Flat 17 Equity Chambers, 40 Piccadilly, Bradford, West Yorkshire, BD1 3NN

Description

This two bedroom, third floor apartment is offered for sale via traditional auction. The property requires refurbishment and is described as potentially suitable for a rental portfolio when brought up to standard.

Accommodation

Living/kitchen, two bedrooms and bathroom to the third floor.

Location

Located directly in the city centre, close to shops and transport links via train and bus.

Tenure / Property Information

Investment Analysis

Sold evidence within Equity Chambers ranges from £39,999 to £65,000, with the two most recent identified sales at £55,000 and £65,000. A conservative base GDV of £55,000 is used. The £95,000 and £107,000 sales relate to 40A and are not relied upon as direct comparables. The property requires refurbishment, but no quantified scope or cost is supplied.

Investment Snapshot

Strategy Recommendation

Proceed only subject to confirming the lease charges, legal position, refurbishment scope and total costs. The property appears potentially suitable for a rental strategy at the guide, but the unknown refurbishment and leasehold costs prevent a firm bid or BRRR assessment.

Works Required

Refurbish the vacant two-bedroom apartment to a lettable standard. The evidence does not specify the required works, condition items or a reliable refurbishment budget, so no detailed scope is assumed.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

At the £28,000 guide, the known buyer premium and minimum administration charge bring acquisition cost to £31,600 before refurbishment and other possible charges. A 75% refinance against the £55,000 base GDV would be approximately £41,250. The apparent equity headroom is not reliable until refurbishment, service charge, ground rent, legal costs and finance costs are known.

Buy-to-Let Analysis

Rent evidence ranges from £595 pcm advertised asking rent to the auctioneer's £725 pcm estimate. This indicates gross rent of approximately £7,140–£8,700 per year and a gross yield on the £28,000 guide of approximately 25.5%–31.1%. Net yield cannot be established because service charge, ground rent, EPC, refurbishment cost and other property costs are unknown.

Flip Analysis

The base GDV is estimated at £55,000 against a £28,000 guide. However, refurbishment cost, additional auction charges and selling costs are unsupported, so a reliable resale surplus and maximum bid cannot be calculated.

Investor Risks & Due Diligence

• Refurbishment is required but no scope or cost allowance is provided.

• Ground rent and service charge are unknown and could materially affect net yield.

• The £725 pcm figure is an auctioneer estimate and the £595 pcm figure is an advertised asking rent, not achieved rent.

• Additional search, seller reimbursement, legal and transfer fees may apply.

• The comparable sales may not reflect the exact flat, floor, condition or lease terms.

• Leasehold legal and management information has not been supplied.

Recommendation

Proceed only subject to confirming the lease charges, legal position, refurbishment scope and total costs. The property appears potentially suitable for a rental strategy at the guide, but the unknown refurbishment and leasehold costs prevent a firm bid or BRRR assessment.

Strategy Rating

Analysis Confidence

There is useful same-building sold evidence and rent guidance, but the specific flat's condition, leasehold charges, EPC, refurbishment budget, legal costs and other auction charges are unavailable.