Apartment 74, Alexandra House, 47 Rutland Street, Leicester, Leicestershire

Description

A fifth-floor apartment with two-bedrooms. The accommodation offers, an open plan living area and kitchen, two-bedrooms, a bathroom plus and ensuite shower room. The flat has a large balcony and lots of natural light. Additionally, there is residents parking. The property is centrally located with access to all amenities and transport links. The total approximate floor area, taken from the EPC is 73m3. All services/appliances have not and will not be tested.

Accommodation

Open plan living area and kitchen, two bedrooms, a bathroom, an ensuite shower room and a large balcony.

Location

Centrally located with access to all amenities and transport links.

Tenure / Property Information

Investment Analysis

Five completed sales in Alexandra House range from £53,000 to £112,000. The £112,000 sale is materially above the other evidence; the remaining four sales range from £53,000 to £75,000, with a median of £60,500. Given the absence of flat-specific details for the comparables, a cautious evidence-based scenario range is £53,000–£75,000, with £62,000 adopted as the base estimate. The £4,926.06 annual service charge and £313 ground rent are significant and may constrain demand and investment value.

Investment Snapshot

Strategy Recommendation

Proceed only on a cautious owner-occupier or investment basis after confirming the legal pack, service-charge position, lease terms, rental demand and actual condition. Do not rely on a flip or BRRRR margin at the guide without further evidence.

Works Required

No specific refurbishment works are evidenced. Before bidding, inspect the flat, balcony and communal areas and confirm the condition of services and appliances, which will not be tested, together with the legal pack and any disbursements.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

At the £50,000 guide, the 1.2% buyer premium is £600, before any legal-pack disbursements. A 75% refinance against the £62,000 base GDV would be £46,500, but total project cost and cash left in cannot be calculated without a supported works allowance and other costs. The high service charge may also affect lender and buyer appetite.

Buy-to-Let Analysis

BTL viability cannot be quantified because no sufficiently specific rental evidence or auctioneer rent estimate is supplied. The annual service charge of £4,926.06 plus £313 ground rent creates a substantial fixed-cost burden before finance, management, maintenance and voids, making rent confirmation essential.

Flip Analysis

The base GDV estimate of £62,000 is above the £50,000 guide, but the apparent margin is before buyer premium, disbursements, refurbishment, finance, selling costs and tax. No supported selling-cost allowance or refurbishment budget is available, so a reliable flip surplus cannot be calculated.

Investor Risks & Due Diligence

• Annual service charge of £4,926.06 is substantial relative to the guide price.

• Additional ground rent of £313 per year applies.

• No sufficiently specific rental evidence is available, so rental yield cannot be established.

• Services and appliances have not and will not be tested.

• Legal-pack disbursements and possible seller, legal or transfer costs are not quantified.

• Comparable sale prices vary materially, including a £112,000 outlier, and flat-specific differences are unknown.

• Leasehold obligations and the remaining lease term should be confirmed from the legal pack.

Recommendation

Proceed only on a cautious owner-occupier or investment basis after confirming the legal pack, service-charge position, lease terms, rental demand and actual condition. Do not rely on a flip or BRRRR margin at the guide without further evidence.

Strategy Rating

Analysis Confidence

The analysis has five same-building completed sales and clear tenure and service-charge data, but the comparables are not flat-specific, rental evidence is absent, condition is untested and legal-pack disbursements are unknown.