Apartment 26, Earls Court, Mulberry Close, Luton, Bedfordshire, LU1 1BZ

Description

Leasehold third floor flat

Accommodation

One bedroom, reception room open plan to kitchen, shower room/wc.

Location

Located on Mulberry Close. Shopping amenities are available locally within Luton Town Centre. Public transport links are available at Luton Train Station to the east and Luton Airport Parkway Train Station to the south west, along with local bus services. Road links include the M1 to the west. Recreational pursuits can be found at Brantwood Park to the north east.

Tenure / Property Information

Investment Analysis

Recent completed sales in the same development range from £137,500 to £145,000, with the three 2024–2025 sales at £137,500, £142,000 and £145,000. A base GDV of £140,000 is supported, subject to confirmation of condition, floor area, parking and lease charges. The £90,000 guide is materially below these recorded sales, but service charge, ground rent and seller fees remain unknown.

Investment Snapshot

Strategy Recommendation

Potentially strongest as a buy-to-let or value-led purchase if the lease charges are reasonable and the flat is in lettable condition. Do not rely on the apparent discount until service charge, ground rent, seller fees, condition and achieved rent are verified.

Works Required

No specific defects or refurbishment requirements are evidenced. Allow for inspection, cleaning and any minor works only if confirmed, but no numeric refurbishment allowance is supported. Obtain and review the lease, service-charge information, ground-rent details and property condition before bidding.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

At a £90,000 purchase price plus the known £1,800 documentation fee, total cost before works and other fees is £91,800. A 75% refinance against the £140,000 base GDV indicates £105,000 gross borrowing, leaving approximately £13,200 before finance, tax, refinancing costs, works and other completion costs. The outcome is highly dependent on lender valuation, lease charges, condition and actual project costs.

Buy-to-Let Analysis

Using the lower supported asking rent of £850 pcm gives £10,200 annual gross rent and an 11.33% gross yield on the £90,000 guide. Including the known £1,800 contract documentation fee, the gross yield is approximately 11.11%. The calculation excludes service charge, ground rent, insurance, maintenance, voids, management, finance and any seller fees, all of which are currently unknown. Rental evidence is asking rent rather than achieved rent.

Flip Analysis

The base GDV of £140,000 is supported by same-development completed sales. Against the £90,000 guide and known £1,800 documentation fee, the notional pre-selling-cost difference is £48,200 before refurbishment, finance, tax, selling costs and any seller fees. A reliable flip surplus cannot be established because refurbishment and disposal costs are unsupported.

Investor Risks & Due Diligence

• Annual service charge and ground rent are unknown.

• The lease information is awaited, despite the stated approximately 114 years remaining at auction.

• Seller fees may be payable on completion but are not quantified.

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

• Property condition and any required works are not evidenced.

• Parking and heating details are unknown.

• Gross yield calculations exclude service charge, ground rent, insurance, maintenance, voids, management, finance and tax.

Recommendation

Potentially strongest as a buy-to-let or value-led purchase if the lease charges are reasonable and the flat is in lettable condition. Do not rely on the apparent discount until service charge, ground rent, seller fees, condition and achieved rent are verified.

Strategy Rating

Analysis Confidence

Same-development completed sales and local asking-rent evidence are available, but condition, floor area, lease charges, seller fees, parking, heating and achieved rent are not confirmed.