Apartment 3 Millennium Plaza, Cheltenham, Gloucestershire

Description

A one-bedroom flat in Cheltenham. A one bedroom flat situated in Cheltenham. The accommodation comprises an entrance hall, kitchen/living area, bedroom and bathroom.

Accommodation

Entrance Hall; Living/Kitchen Area: 22'1 x 9'6; Bedroom: 13'5 x 8'4; Bathroom: 4'6 x 4'2

Location

Cheltenham, Gloucestershire

Tenure / Property Information

Investment Analysis

The five supplied completed sales are for Millennium Plaza, Warwick Place, Cheltenham, ranging from £135,000 to £150,000: two at £140,000, two at £135,000 and one at £150,000. A base GDV of £140,000 is used, with a low scenario of £135,000 and high scenario of £150,000. The evidence does not confirm that any comparable is the same apartment, and the sales occurred between March 2022 and July 2023. The £80,000 guide is materially below these historic development-level comparables, but current value, lease terms, service charges and condition are not evidenced. Known buyer premium and admin charge total £2,760, making the guide plus these charges £82,760 before any other costs.

Investment Snapshot

Strategy Recommendation

Proceed only as a conditional value opportunity subject to legal, lease, valuation and physical due diligence. The guide appears below the supplied historic development comparables, but the absence of rent, lease details, service charges, condition and current comparables prevents a firm BTL, BRRR or flip recommendation.

Works Required

No specific defects or refurbishment requirements are evidenced. Allowance cannot be estimated. Obtain a survey, inspect the flat and confirm any required works, lease obligations and building costs before bidding.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

Using the base GDV, a 75% refinance is £105,000. However, total project cost cannot be calculated because refurbishment, other purchase costs and any finance costs are not evidenced. The potential refinance position therefore cannot be assessed reliably. Confirm leaseability, lender criteria, service charges and current valuation before pursuing BRRR.

Buy-to-Let Analysis

BTL yield cannot be established because no sufficiently specific rental comparable or auctioneer rent estimate is supplied. Service charges, ground rent, lease length and other operating costs are also absent. Do not rely on the apparent discount to historic sales without confirming achievable rent and lease economics.

Flip Analysis

The historic same-development sales indicate a broad GDV range of £135,000 to £150,000, with £140,000 as the base case. A flip surplus cannot be calculated because works, total acquisition costs and supported selling costs are unavailable. The apparent spread from the £80,000 guide is not sufficient evidence of profit.

Investor Risks & Due Diligence

• Lease length, ground rent and service charge information are not supplied.

• Current occupancy status is not supplied.

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

• Condition and refurbishment requirements are not evidenced.

• Parking, heating and council tax information are not supplied.

• Additional search fees, seller-cost reimbursement, legal fees and transfer fees may apply.

• The comparable sales are from March 2022 to July 2023 and may not represent current value.

• The supplied sales are for Millennium Plaza generally; exact apartment comparability is unconfirmed.

Recommendation

Proceed only as a conditional value opportunity subject to legal, lease, valuation and physical due diligence. The guide appears below the supplied historic development comparables, but the absence of rent, lease details, service charges, condition and current comparables prevents a firm BTL, BRRR or flip recommendation.

Strategy Rating

Analysis Confidence

There are five completed sales in the same development and known auction charges, but the comparable apartment match, sale recency, lease details, condition, rent, operating costs and other acquisition costs are incomplete.