Flat 22, Meridian House, 2 Artist Street, Leeds, West Yorkshire, LS12 2EW

Description

Offered for sale by auction is this two-bedroom second floor apartment, located in Armley, Leeds. The property comprises an Entrance Hall, an open-plan Kitchen-Living Room, two double Bedrooms, a Family Bathroom. Externally, there is one allocated parking space for the apartment. Situated in a well-established residential area, the property is conveniently placed for local amenities, transport links, Leeds city centre, university hub, and hospitals, making it an attractive prospect for both resale and rental markets.

Accommodation

Approx. 65 sq. meters of accommodation. Entrance Hall, open-plan Kitchen-Living Room, two double Bedrooms and Family Bathroom.

Location

Located in Armley, Leeds, in a well-established residential area conveniently placed for local amenities, transport links, Leeds city centre, university hub and hospitals.

Tenure / Property Information

Investment Analysis

Five sold comparables within Meridian House range from £42,000 to £63,000, with the evidence not confirming that any is the subject flat. A cautious base GDV of £47,500 is used, with low and high scenarios of £42,000 and £63,000. The wide range and missing lease, service-charge and condition information reduce valuation confidence.

Investment Snapshot

Strategy Recommendation

Proceed only as a conditional BTL/BRRR opportunity after reviewing the legal pack, lease, service charge, ground rent, special conditions and condition. Do not rely on the headline yield or bid aggressively until all missing costs and the subject flat's comparability are verified.

Works Required

No specific defects or refurbishment requirements are evidenced. Obtain a survey or inspection before bidding; any works allowance remains unquantified. Confirm the allocated parking space, common parts and apartment condition.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

Using the £47,500 base GDV, 75% refinance is approximately £35,625. Against the £18,600 guide plus known admin charge, this indicates theoretical surplus refinance proceeds of approximately £17,025 before finance, tax, valuation, legal, lender and refurbishment costs. The calculation is not reliable without the lease, charges, condition, lender valuation and full auction costs.

Buy-to-Let Analysis

At the auctioneer's approximate £900 pcm rent, annual rent is £10,800. This equates to 72.00% on the £15,000 guide and 58.06% against the £18,600 guide plus known £3,600 admin charge. These are headline gross figures only: service charge, ground rent, finance, management, maintenance, voids, tax and other auction charges are unknown. The rent estimate is not a passing rent, and the supplied rental listings are not sufficiently comparable to establish an independent market rent.

Flip Analysis

A guide-price purchase appears materially below the supplied same-building sales range, but no refurbishment cost, resale cost or supported selling allowance is available. The comparable range is wide and may reflect differences between apartments or condition. A reliable flip surplus and maximum bid cannot therefore be calculated.

Investor Risks & Due Diligence

• Lease length, ground rent and service-charge information are missing.

• Additional search, seller-cost, legal and transfer charges may apply under the special conditions.

• The £900 pcm figure is an auctioneer estimate rather than achieved or passing rent.

• The supplied sold comparables cover a wide £42,000 to £63,000 range and do not confirm the subject flat's condition or exact comparability.

• No condition evidence or refurbishment cost is supplied.

• The non-refundable £3,600 admin charge is payable on exchange and is included in the base known-cost calculation.

• Finance, tax, management, maintenance, void and resale costs are not supplied.

Recommendation

Proceed only as a conditional BTL/BRRR opportunity after reviewing the legal pack, lease, service charge, ground rent, special conditions and condition. Do not rely on the headline yield or bid aggressively until all missing costs and the subject flat's comparability are verified.

Strategy Rating

Analysis Confidence

There are five same-building sold comparables and an auctioneer rent estimate, but the exact comparable units, lease terms, ongoing charges, condition, EPC and full auction costs are unavailable.