Flat 101 Nebula Egerton House, Sheffield, South Yorkshire, S1 4JX

Description

A modern, fully furnished ground-floor studio apartment within Sheffield’s popular Nebula development, currently producing £7,200 per annum with access to an on-site gym and communal facilities.

Accommodation

Approximately 29–32 sq. metres comprising a sleeping area with a three-quarter bed, fitted wardrobes, a generous study station, a kitchenette with an individual fridge and a fully fitted en-suite wet room. The apartment is fully furnished.

Location

Located on Egerton Street in Sheffield’s popular Nebula development, conveniently located for Sheffield city centre, both universities, shops, amenities and transport connections.

Tenure / Property Information

Investment Analysis

The five supplied leasehold flat sales at Spectrum Apartments, 20 Egerton Street, range from £59,950 to £64,950, with three sales at £62,000. As these are not identified as Nebula development sales, they are indicative rather than directly equivalent. A base GDV of £62,000 is used, with a low scenario of £59,950 and high scenario of £64,950. The current stated rent of £7,200 per annum equates to £600 pcm and is supported by the property description, although no external rental comparables or auctioneer estimate are provided.

Investment Snapshot

Strategy Recommendation

Prioritise buy-to-let if the stated £7,200 annual income is verified and lease, service-charge and occupancy documents are satisfactory. The low guide relative to indicative local sales is attractive, but do not rely on the headline return until all auction and lease costs are confirmed.

Works Required

No refurbishment works are evidenced. Verify the condition of the furnished studio, kitchenette, wet room, furnishings and communal areas, together with lease terms and any service-charge or major-works exposure. No works allowance is included.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

Using the £20,000 upper guide and the £3,600 known admin charge, total analysed cost is £23,600 before any unknown special-condition charges or finance costs. A 75% refinance of the £62,000 base GDV would be £46,500, implying £22,900 of capital release before finance and tax. This is dependent on the lender accepting the valuation, lease and currently let studio, with no lease length, service-charge or lending information supplied.

Buy-to-Let Analysis

At the upper £20,000 guide, the stated £7,200 annual rent produces a headline gross yield of 36.0% before service charge, ground rent, management, voids, tax and finance costs. On the purchase price plus the known £3,600 admin charge, the headline yield is 30.51%. Actual net yield cannot be established because operating costs and lease charges are not supplied.

Flip Analysis

The supplied comparable sales support an indicative base GDV of £62,000. Against the £20,000 upper guide and £3,600 known admin charge, the pre-selling-cost surplus is £38,400 before any refurbishment, finance, tax, unknown auction charges and selling costs. A formal flip surplus is not calculated because no supported selling allowance or refurbishment budget is available.

Investor Risks & Due Diligence

• The sales evidence is for Spectrum Apartments and is not confirmed as the same development as Nebula.

• The lease length, ground rent, service charge and major-works liabilities are not supplied.

• Additional special-condition charges, legal costs, searches, transfer fees and seller-cost reimbursements are unspecified.

• The stated £7,200 annual income should be verified against the tenancy, payment history and occupancy documentation.

• Net yield cannot be established without management, maintenance, service-charge, ground-rent, void and finance costs.

• The 75% GDV refinance assumption may not be available for this leasehold studio or at the assumed valuation.

Recommendation

Prioritise buy-to-let if the stated £7,200 annual income is verified and lease, service-charge and occupancy documents are satisfactory. The low guide relative to indicative local sales is attractive, but do not rely on the headline return until all auction and lease costs are confirmed.

Strategy Rating

Analysis Confidence

The evidence includes five nearby completed sales, stated current annual rent, tenure and a known admin charge. Confidence is reduced because the comparables are identified as Spectrum Apartments rather than Nebula, no lease length or operating costs are supplied, and additional auction charges are unspecified.