Apartment 4 The Old Chapel, Grove Road, Wakefield, West Yorkshire WF1 1UW

Description

This one bedroom lower ground floor apartment with private access and parking is offered for sale via traditional auction. The apartment is being sold with vacant possession and would make a great addition to a rental portfolio with similar examples in the block being marketed at £700 PCM.

Accommodation

Lower ground floor: lounge/kitchen area, bedroom and bathroom

Location

Situated in WF1, with easy access to Wakefield Kirkgate Station and frequent bus routes. Nearby amenities include schools, supermarkets and restaurants.

Tenure / Property Information

Investment Analysis

Recent same-block sales range from £68,000 to £90,000. The two latest sales were £68,000 and £75,000; a £75,000 base GDV is reasonable, with £68,000–£80,000 supported by the supplied evidence.

Investment Snapshot

Strategy Recommendation

Potential BTL or BRRR acquisition subject to legal-pack review, inspection, confirmation of achievable rent and validation of service-charge and resale assumptions.

Works Required

No specific defects or required works are evidenced. Arrange inspection and budget only after confirming condition; normal letting preparation may be required.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

Using a £75,000 base GDV, 75% refinance is £56,250. Against the guide, minimum stated charges and no works allowance, the indicative calculation shows £21,290 more refinance proceeds than known project cost. Actual refinance and cash released depend on valuation, lender criteria, condition, lease and undisclosed costs.

Buy-to-Let Analysis

At the auctioneer's £700 pcm estimate, annual rent is £8,400. Gross yield is approximately 25.85% on the guide and 24.03% including the £2,100 minimum admin charge and £360 searches, before service charge, finance, tax, other legal costs and any works. The £1,532.28 annual service charge will reduce net returns. The £750 pcm figure is an advertised asking rent, not achieved rent.

Flip Analysis

The evidence supports a £68,000–£80,000 resale range, with £75,000 as base GDV. At the guide plus known minimum charges, there is apparent gross value headroom, but no refurbishment evidence, selling-cost allowance or complete legal-cost information is supplied; a reliable flip surplus cannot therefore be established.

Investor Risks & Due Diligence

• £1,532.28 annual service charge reduces net yield.

• Further legal, seller, transfer and disbursement costs may be payable.

• Rental evidence includes an auctioneer estimate and an advertised asking rent, not achieved rent.

• No condition report or refurbishment requirements are supplied.

• Leasehold and refinance terms require legal and lender confirmation.

• Vacant possession creates letting and void risk.

Recommendation

Potential BTL or BRRR acquisition subject to legal-pack review, inspection, confirmation of achievable rent and validation of service-charge and resale assumptions.

Strategy Rating

Analysis Confidence

Strong same-block sales and rental evidence are available, but condition, full auction costs, legal-pack liabilities and achieved rent are not supplied.