Flat 1 Griffin Works, Accrington, Lancashire, BB5 2HR

Description

A wonderful opportunity to acquire this 1 bedroom flat being well proportioned and versatile. The property offers good size accommodation and scope through remedial works to add value and generate a strong yield in this area of high rental demand.

Accommodation

Flat 1 First Floor; Open Plan Lounge / Kitchen; Bedroom 1; Shower Room

Location

Situated on Clement Street, a popular and sought after area amongst a mix of other properties of both commercial and residential use, close to the heart of Accrington with its wealth of facilities and amenities, and within walking distance of the town centre. The wider North West area is easily accessible.

Tenure / Property Information

Investment Analysis

One-bedroom leasehold flat with a new 125-year lease and peppercorn rent stated. The evidence identifies scope for remedial works and an auctioneer rent estimate of £425 pcm after high-standard renovation, but provides no completed-sale comparables, GDV evidence, refurbishment budget or sufficiently specific external rental comparables. Market value and maximum bid therefore cannot be reliably quantified. The £3,600 buyer administration charge and any legal-pack disbursements must be allowed for.

Investment Snapshot

Strategy Recommendation

Proceed only after inspecting the property and legal pack, confirming the new lease terms, all charges and the remedial scope. Treat as a potential refurbishment-led BTL rather than underwriting a flip or BRRR project until costs, value and rent are evidenced.

Works Required

Remedial works to bring the open-plan lounge/kitchen, bedroom and shower room to a high standard, as implied by the auctioneer’s rental estimate. The evidence does not specify individual defects, scope or costs; inspect the property and legal pack before budgeting.

Rental & Market Context

Potential BRRR Position

BRRR cannot be underwritten from the supplied evidence. There is no GDV evidence, refurbishment budget or refinance valuation, while the rent is conditional on renovation. The new 125-year lease is positive as stated, but ground rent and service charge, if applicable, require legal-pack confirmation.

Buy-to-Let Analysis

The auctioneer estimates potential rent of £425 pcm (£5,100 annually) if renovated to a high standard. A gross yield cannot be established because no purchase price, refurbishment cost or total acquisition cost has been selected, and the rent is only an estimate rather than passing rent. BTL viability depends on the unknown remedial budget, legal-pack charges, service charge and actual achievable rent.

Flip Analysis

A flip surplus cannot be calculated because there are no completed-sale comparables or GDV estimate, no refurbishment budget and no supported selling-cost allowance. The £3,600 administration charge and possible disbursements are known acquisition-cost considerations.

Investor Risks & Due Diligence

• Remedial works are referenced but their scope and cost are not provided.

• The £425 pcm figure is an auctioneer estimate conditional on renovation, not achieved or passing rent.

• No sufficiently specific external rental comparable or completed-sale comparable is supplied.

• Ground rent and service charge, if applicable, require confirmation from the legal pack.

• A £3,600 administration charge is payable on exchange, with possible additional legal-pack disbursements and other special-condition charges.

• The property forms part of a title split and the buyer is to receive a new lease, so the lease and title documentation require review.

• EPC rating is E.

Recommendation

Proceed only after inspecting the property and legal pack, confirming the new lease terms, all charges and the remedial scope. Treat as a potential refurbishment-led BTL rather than underwriting a flip or BRRR project until costs, value and rent are evidenced.

Strategy Rating

Analysis Confidence

The property description, tenure, lease term, guide range, known administration charge and conditional auctioneer rent estimate are supplied, but there are no sales comparables, specific rental comparables, refurbishment costs, GDV, service-charge details or confirmed legal-pack disbursements.