Flat 65 The Pack Horse, Bolton, Lancashire, BL1 1AQ

Description

Auction House would like to present this flat located in Bolton and offered to the market via online auction. This property is let at £135 per week and is one of the bigger apartments in the building. These student properties offer an ideal opportunity for buy-to-let investors looking for a fully managed hands-off investment at an attractive price and offering a lucrative yield. As well as the various flats within The Pack Horse, the communal areas comprise an entrance hall with security intercom access, residents gym, equipped games room, lounge and outdoor patio area.

Accommodation

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

Location

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

Tenure / Property Information

Investment Analysis

Five supplied Land Registry comparables at The Pack Horse sold for £42,500–£53,500 between June 2020 and March 2021. Their simple average is £46,018, used as the base GDV. The evidence is property-specific but historic, with no more recent sales, lease length, service charge or tenancy documentation supplied. The £135 weekly rent equates to £7,020 per year or £585 pcm; this is described as the current rent but supporting tenancy terms are not provided. Calculations use the upper £10,000 guide and the stated £3,600 admin charge only; buyer premium and other possible fees are excluded because no amounts are supplied.

Investment Snapshot

Strategy Recommendation

Conditional hands-off BTL at or near the guide, subject to verifying the rent, tenancy, lease, management terms and all charges. Do not rely on the historic GDV or headline yield until the missing costs and documents are checked.

Works Required

No refurbishment works are evidenced in the supplied description. Operate subject to confirming the flat’s condition, tenancy, lease and management arrangements; no works allowance has been included.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

Using the base GDV of £46,018, a theoretical 75% refinance is £34,513.50. Against the £13,600 purchase-plus-known-cost figure, this indicates £20,913.50 cash released before finance, tax, valuation, lender criteria and any unprovided costs. Actual refinancing may be affected by the leasehold terms, student accommodation model, tenancy evidence and valuation date.

Buy-to-Let Analysis

At the £10,000 upper guide, the stated £135 weekly rent produces £7,020 annual rent and a 70.2% gross yield before fees, financing, tax, service charges and management deductions. Including the £3,600 admin charge, the gross yield is approximately 51.6%. The apparent yield is attractive but depends on the rent being current and sustainable; tenancy terms, service charges and other buyer costs are not supplied.

Flip Analysis

The historic Pack Horse sales support a broad £42,500–£53,500 range, with a £46,018 base. At the upper £10,000 guide plus the £3,600 admin charge, the gross difference to base GDV is £32,418 before selling costs, finance, tax and any buyer premium or other fees. No supported selling allowance is available, so a formal flip surplus is not calculated; the age of the comparables also reduces confidence.

Investor Risks & Due Diligence

• The buyer premium amount is unspecified and additional legal, search, transfer, seller-cost reimbursement and disbursement fees may apply.

• The comparable sales are historic, dated 2020–2021, so current market value is uncertain.

• The £135 weekly rent is stated by the auction description but tenancy terms, rent history and occupancy documentation are not supplied.

• Lease length, service charge, ground rent and management charges are not supplied and could materially reduce net returns.

• The property is leasehold and operated as a student-style managed flat, creating reliance on the lease, management arrangements and demand for this accommodation model.

• EPC rating is D and heating is by electric heater.

Recommendation

Conditional hands-off BTL at or near the guide, subject to verifying the rent, tenancy, lease, management terms and all charges. Do not rely on the historic GDV or headline yield until the missing costs and documents are checked.

Strategy Rating

Analysis Confidence

The evidence includes property-specific historic completed sales, a stated rent, guide and admin charge, but lacks current comparables, lease length, service charges, tenancy terms, buyer premium and other completion costs.