Apartment 6 The Glass House, Leamington Spa, Warwickshire, CV32 5EA

Description

Well presented 2 bedroom, 2 bathroom, fourth floor apartment with lift access, with secured undercroft parking. Located in the heart of Leamington town centre on the corner of Warwick Street and Windsor Street. Leasehold with 973 years remaining. Ideal investment opportunity.

Accommodation

Fourth floor: Hallway; Kitchen: 14 ft 6 in x 7 ft 7 in; Lounge: 17 ft 5 in x 19 ft 2 in max; Bedroom 1 with ensuite: 18 ft 7 in max x 12 ft 5 in min; Dressing area: 6 ft 8 in x 6 ft 5 in; Bedroom 2: 18 ft 5 in max, 11 ft 5 in min x 9 ft 8 in max; Bathroom. Outside: Communal terrace area; secured parking.

Location

Located in the heart of Leamington town centre on the corner of Warwick Street and Windsor Street.

Tenure / Property Information

Investment Analysis

Working GDV is set at £190,000, aligned with the £190,000 guide and the most recent supplied Glass House sales of £170,000 and £183,500 in 2021, with a £197,000 sale in 2020. Older 2020 sales at £295,000 and £305,000 are materially higher and are not relied upon for the base case. This is an estimate, not a formal valuation.

Investment Snapshot

Strategy Recommendation

Consider only after confirming leasehold charges, auction legal pack, condition and achievable rent. The evidence supports possible buy-to-let interest at the guide, but does not support an aggressive flip or a firm maximum bid.

Works Required

The apartment is described as well presented, so no specific refurbishment works are evidenced. Confirm condition, services, leasehold information and any required repairs before bidding.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

At the £190,000 guide, 75% of the working £190,000 GDV is £142,500. However, refurbishment costs, service charge, ground rent, legal costs and other acquisition costs are not sufficiently evidenced, so total cash required and cash left in cannot be calculated reliably.

Buy-to-Let Analysis

Using the advertised asking-rent range of £1,800–£2,200 pcm, gross yield on the £190,000 guide is approximately 11.37%–13.89% before service charge, ground rent, management, maintenance, voids, finance, tax and other costs. The rent evidence is advertised rather than achieved, and service charge and ground rent are unknown, so net yield cannot be established.

Flip Analysis

A resale surplus cannot be calculated reliably because no refurbishment allowance, selling-cost allowance or formal valuation is supplied. The recent comparable evidence ranges from £170,000 to £197,000, limiting confidence in a flip exit above the guide.

Investor Risks & Due Diligence

• Ground rent and service charge information is outstanding.

• Rental figures are advertised asking rents, not achieved or passing rents.

• Additional auction costs may include searches, seller-cost reimbursement, legal fees and transfer fees.

• Leasehold costs and obligations may materially reduce net yield.

• Comparable sale prices vary materially, including substantially higher older 2020 sales that may not be reliable for the current valuation.

• EPC is D and the property uses electric heating.

Recommendation

Consider only after confirming leasehold charges, auction legal pack, condition and achievable rent. The evidence supports possible buy-to-let interest at the guide, but does not support an aggressive flip or a firm maximum bid.

Strategy Rating

Analysis Confidence

The property description, lease term, guide, buyer charges, recent same-development sales and advertised rents are supplied, but service charge, ground rent, condition costs, legal-pack details and achieved rent are unavailable.