Apartment 32, Centenary Mill Court, New Hall Lane, Preston, Lancashire

Description

Vacant two bed ground floor apartment in popular former mill building close to Preston city centre.

Accommodation

Ground floor apartment. Lounge: 6.24m x 6.26m; Kitchen: 2.36m x 2.49m; Bedroom 1: 2.5m x 4.34m; Bedroom 1 en suite: 1.25m x 2.22m; Bedroom 2: 2.38m x 4.11m; Bathroom: 2.05m x 2.18m.

Location

Close to Preston city centre.

Tenure / Property Information

Investment Analysis

Same-development sold comparables range from £25,500 to £34,000, with the two latest recorded sales at £29,000. Base GDV is therefore estimated at £29,000, although exact comparability and condition are unconfirmed. The £30,000 guide is above the latest £29,000 sales evidence, before fees.

Investment Snapshot

Strategy Recommendation

Proceed only after legal-pack review, inspection and confirmation of leasehold costs and achievable rent; do not rely on the guide alone.

Works Required

No refurbishment works are specified. Condition should be inspected and the legal pack checked before allowing for works.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

At the £30,000 guide, the minimum buyer charge is £3,600 before any disbursements or other costs. A 75% refinance against the £29,000 base GDV would be approximately £21,750. Works, service charges, finance costs and total project cost are unsupported, so BRRR viability cannot be confirmed.

Buy-to-Let Analysis

The supplied rental evidence is limited to advertised asking rents of £312 and £700 pcm at different Preston addresses, not this apartment. A reliable property-specific rent and BTL yield cannot therefore be established. The £3,600 minimum buyer charge materially increases the acquisition cost.

Flip Analysis

The base GDV of £29,000 is below the £30,000 guide before the minimum buyer charge and any works or resale costs. A profitable flip is not supported by the supplied evidence.

Investor Risks & Due Diligence

• Guide price exceeds the two latest supplied same-development sales.

• Minimum buyer/admin charge of £3,600 applies, with possible additional disbursements and other charges.

• No service charge, ground rent, parking or heating information is supplied.

• Rental evidence is asking rent only and relates to different addresses.

• Property condition and refurbishment requirements are not evidenced.

Recommendation

Proceed only after legal-pack review, inspection and confirmation of leasehold costs and achievable rent; do not rely on the guide alone.

Strategy Rating

Analysis Confidence

There are several same-development completed sales and tenure details, but condition, leasehold charges, disbursements, exact rental evidence and works costs are unavailable.