Cold Bath Road, Harrogate, North Yorkshire

Description

A superb opportunity to acquire a stylish two-bedroom apartment occupying a third-floor position in a highly sought-after location just moments from Harrogate town centre. The property offers well-proportioned and versatile accommodation including two bedrooms, a bathroom, a spacious living area and a dining kitchen. It is offered for sale with no onward chain and is described as suitable for first-time buyers, investors or those seeking a convenient town-centre base. Cash buyers only.

Accommodation

Third-floor apartment comprising a dining kitchen with rear-facing window, fitted units, worktops and integrated appliances; living room with rear-facing window; good-sized double bedroom with two skylight windows; further bedroom with skylight window and fitted storage; and a shower room/W.C. with heated towel rail.

Location

Located on Cold Bath Road, within easy walking distance of its independent shops and amenities, and of the shops, restaurants and services in Harrogate town centre.

Tenure / Property Information

Investment Analysis

Nearby completed leasehold flat sales on Cold Bath Road range from £145,000 to £170,000, but they are from 2015–2019 and no floor areas, condition details or direct comparability are supplied. A base GDV of £155,000 is therefore an indicative midpoint, with £145,000 low and £170,000 high scenarios. The property has significant potential building-work exposure: £1,265 is stated as its liability for preliminary investigation works, while a further building programme is anticipated at approximately £60,000 but has not been formalised. The stated 5.75% share would equate to approximately £3,450 if applied to that figure, but the final liability is unconfirmed.

Investment Snapshot

Strategy Recommendation

Potentially suitable for a cash-funded BTL or BRRR review only after obtaining the management pack, repair notices, Section 20 documentation, confirmed liability and lender feedback. Do not rely on the apparent margin or yield until the wider works exposure is quantified.

Works Required

Allow for the stated £1,265 preliminary investigation liability. Further works may be required under the lease, with the apartment stated to bear 5.75% of repair and maintenance costs; the anticipated additional programme is approximately £60,000 overall but remains subject to quotes and the Section 20 process. No internal refurbishment works are evidenced.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

Using the £120,000 guide plus the known £1,265 preliminary works liability, base cost is £121,265. At the indicative £155,000 GDV, 75% refinancing would be approximately £116,250, leaving approximately £5,015 of the stated base cost unrecovered before finance, tax and other transaction costs. This is highly dependent on the unconfirmed wider repair liability, lender acceptance of the leasehold/building position and the eventual valuation.

Buy-to-Let Analysis

At the £120,000 guide and the single £1,495 pcm advertised two-bedroom asking rent, gross rent is £17,940 annually and the gross yield is approximately 14.95%. Including the stated £1,265 preliminary works liability, the gross yield is approximately 14.79%. The £2,200 annual service charge and £200 ground rent are known additional ownership costs, before finance, management, insurance, maintenance and voids. The advertised rent is an asking rent rather than achieved rent, and the building-work exposure could materially affect returns. Cash buyers only also restrict funding options.

Flip Analysis

At the indicative £155,000 base GDV less the £121,265 base purchase-and-known-works cost, the unadjusted difference is £33,735. This is not a formal flip surplus because no selling costs, finance costs, taxes or confirmed full works liability are supplied. The potential further building works could substantially reduce or eliminate this margin.

Investor Risks & Due Diligence

• Further building works are anticipated at approximately £60,000 overall, but the apartment's final liability is not yet formalised.

• The stated £1,265 preliminary investigation liability may not represent the full eventual repair contribution.

• The 5.75% repair and maintenance apportionment could create material future leasehold costs.

• The advertised £1,495 pcm rent is an asking rent, not an achieved or passing rent.

• Cash buyers only may restrict mortgage and refinance options.

• The £145,000–£170,000 sold comparables are from 2015–2019 and lack floor-area and condition details.

• Service charge of £550 per quarter and ground rent of £200 per annum reduce net income.

Recommendation

Potentially suitable for a cash-funded BTL or BRRR review only after obtaining the management pack, repair notices, Section 20 documentation, confirmed liability and lender feedback. Do not rely on the apparent margin or yield until the wider works exposure is quantified.

Strategy Rating

Analysis Confidence

The analysis has a guide price, lease terms, known service charge and ground rent, one advertised rent, nearby completed sales and stated repair liabilities. However, the comparables are historic, rent is asking rather than achieved, the full repair liability is unconfirmed, and buyer, finance, selling and other transaction costs are not supplied.