Apartment 420 Broadway, 105 Broad Street, Birmingham

Description

A Vacant Leasehold Two Bedroom City Centre Apartment. A two bedroom city centre apartment, located with convenient access to all of the city Centre's amenities including, The Mailbox, Brindley Place and Bullring.

Accommodation

Fourth Floor: Hall, Open plan Kitchen/Reception Room, Two Bedrooms, Bathroom/WC, Store Cupboard.

Location

Birmingham City Centre, with convenient access to The Mailbox, Brindley Place and Bullring.

Tenure / Property Information

Investment Analysis

Three recent sold comparables at the same address range from £55,000 to £75,000: £70,000, £55,000 and £75,000. The £245,000 and £274,950 sales are materially higher and are not used as primary evidence because the supplied data does not explain the difference. A base GDV of £70,000 is adopted, with a simple evidence-supported range of £55,000–£75,000. The comparable unit sizes, condition and transaction details are not supplied, so this remains indicative rather than a formal valuation.

Investment Snapshot

Strategy Recommendation

Potential high-gross-yield BTL subject to confirming that the nearby £1,305 pcm asking rent is achievable for this apartment and reviewing service-charge, ground-rent and other legal-pack liabilities. Do not rely on the apparent margin for a flip without verified costs and condition.

Works Required

No specific defects or refurbishment works are evidenced. The property should be inspected and the legal pack reviewed before budgeting any works. No refurbishment allowance is included in the calculations.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

At the £65,000 guide, the known acquisition cost including the £2,700 admin charge is £67,700 before stamp duty, legal costs, finance and any works. At the £70,000 base GDV, 75% refinancing is £52,500, leaving indicative cash of £15,200 before those excluded costs. The outcome depends heavily on confirming the achievable rent, service charge and the legal-pack terms. No works allowance is included because none is evidenced.

Buy-to-Let Analysis

Using the single nearby advertised two-bedroom asking rent of £1,305 pcm, indicative annual rent is £15,660. This produces a gross yield of 24.09% against the £65,000 guide and 23.14% against the £67,700 guide plus the known £2,700 admin charge. The rent is not confirmed for this apartment and is an asking rent, not an achieved rent. Service charge, ground rent, management, maintenance, voids, finance, tax and other completion costs are unknown, so net yield cannot be established.

Flip Analysis

The £70,000 base GDV is supported by recent same-address sales, with observed recent evidence between £55,000 and £75,000. At the guide plus the known admin charge, the base cost is £67,700 before stamp duty, legal, finance, works and selling costs, leaving only £2,300 before those items. A reliable flip surplus cannot be established because supported selling costs and refurbishment costs are unavailable.

Investor Risks & Due Diligence

• The £1,305 pcm figure is a nearby advertised asking rent, not an achieved rent for this apartment.

• Service charge and ground rent are not supplied and may materially reduce net BTL returns.

• Additional legal-pack costs are unknown; stamp duty, government taxes, finance, legal and other transaction costs are excluded.

• No condition or refurbishment evidence is supplied, so works and costs cannot be budgeted.

• Recent same-address sale prices vary from £55,000 to £75,000, while older supplied sales are materially higher and unexplained.

• The lease is leasehold and full lease details remain subject to review of the legal pack.

• The property is vacant, so there is no confirmed passing rent or existing tenancy income.

Recommendation

Potential high-gross-yield BTL subject to confirming that the nearby £1,305 pcm asking rent is achievable for this apartment and reviewing service-charge, ground-rent and other legal-pack liabilities. Do not rely on the apparent margin for a flip without verified costs and condition.

Strategy Rating

Analysis Confidence

Recent same-address sales, the guide price, lease term, vacancy and one nearby rental asking figure are provided. However, unit-specific comparable details, condition, service charge, ground rent, other completion costs, legal-pack terms and achieved rent are not supplied.