Flat 60, The River Buildings, 28 Western Road, Leicester LE3 0GR

Description

Situated close to the city centre this purpose built upper floor apartment is in need of complete improvement and modernisation and offers an ideal investment opportunity. The property is conveniently located for all amenities with regular public transport services.

Accommodation

Entrance Hall, Open Plan Lounge/Kitchen 5.4m 3.3m with Juliette balcony, Bedroom 3.2m x 3.1m, Bathroom.

Location

Situated close to the city centre. The property is conveniently located for all amenities with regular public transport services.

Tenure / Property Information

• Tenure: Leasehold

• Lease: 125 Years from 1 January 2003

• EPC: Current Rating C

• Services: Interested parties are requested to make their own enquiries to the relevant authorities as to the availability of services.

Investment Analysis

Recent completed sales in the same building range from £90,000 to £125,000, including £112,000 at 28 Western Road in June 2026. Given the subject flat requires complete improvement and modernisation, £112,000 is adopted as the base GDV, with £91,000 low and £125,000 high scenarios based on the supplied evidence. No refurbishment cost evidence is provided, so total project economics cannot be reliably calculated.

Investment Snapshot

Guide / Starting Bid: £30,000 - £40,000 (plus fees)

HB Base GDV: £112,000

Monthly Rent: £715 pcm

Annual Income: £8,580

Gross Yield on Guide: 24.5%

75% Refinance on Base GDV: £84,000

Market Comparables

Recent HM Land Registry sold evidence

• 1. THE RIVER BUILDINGS, 28, WESTERN ROAD, LEICESTER, LEICESTER, LE3 0GR — £112,000 — 2026-06-15 — Flat/Maisonette — Leasehold

• 2. THE RIVER BUILDINGS, 24, WESTERN ROAD, LEICESTER, LEICESTER, LE3 0GR — £125,000 — 2026-05-15 — Flat/Maisonette — Leasehold

• 3. THE RIVER BUILDINGS, 28, WESTERN ROAD, LEICESTER, LEICESTER, LE3 0GR — £91,000 — 2025-10-30 — Flat/Maisonette — Leasehold

• 4. THE RIVER BUILDINGS, 24, WESTERN ROAD, LEICESTER, LEICESTER, LE3 0GR — £135,000 — 2024-09-06 — Flat/Maisonette — Leasehold

• 5. THE RIVER BUILDINGS, 26, WESTERN ROAD, LEICESTER, LEICESTER, LE3 0GR — £90,000 — 2023-10-18 — Flat/Maisonette — Leasehold

Proposed Works

Complete improvement and modernisation as described, including updating the open-plan kitchen/living area, bedroom, bathroom and general finishes. The evidence does not support specifying further defects or a works budget.

Rental Value

• 1. Sandhurst Road, Leicester LE3 1 bed flat - £715 pcm (£165 pw) — 1 bed — £715 pcm — Advertised asking rent

HB Estimated Rent: £715 pcm

Low / Base / High Investment Scenario

LOW SCENARIO
HB GDV: £91,000

BASE SCENARIO
HB GDV: £112,000

HIGH SCENARIO
HB GDV: £125,000

BTL Analysis

Monthly / Annual Rent: £715 pcm / £8,580 pa

Gross Yield on Guide: 24.5%

The supplied nearby one-bedroom asking rent is £715 pcm, equivalent to £8,580 annually. Against the £35,000 midpoint of the guide range this indicates a 24.51% gross yield before refurbishment, auction fees, finance, service charges, voids and operating costs. This is only an asking-rent indication and the required modernisation cost is unknown, so a reliable BTL return cannot be established.

BRRR Analysis

Guide Price: £30,000 - £40,000 (plus fees)

Base GDV: £112,000

75% Refinance: £84,000

At the adopted £112,000 base GDV, 75% refinancing equates to £84,000. The strategy may have potential because the guide is materially below the comparable sales, but refurbishment costs, leasehold costs and total acquisition costs are unavailable. Cash left in and equity cannot therefore be calculated reliably.

Flip Analysis

Guide Price: £30,000 - £40,000 (plus fees)

Base GDV: £112,000

The adopted base GDV is £112,000, supported by recent same-building sales. However, refurbishment costs, disbursements and selling costs are not supplied, so a reliable flip surplus or maximum bid cannot be calculated. The apparent gross margin over the guide should not be treated as profit.

Strategy Recommendation

Potential refurbishment-led BTL or BRRR purchase, subject to a full inspection, refurbishment quotation and legal-pack review. Do not bid to a fixed maximum without establishing works and leasehold costs.

Strategy Rating

★★★☆☆

Key Risks

• The property is described as requiring complete improvement and modernisation, but no works quotation or cost evidence is supplied.

• The rent evidence is an advertised asking rent, not an achieved or passing rent.

• Leasehold service charge, ground rent and other management costs are not supplied.

• Additional legal-pack disbursements may be payable on completion.

• Buyer premium and the £2,040 administration charge reduce returns and are excluded from any unsupported refurbishment budget.

• Actual resale value may differ from the supplied comparable sales depending on condition and flat-specific attributes.

Analysis Confidence

Medium

Recent completed same-building sales and one nearby asking rent are available, but refurbishment costs, service-charge and other leasehold costs, disbursements, and achieved rent evidence are absent.