Flat 17, Simpsons Fold West, 22 Dock Street, Leeds, West Yorkshire LS10 1JF

Description

This second floor apartment with allocated parking space is offered for sale via traditional auction. The property is in excellent internal condition, benefitting from a recently fitted kitchen, and is ready for a tenant to move into.

Accommodation

Second floor: lounge/kitchen area, bedroom and bathroom.

Location

Simpsons Fold is a small and characterful development located south of the River Aire, on Dock Street. This former warehouse has been carefully converted into 46 apartments, all with character, including open brickwork and original structural beams. Located within close proximity of all city centre amenities, including Briggate and the new retail developments of Trinity and Victoria Gate, as well as the main rail and bus stations.

Tenure / Property Information

Investment Analysis

The supplied sold comparables for the same development range from £165,000 to £600,000, with no size, floor or specification details to reconcile them. They are therefore insufficient for a reliable GDV estimate. The £90,000 guide appears materially below the available comparable evidence, but this cannot be treated as a valuation.

Investment Snapshot

Strategy Recommendation

Consider as a cash-flow-led BTL only if the advertised rent is achievable and the service charge, lease and legal pack are acceptable. Do not rely on a refinance or flip strategy without better valuation evidence.

Works Required

No refurbishment works are evidenced: the flat is described as being in excellent internal condition with a recently fitted kitchen and ready for occupation. Verify the condition, lease and legal pack before bidding.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

BRRR analysis cannot be reliably completed because the comparable evidence does not support a defensible GDV. A 75% refinance calculation and cash-left-in figure are therefore unavailable. The apparent discount to the guide may offer refinance potential, subject to lender valuation and lease/legal review.

Buy-to-Let Analysis

At the £90,000 guide, the advertised £995 pcm rent implies £11,940 annual gross rent and a 13.27% gross yield before service charge, ground rent, management, finance, tax and voids. Including the £2,100 minimum admin charge and £360 searches, the indicative yield is 12.91%. The rent is advertised evidence, not achieved rent, and the £2,784.76 annual service charge materially affects net returns.

Flip Analysis

A flip surplus cannot be calculated because the comparable sales are highly inconsistent and no supported GDV or selling-cost allowance is available. The property is described as already being in excellent condition, so no value-added refurbishment case is evidenced.

Investor Risks & Due Diligence

• Highly inconsistent sold-comparable prices prevent reliable GDV assessment.

• £2,784.76 annual service charge and £260.58 ground rent reduce net income.

• The £995 pcm figures are advertised asking rents rather than achieved rents.

• Buyer fees, legal fees, transfer fees and other disbursements may exceed the known £2,460 allowance.

• Lease term is approximately 95 years remaining from the stated 125-year term.

• Leasehold, lender and legal-pack restrictions may affect mortgageability and resale.

Recommendation

Consider as a cash-flow-led BTL only if the advertised rent is achievable and the service charge, lease and legal pack are acceptable. Do not rely on a refinance or flip strategy without better valuation evidence.

Strategy Rating

Analysis Confidence

Property, tenure, costs and advertised rent are supplied, but comparable prices are highly inconsistent, no auctioneer rent estimate is provided, and potential completion costs are incomplete.