

Location

Close to the Merry Hill Shopping Centre and local amenities.

Tenure / Property Information

Investment Analysis

Five completed Land Registry sales at the same development range from £46,000 to £75,000, with a simple average of £64,100. This supports a £46,000 low scenario, £64,100 base scenario and £75,000 high scenario, subject to flat-specific condition, lease terms and legal-pack information.

Investment Snapshot

Strategy Recommendation

Investigate as a potential BRRR or buy-to-let acquisition, subject to confirming lease charges, legal-pack costs, mortgageability and achievable rent. Do not rely on the £800 house asking rent for underwriting.

Works Required

No specific defects or refurbishment requirements are evidenced. A zero works allowance is therefore used in the calculations, but the apartment should be inspected and the legal pack reviewed before bidding.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

Using the £10,000 guide, £2,700 known administration charge and no evidenced works allowance gives a base cost of £12,700. A 75% refinance against the £64,100 base GDV would be approximately £48,075, indicating approximately £35,375 more than the calculated base cost could be released before finance, tax and unknown costs. This depends on lender valuation, mortgage availability, lease acceptability and legal-pack charges.

Buy-to-Let Analysis

At the £10,000 guide, the closest supplied one-bedroom flat asking rent is £370 pcm, producing £4,440 annual gross rent and a calculated 44.4% yield before costs. The £800 pcm evidence relates to a house and is less directly comparable. Actual net yield cannot be established because service charge, ground rent, insurance, voids, management and finance costs are not supplied.

Flip Analysis

The completed sales support a base resale value of £64,100, but no selling-cost allowance, tax position or works requirement is supplied. The apparent discount to the guide is substantial, although the £46,000 to £75,000 comparable range demonstrates material valuation variability. A reliable net flip surplus cannot be stated.

Maximum Bid Indicator

This is an HB screening estimate based on the supplied evidence and HB assumptions. It is not a formal valuation or instruction to bid.

Investor Risks & Due Diligence

• The lease is only described as approximately 110 years unexpired; full terms require legal-pack review.

• Service charge, ground rent, buildings insurance and other leasehold costs are not supplied.

• Additional completion costs may apply under the special conditions and are not quantified.

• Rental figures are advertised asking rents rather than achieved rents; the £800 pcm evidence is for a house.

• The comparable sales range from £46,000 to £75,000, indicating significant valuation uncertainty.

• The property is vacant and no flat-specific condition or inspection evidence is supplied.

• Electric heating costs and performance are not quantified despite the EPC rating of C.

Recommendation

Investigate as a potential BRRR or buy-to-let acquisition, subject to confirming lease charges, legal-pack costs, mortgageability and achievable rent. Do not rely on the £800 house asking rent for underwriting.

Strategy Rating

Analysis Confidence

There are five same-development completed sales and relevant rental asking evidence, but flat-specific lease costs, legal-pack charges, condition, council tax and achieved rent are unavailable.