Flat 1 Everards Court, 7 John Street, City Centre, Bristol BS1 2HT; Flat 3 Everards Court, 7 John Street, City Centre, Bristol BS1 2HT; Flat 1 Everards Place, 7 John Street, City Centre, Bristol BS1 2HT

Description

Residential investment opportunity comprising 3 modern tenanted ground-floor leasehold apartments: 1 two-bedroom flat and 2 one-bedroom flats. Total stated income of £49,800 per annum. Scope for break up and resale of individual units.

Accommodation

EC1: Open-plan kitchen/living space, Bedroom 1, Bedroom 2 and bathroom; 614 sq ft. EC3: Open-plan kitchen/living space, Bedroom 1 and bathroom; 489 sq ft. EP1: Semi-open-plan kitchen/living space, Bedroom 1 and bathroom; 486 sq ft.

Location

The properties are in Bristol City Centre, near the Hippodrome, Colston Hall, Cabot Circus, Christmas Steps, Corn Street, St Nicholas Market and the harbourside attractions.

Tenure / Property Information

Investment Analysis

The five HM Land Registry sales at Everards Court range from £250,000 to £330,000 per flat, with an average of £293,500. As the sales are not identified by unit or bedroom count, a precise flat-by-flat valuation is unsupported. Applying the observed range indicatively to the three flats gives a low breakup GDV of £750,000, an average-based base GDV of £880,500 and a high GDV of £990,000. The base figure is therefore indicative only and should be tested against the individual unit titles, tenancy details and current marketability.

Investment Snapshot

Strategy Recommendation

Pursue as a tenanted BTL portfolio, with BRRR as a secondary option after verifying income, leases, service charges and lender acceptance. Do not underwrite the breakup or flip strategy solely on the unallocated same-building comparables.

Works Required

No physical refurbishment works or defects are evidenced. The immediate requirements are due diligence on the three leases, tenancy agreements, rent schedule, service-charge liabilities, EPCs and any requirements for individual resale. No works-cost allowance has been assumed.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

At the indicative base GDV of £880,500, 75% loan-to-value refinancing equates to £660,375. Against the guide and known buyer premium of £476,800, this implies approximately £183,575 of cash could theoretically be released, before finance, tax, legal, valuation and other refinancing costs. Actual lender valuation, rental stress testing, leasehold terms and tenancy documentation are unknown, so the refinance outcome is not assured.

Buy-to-Let Analysis

The stated portfolio income is £49,800 per annum, equivalent to £4,150 per month, producing a 10.48% gross yield on the £475,000 guide and 10.44% against the guide plus the known £1,800 buyer premium. Management fees including ground rent total £6,180 per annum before other ownership costs. The income is stated rather than independently evidenced, and no external rental comparables or passing-rent schedule have been supplied. Subject to verifying the tenancies and rent collection, BTL is the strongest evidenced strategy.

Flip Analysis

A breakup resale strategy has potential because the supplied completed sales at the same address range from £250,000 to £330,000 per flat. The indicative base breakup GDV is £880,500, but the comparables are not matched to the three specific units. No selling, legal, vacant-possession, tax or other disposal allowances are supplied, so a reliable flip surplus cannot be calculated. Existing tenancies may also affect timing and resale execution.

Investor Risks & Due Diligence

• The portfolio is sold subject to existing tenancies, so vacant possession and resale timing may be constrained.

• The £49,800 annual income is an auctioneer/property statement rather than independently verified passing-rent evidence.

• The five completed sales are not identified by flat, size or bedroom count, limiting the reliability of the breakup GDV.

• Leasehold management fees including ground rent total £6,180 per annum and may affect net returns.

• All three flats have EPC rating D.

• The guide is stated as £475,000 +++, so the purchase price may exceed the guide.

• The known buyer premium is £1,800, while legal, tax, finance, valuation, disposal and other costs are not supplied.

• No refurbishment condition report or works budget has been provided.

Recommendation

Pursue as a tenanted BTL portfolio, with BRRR as a secondary option after verifying income, leases, service charges and lender acceptance. Do not underwrite the breakup or flip strategy solely on the unallocated same-building comparables.

Strategy Rating

Analysis Confidence

The guide, stated income, lease terms, management charges and same-building completed sales are available, but the sales are not matched to individual flats, rent evidence is not independently supplied, and purchase, finance, disposal and refurbishment costs are incomplete.