Flat 6 Amber Terrace, Lea Street, Kidderminster, Worcestershire, DY10 1SW

Description

Bright, light and airy ground floor apartment set back from the road in a private courtyard with secure entrance. This well-presented two-bedroom apartment with parking space offers an appealing opportunity for first-time buyers or investors with good rental history. The accommodation includes an open-plan kitchen and living area, a main bedroom, second bedroom and bathroom with a full suite and shower over the bath. There is a shared gravelled area at the back. It is one of only 4 secluded apartments in this block. Neutrally decorated throughout, the apartment is clean, tidy and ready for its new owners to move into and make their own.

Accommodation

Kitchen/Living area: 14'6" x 11'6"; Bedroom 1: 13'1" x 9'11"; Bedroom 2: 7'0" x 8'7"; Bathroom: 6'11" x 5'7"

Location

Situated at Amber Terrace on Lea Street, conveniently placed for Kidderminster’s shops, dining options and local amenities. Kidderminster railway station is nearby, offering connections to Birmingham and Worcester. There are local amenities and transport links within easy reach.

Tenure / Property Information

Investment Analysis

Recent completed sales at the same Amber Terrace address were £88,000 in June 2022 and £90,500 in October 2023. Using these as the primary evidence, a base GDV of £89,250 is estimated, with a low scenario of £88,000 and high scenario of £90,500. The 60 years unexpired lease introduces valuation, mortgageability and resale uncertainty, and the comparables' lease terms are not supplied.

Investment Snapshot

Strategy Recommendation

Potential buy-to-let at or near the guide, subject to legal-pack review, confirmation of mortgageability with 60 years unexpired, and validation of achievable rent. Avoid assuming a BRRR or flip exit until lease-term and lender issues are resolved.

Works Required

No specific refurbishment works are evidenced. The apartment is described as clean, tidy, neutrally decorated and ready for occupation. Allowance is therefore £0 for evidenced works only; inspection, conveyancing and legal-pack review remain necessary.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

Using the base GDV of £89,250, a theoretical 75% refinance is £66,937.50. Against the guide, buyer premium, admin charge and £0 evidenced works, the known-cost basis is £72,840, leaving an indicative £5,902.50 unrecovered before finance, tax, legal costs, disbursements and any lease-extension cost. The 60-year lease is a significant refinance risk, so lender and lease-extension feasibility should be confirmed before purchase.

Buy-to-Let Analysis

At the £69,000 guide, the sole supplied rental evidence is an advertised £800 pcm asking rent, equivalent to £9,600 annually. This produces an estimated gross yield of 13.91% on the guide and 13.18% on the guide plus the £1,800 buyer premium and £2,040 admin charge. These figures exclude finance, tax, voids, management, maintenance, service charge (£900 annually), ground rent (£75 annually) and any disbursements. The rent is not an achieved passing rent, and the 60-year lease may restrict mortgage and resale options.

Flip Analysis

The base GDV of £89,250 exceeds the known acquisition-cost basis of £72,840 by £16,410 before selling costs, finance, tax, legal costs, disbursements and works. No supported selling-cost allowance is supplied, so a formal estimated flip surplus is not stated. The limited lease term may also reduce the achievable resale price and buyer pool.

Investor Risks & Due Diligence

• Only 60 years remain on the lease, creating potential mortgageability, resale and lease-extension risk.

• The £800 pcm figure is an advertised asking rent rather than an achieved or passing rent.

• Annual service charge of £900 and ground rent of £75 reduce net investment returns.

• Auction disbursements and other legal, search, seller-cost and transfer charges are unknown.

• No formal survey or detailed condition evidence is supplied, so the £0 works allowance is not a guarantee of no expenditure.

Recommendation

Potential buy-to-let at or near the guide, subject to legal-pack review, confirmation of mortgageability with 60 years unexpired, and validation of achievable rent. Avoid assuming a BRRR or flip exit until lease-term and lender issues are resolved.

Strategy Rating

Analysis Confidence

The analysis has two recent same-block completed sales and one advertised rental listing, but no formal valuation, survey, council-tax figure, lease-comparability detail, achieved rent, selling costs or complete disbursement schedule is supplied.