Apartment 7 The Sorting Office, 42 West Cliff, Preston, Lancashire, PR1 8HU

Description

A Lower Ground Floor One Bedroom Flat Subject to a Periodic Tenancy Producing £7,200 Per Annum

Accommodation

Lower Ground Floor: Reception Room, Kitchen, Bedroom, Bathroom.

Location

The property is situated on a residential road close to local shops and amenities. The open spaces of Miller Park are within easy reach. Transport links are provided by Preston rail station.

Tenure / Property Information

Investment Analysis

The evidence supports a broad indicative value range of £77,000–£135,000. The £77,000 sale was for The Sorting Office itself, while nearby West Cliff flats sold for £100,000 and £135,000. The £189,750 sale in the same building is materially higher but lacks specification, size and condition details and is not relied upon as the base case. A cautious base GDV estimate is £100,000, subject to confirmation of the exact flat, service charge, ground rent, condition and legal title.

Investment Snapshot

Strategy Recommendation

Prioritise as a tenanted BTL only if the tenancy, rent payment history, service charges, ground rent and legal pack are satisfactory. Do not rely on the £950 asking rent or pursue a flip without confirmed costs and condition.

Works Required

No refurbishment works or defects are evidenced. Allow only for inspection, compliance checks and any minor works confirmed by the legal pack or viewing; no numeric works allowance is included.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

At a £100,000 base GDV, 75% refinance is approximately £75,000. However, refurbishment costs, service charges, ground rent, lender criteria, valuation outcome and acquisition disbursements are not supplied, so the cash-left-in and true BRRR return cannot be established. The existing tenancy may assist income continuity but requires legal and rent verification.

Buy-to-Let Analysis

The property is subject to a periodic tenancy producing £7,200 per annum, equivalent to £600 pcm. This produces approximately 10.3% gross yield at the £70,000 midpoint of the guide, before finance, management, maintenance, service charges, ground rent and other costs. The £950 pcm evidence is an advertised PR1 asking rent, not an achieved rent and should not replace the passing rent without verification.

Flip Analysis

A £100,000 base GDV indicates potential gross value above the guide, but no condition-based works allowance, selling costs or full buyer costs are available. The periodic tenancy and unknown transaction costs also make a resale surplus impossible to calculate reliably.

Investor Risks & Due Diligence

• Periodic tenancy terms, tenant status and rent payment history require verification.

• Service charge, ground rent, lease covenants and any arrears are not supplied.

• Auction disbursements and other potential completion charges are unknown.

• The £950 pcm rental evidence is an advertised asking rent and not an achieved rent for this flat.

• Comparable sale prices vary substantially and the specifications of the compared flats are not provided.

• No condition evidence supports a refurbishment budget or resale-cost assessment.

Recommendation

Prioritise as a tenanted BTL only if the tenancy, rent payment history, service charges, ground rent and legal pack are satisfactory. Do not rely on the £950 asking rent or pursue a flip without confirmed costs and condition.

Strategy Rating

Analysis Confidence

There are several relevant completed sales and confirmed passing rent, but the comparables vary materially and key costs, condition, service charges, ground rent, legal-pack disbursements and tenancy details are missing.