Flat 11, The Old Courthouse, 3 Priory Street, Dudley, West Midlands DY1 1EP

Description

Auction House Birmingham is delighted to offer Flat 11, The Courthouse, Dudley, an apartment set within one of Dudley’s most characterful historic buildings. The Courthouse is a distinctive local landmark, with a sense of history and presence that helps set it apart from standard apartment blocks. For buyers looking for something with more personality than a typical modern flat, this is an appealing opportunity in an established Dudley location. The property offers the chance to acquire a residential apartment within a building full of period character, close to the amenities, shops, transport links, and wider regeneration activity associated with Dudley town centre. The property may suit investors, residential buyers, or those looking for a residential asset with a strong sense of setting. Offered by auction, this is an opportunity to purchase in a building with genuine local interest and architectural appeal.

Accommodation

Kitchen/Diner: 5.79m x 3.39m; Downstairs WC: 1.32m x 0.89m; Bedroom 1: 4.34m x 3.29m; Shower Room: 2.26m x 1.08m; Bedroom 2: 3.15m x 3.51m

Location

Established Dudley location, close to amenities, shops, transport links, and wider regeneration activity associated with Dudley town centre.

Tenure / Property Information

• Tenure: Leasehold
• Lease: 125 Years from 1 January 2005
• EPC: Current Rating E
• Services: Interested parties are requested to make their own enquiries to the relevant authorities as to the availability of services.

Investment Analysis

Same-building Land Registry comparables range from £60,000 to £127,000, with a £90,000 sale in 2023. The wide spread and absence of flat-specific identifiers make valuation uncertain. A supported HB scenario range is £60,000–£122,500, with £90,000 used as the base GDV. The guide is £50,000, plus £3,300 of stated buyer and admin charges, before legal disbursements, tax, finance, leasehold costs and any works.

Investment Snapshot

Guide / Starting Bid: £50,000 (plus fees)

HB Base GDV: £90,000

Monthly Rent: £450 – £1,000 pcm

75% Refinance on Base GDV: £67,500

Market Comparables

Recent HM Land Registry sold evidence

• 1. THE OLD COURTHOUSE, 3, PRIORY STREET, DUDLEY, DUDLEY, DY1 1EP — £60,000 — 2023-08-21 — Flat/Maisonette — Leasehold
• 2. THE OLD COURTHOUSE, 3, PRIORY STREET, DUDLEY, DUDLEY, DY1 1EP — £90,000 — 2023-04-20 — Flat/Maisonette — Leasehold
• 3. THE OLD COURTHOUSE, 3, PRIORY STREET, DUDLEY, DUDLEY, DY1 1EP — £122,500 — 2023-03-06 — Flat/Maisonette — Leasehold
• 4. THE OLD COURTHOUSE, 3, PRIORY STREET, DUDLEY, DUDLEY, DY1 1EP — £65,000 — 2022-09-29 — Flat/Maisonette — Leasehold
• 5. THE OLD COURTHOUSE, 3, PRIORY STREET, DUDLEY, DUDLEY, DY1 1EP — £127,000 — 2022-08-22 — Flat/Maisonette — Leasehold

Proposed Works

No specific defects or refurbishment requirements are evidenced. The property should be inspected and the legal pack reviewed, including the EPC rated E. No works allowance is included because condition evidence is insufficient.

Rental Value

• 1. auction catalogue - Birmingham — 2 bed — £1,000 pcm — Advertised asking rent
• 2. AUCTION CATALOGUE — £450 pcm — Advertised asking rent

HB Estimated Rent: £450 – £1,000 pcm

Low / Base / High Investment Scenario

LOW SCENARIO
HB GDV: £60,000

BASE SCENARIO
HB GDV: £90,000

HIGH SCENARIO
HB GDV: £122,500

BTL Analysis

Monthly / Annual Rent: £450 – £1,000 pcm

The two advertised rents are materially inconsistent at £450 pcm and £1,000 pcm, so a single rent and reliable yield cannot be established. On the £50,000 guide, the implied gross yield range is approximately 10.8%–24.0%, before service charges, insurance, management, maintenance, voids, finance and other costs. Rent must be independently validated.

BRRR Analysis

Guide Price: £50,000 (plus fees)

Base GDV: £90,000

75% Refinance: £67,500

Using the £90,000 base GDV, 75% refinance is estimated at £67,500. This exceeds the £53,300 guide-plus-stated-fees subtotal by £14,200, but actual cash left cannot be established because refurbishment, legal disbursements, tax, finance and leasehold costs are unknown. The approximately 103-year lease term remaining is not apparently short, but lease terms and charges require legal review.

Flip Analysis

Guide Price: £50,000 (plus fees)

Base GDV: £90,000

The base GDV of £90,000 is £40,000 above the £50,000 guide. After the stated £3,300 buyer and admin charges, £36,700 remains before works, selling costs, legal costs, tax, finance and other unknown expenses. A formal flip surplus cannot be calculated because works and selling allowances are unsupported.

Strategy Recommendation

Conditional BTL or value purchase only if the £1,000 pcm asking-rent evidence is verified and the legal pack confirms acceptable leasehold obligations. Do not bid on the apparent spread alone; obtain a condition assessment and full cost schedule first.

Strategy Rating

★★★☆☆

Key Risks

• Wide range of same-building completed sale prices from £60,000 to £127,000.
• Rental evidence conflicts materially between £450 pcm and £1,000 pcm, and both are advertised asking rents rather than achieved rents.
• EPC rating E may restrict appeal or require future improvement, but the required works are not evidenced.
• Leasehold service charges, ground rent, restrictions and other obligations are not supplied.
• Legal-pack disbursements may become payable and are currently unknown.
• Condition, occupancy status, parking, heating and council tax information are not supplied.
• Guide-plus-fees calculations exclude legal costs, tax, finance, leasehold costs, works and selling costs.

Analysis Confidence

Medium

There are several same-building completed sales and two rental listings, but the sales range is wide, the rental evidence conflicts, flat-specific matching is unavailable, and condition, leasehold charges, legal disbursements and project costs are not supplied.