Flat 6, Swallow Hill Works, 353 Tong Road, Leeds, West Yorkshire LS12 4QG

Description

Residential investment comprising a flat sold subject to an AST detailing a rent of £600pcm (£7,600pa). The tenant is currently holding over after an initial 12 month term from May 2024.

Accommodation

Well-presented studio apartment; generous living space; separate and modern kitchen space; shower room

Location

The property is in a mixed-use area of Leeds, approximately 2 miles west of the city centre. Tong Road joins the A6110, which itself joins the M621, providing transport links along with local bus routes and Bramley and Leeds train station. Nearby amenities include supermarkets, green space, medical and community facilities, eateries, and schools.

Tenure / Property Information

Investment Analysis

Same-building sold evidence ranges from £35,000 in 2022 to £72,000 in 2025. The comparables are not identified as Flat 6, so a precise unit valuation is unavailable. A cautious evidence-based GDV range is £35,000–£72,000, with £60,000 used as a provisional base case rather than a formal valuation.

Investment Snapshot

Strategy Recommendation

Consider as an income-led BTL only if the AST, rent discrepancy, title/lease information, service-charge position and lender acceptability are verified. Do not rely on the apparent GDV spread for a flip or BRRR decision without unit-specific valuation evidence.

Works Required

No refurbishment works are evidenced: the studio is described as well-presented with a modern kitchen and shower room. Inspection and confirmation of condition would be required before budgeting works.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

A provisional £60,000 GDV implies 75% refinance proceeds of £45,000. However, refurbishment costs, total acquisition costs beyond the stated buyer premium, lease terms, lending assumptions and refinance valuation are not sufficiently evidenced, so cash extraction and project returns cannot be reliably calculated.

Buy-to-Let Analysis

At the £15,000 guide, the stated £600 pcm rent equates to £7,200 annually under the required monthly calculation, producing a 48% gross yield before buyer premium, other costs, finance, tax and maintenance. The evidence also states £7,600 pa, which conflicts with £600 pcm. The tenant is holding over after the initial term, so current tenancy documentation and rent payment status require verification.

Flip Analysis

The property is described as well-presented and the evidence provides same-building sales, but the comparables are not confirmed as Flat 6. A flip surplus cannot be calculated because refurbishment costs, full purchase costs and a supported selling-cost allowance are unavailable.

Investor Risks & Due Diligence

• The stated £600 pcm rent calculates to £7,200 pa, not the separately stated £7,600 pa.

• The tenant is holding over after the initial 12-month term, requiring verification of the current AST position and rent payments.

• The sold comparables are for the same development but are not confirmed as Flat 6 and span £35,000 to £72,000.

• Tenure, lease length, service charges and other title information are not supplied.

• EPC, council tax and heating information are not supplied.

• Buyer premium has a £2,400 minimum and additional special-condition fees may apply.

• Refurbishment costs and a full project-cost allowance cannot be established from the evidence.

Recommendation

Consider as an income-led BTL only if the AST, rent discrepancy, title/lease information, service-charge position and lender acceptability are verified. Do not rely on the apparent GDV spread for a flip or BRRR decision without unit-specific valuation evidence.

Strategy Rating

Analysis Confidence

There is useful same-building sales evidence and a stated tenant rent, but the comparables are not unit-specific, annual rent conflicts with monthly rent, and tenure, lease, condition costs, service charges and other acquisition costs are missing.