Flat 5, Tooleys Mill (2/3FF & Parking Space), 1 Old Road, Leighton Buzzard, Bedfordshire

Description

Leasehold second floor split level flat with a parking space. The property comprises an open-plan reception room and kitchen, principal bedroom with en-suite, one further bedroom and bathroom/WC.

Accommodation

Second floor: Reception room open plan to kitchen. First floor: Principal bedroom with en-suite, one further bedroom, bathroom/WC.

Location

The property is located on Tooleys Mill, which lies off Old Road. Shopping amenities are available locally within Leighton Buzzard Town Centre. Public transport links can be found at Leighton Buzzard train station to the west, along with local bus services. Road links include the A4146 to the west. Recreational pursuits are available at Mentmore Road Park to the south.

Tenure / Property Information

Investment Analysis

The latest supplied Land Registry comparable within Tooleys Mill is £205,000 dated 7 March 2023, with an older comparable at £172,000 dated 27 October 2017. These sales are not confirmed as the same flat and no floor area, condition or lease terms are supplied. A cautious evidence-based base GDV is therefore £205,000, with £172,000 as a lower reference point. The £160,000 guide is £45,000 below the latest comparable, before the £1,800 buyer documentation fee and any other seller charges.

Investment Snapshot

Strategy Recommendation

Proceed only conditionally after reviewing the legal pack, confirming the lease and all charges, verifying the parking space and obtaining a condition assessment. Do not rely on the guide-to-comparable margin as a guaranteed profit.

Works Required

No specific defects or refurbishment requirements are evidenced. Obtain a survey and inspect the flat, communal areas and parking arrangements. Review the EPC rating of E and establish whether any improvement works are required. Confirm the lease, ground rent and service-charge position from the legal pack.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

At the £160,000 guide, the headline purchase price is below the latest supplied same-development comparable, but the 77-year lease, unknown ground rent, missing legal information, unknown condition and unavailable rent prevent a reliable BRRR assessment. A 75% refinance against the indicative £205,000 GDV would be £153,750, but total project cost and cash required cannot be calculated.

Buy-to-Let Analysis

BTL yield cannot be established because no sufficiently specific rental evidence or auctioneer rent estimate is supplied. The £1,800 documentation fee, possible seller fees, lease costs and any service charge are also not fully known.

Flip Analysis

A resale reference of £205,000 is supported by the latest supplied comparable in Tooleys Mill, but the comparable is not confirmed as the same flat and no refurbishment budget, selling allowance, finance cost or other completion costs are supplied. A reliable flip surplus and maximum bid cannot therefore be calculated.

Investor Risks & Due Diligence

• Only 77 years remain on the lease; extension terms and costs are unknown.

• Ground rent is stated as TBC and the wider lease information is awaited.

• No sufficiently specific rental evidence is available, so yield and rental coverage cannot be established.

• The EPC is rated E, but the required improvement scope and cost are unknown.

• Parking-space details require confirmation.

• The £1,800 buyer documentation fee is known, but additional seller charges may apply under the Special Conditions of Sale.

• The supplied comparable sales are within the same development but are not confirmed as the same flat or directly equivalent in size, condition or lease terms.

Recommendation

Proceed only conditionally after reviewing the legal pack, confirming the lease and all charges, verifying the parking space and obtaining a condition assessment. Do not rely on the guide-to-comparable margin as a guaranteed profit.

Strategy Rating

Analysis Confidence

There are two useful same-development completed-sale references, but the sold flats are not confirmed as this unit and key information on condition, floor area, lease terms, ground rent, service charge, rent and completion fees is missing.