Flat 4 The Pack Horse, Bolton, Lancashire

Description

Auction House presents this apartment located in Bolton and offered via online auction. The Pack Horse is a student property development with communal facilities including an entrance hall with security intercom access, residents gym, equipped games room, lounge and outdoor patio area. Auction House have not inspected the apartment.

Accommodation

Each flat comprises a private entrance, lounge with double bed, study desk with chair, uPVC double glazed window, electric heater, wall mounted TV and access to its own ensuite shower room/WC.

Location

The Pack Horse is situated in the heart of Bolton town centre on Nelson Square, close to Bolton University, shops, bars, restaurants and cafes. The development is convenient for public transport, including regular bus and train services.

Tenure / Property Information

Investment Analysis

Five completed Land Registry sales within The Pack Horse range from £42,500 to £53,500, all dated 2020–2021. A midpoint/base GDV of £45,590 is used, with £42,500 as the low scenario and £53,500 as the high scenario. Comparability is good by development and tenure, but the sales are historic and the specific apartment, lease terms, service charges and condition are unverified.

Investment Snapshot

Strategy Recommendation

Do not bid solely on the low guide. Consider only a tightly priced purchase after reviewing the legal pack, confirming lease and service-charge obligations, inspecting the apartment and validating achievable rent. Until then, treat BTL or BRRR as conditional rather than investable.

Works Required

No specific refurbishment works are evidenced. The auctioneer has not inspected the apartment, so condition, contents, fixtures and any remedial requirements should be verified before bidding. Confirm the lease, service charges, communal-facility arrangements and any compliance requirements.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

At the base GDV, 75% refinance is estimated at £34,192.50. However, refurbishment costs, service charges, lease details, finance costs and other acquisition costs are unknown, so cash left in and equity cannot be calculated reliably. The apparent discount to historic comparable sales requires legal and physical due diligence.

Buy-to-Let Analysis

The only rental evidence is a £600 pcm advertised asking rent, equivalent to £7,200 annually; it is not an achieved or guaranteed rent. Using the upper £15,000 guide gives a headline gross yield of 48.0%, before the £3,600 admin charge, service charges, other auction costs, utilities, voids, management, finance and tax. A reliable net yield cannot be established because these costs and the lease terms are unavailable.

Flip Analysis

The historic comparable evidence indicates a £42,500–£53,500 value range, with a £45,590 base. A flip surplus cannot be calculated because refurbishment requirements, full acquisition costs, selling costs and the current market position are unsupported. The £3,600 admin charge alone is payable on exchange, with further possible fees stated by the auctioneer.

Investor Risks & Due Diligence

• The auctioneer has not inspected the apartment, so condition and completeness are unverified.

• Lease length, ground rent, service charges and restrictions are not supplied.

• The £600 pcm figure is an advertised asking rent rather than achieved or guaranteed rent.

• A £3,600 including VAT admin charge is payable on exchange, with additional possible fees also stated.

• The property has an EPC rating of D and electric heating, with running costs and any compliance issues unverified.

• Comparable sales are from 2020–2021 and may not represent current market value.

Recommendation

Do not bid solely on the low guide. Consider only a tightly priced purchase after reviewing the legal pack, confirming lease and service-charge obligations, inspecting the apartment and validating achievable rent. Until then, treat BTL or BRRR as conditional rather than investable.

Strategy Rating

Analysis Confidence

There is useful same-development completed-sale evidence and one rental asking figure, but the sales are historic and key inputs are missing, including inspection, lease details, service charges, occupancy, refurbishment costs and full auction fees.