Flat 1, The Hollies, 209 London Road, Leicester

Description

A one bedroom ground floor flat in the ever desirable suburb of Stoneygate. The property is well presented with a modern kitchen and bathroom, electric heating and uPVC double glazing. Landscaped gardens, single garage and both residents and visitor parking. Offered with vacant possession. An ideal buy to let investment with estimated rental value of £800 pcm/£9600 per annum. The garage could be let separately at circa £100 pcm/£1200 per annum.

Accommodation

Hallway with three large store cupboards. Lounge: 5.05m x 3.09m, with electric heater and picture window and door to front. Kitchen: 2.27m x 2.26m, with modern base and wall units, work surfaces, inset sink, cooker and window to rear. Bedroom: 3.20m x 2.99m, with built-in wardrobe, electric heater and window to front. Bathroom with a white suite comprising low flush W.C., wash hand basin and panel bath with electric Triton shower over; part tiled walls, electric heater and extractor fan. Outside: integrated store, well maintained lawned gardens, residents and visitor parking, and single garage which may offer scope to let separately from the flat.

Location

The property is situated in the suburb of Stoneygate, Leicester.

Tenure / Property Information

Investment Analysis

The supplied Land Registry evidence comprises five sales within The Hollies, 209 London Road, ranging from £90,000 to £128,500. A base GDV of £118,000 is used, with £90,000 low and £128,500 high scenarios. The sales may relate to different flats and their condition, lease terms and transaction circumstances are not supplied, so this is an indicative range rather than a formal valuation.

Investment Snapshot

Strategy Recommendation

BTL at or near the guide, subject to satisfactory lease, service-charge, ground-rent and legal-pack checks. The rent estimate supports an attractive gross yield; the garage should be treated as optional upside only.

Works Required

No specific refurbishment works are identified: the flat is described as well presented with a modern kitchen and bathroom. Allowance assumes no immediate refurbishment, subject to inspection and legal-pack review.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

Using the £118,000 base GDV, 75% theoretical refinancing is £88,500. Against the £68,120 guide-price cost including the known buyer premium and no works allowance, this indicates £20,380 of gross headroom before finance, tax, valuation, lender and other unknown costs. Actual refinancing is dependent on lender valuation, lease terms, affordability and the legal pack.

Buy-to-Let Analysis

At the £65,000 guide, the auctioneer's £800 pcm flat-rent estimate produces £9,600 annual rent and a 14.77% gross yield. Including the 4.8% buyer premium, the gross yield on the stated base cost is 14.09%. The garage may add circa £100 pcm, but separate letting is not guaranteed. Service charge, ground rent, management, maintenance, voids and insurance are unknown, so net yield cannot be established.

Flip Analysis

At the base GDV, the guide-price purchase plus the known buyer premium totals £68,120, giving a £49,880 gross spread before selling costs, finance, tax and any additional auction or legal charges. No supported selling-cost allowance is available, so a net flip surplus cannot be quantified.

Maximum Bid Indicator

This is an HB screening estimate based on the supplied evidence and HB assumptions. It is not a formal valuation or instruction to bid.

Investor Risks & Due Diligence

• The lease commenced on 15 September 1982 for 125 years, leaving approximately 81 years at the current date; lease extension implications should be assessed.

• Ground rent and service-charge amounts and review periods are not supplied and must be confirmed from the lease and legal pack.

• The £800 pcm rent is an auctioneer estimate rather than achieved rent; the garage's circa £100 pcm income is conditional and not guaranteed.

• The 4.8% buyer premium is known, but admin charges and additional Special Conditions fees are not supplied.

• Electric heating and the property's EPC are not evidenced, so running-cost and letting-market impacts are unknown.

• The sold comparables are at the same building but do not identify the individual flats, their condition or lease terms.

Recommendation

BTL at or near the guide, subject to satisfactory lease, service-charge, ground-rent and legal-pack checks. The rent estimate supports an attractive gross yield; the garage should be treated as optional upside only.

Strategy Rating

Analysis Confidence

The evidence includes multiple completed sales at the same building, a stated auctioneer rent estimate, known buyer premium and a detailed description. Confidence is reduced by uncertainty over the comparable flats, lease charges, lease review provisions, additional fees, EPC, condition verification and achievable rent.