Flat 7, 16 Grosvenor Street, Cheltenham

Description

A self-contained second floor flat requiring modernisation in a Grade II Listed Regency Building.

Accommodation

Entrance Hall; Living Room; Kitchen; Bedroom (One); Bedroom (Two); Bathroom/WC.

Location

Situated off High Street, close to the amenities available in Cheltenham City Centre and travelling facilities including Cheltenham Spa Train Station. Cheltenham Racecourse and Pitville Park are also nearby.

Tenure / Property Information

Investment Analysis

The supplied completed sales on Grosvenor Street range from £188,955 to £233,955. The evidence includes repeated entries for 58 Grosvenor Street and does not confirm size, condition, floor, specification or exact comparability with Flat 7. A cautious evidence-based scenario range is £188,955 to £233,955, with £199,950 used as the base GDV estimate. The £60,000 guide is substantially below these sales, but refurbishment, leasehold costs and special-condition charges are not quantified.

Investment Snapshot

Strategy Recommendation

Proceed only subject to confirming the leasehold charges, special conditions, survey findings, listed-building requirements and a firm refurbishment budget. The low guide creates apparent value, but the evidence is insufficient to set a safe maximum bid.

Works Required

The flat is described as requiring modernisation, but no specific defects or scope are supplied. Obtain a survey and confirm the cost of any internal modernisation, together with any listed-building consent requirements before bidding.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

At the base GDV estimate of £199,950, 75% refinance is approximately £149,962.50. However, total acquisition and refurbishment costs cannot be calculated because the works, service charge, ground rent, seller fees and any other completion costs are not supplied. Cash left in and refinance viability therefore remain unconfirmed.

Buy-to-Let Analysis

Indicative advertised asking rents in the supplied evidence are £1,100–£1,175 pcm, producing annual rent of approximately £13,200–£14,100; £13,650 is used as the midpoint estimate. Against the £60,000 guide, this equates to an indicative gross yield of approximately 22.0%–23.5%, or 22.75% at the midpoint. These are asking rents rather than achieved rents and do not allow for works, service charge, ground rent, management, voids, finance or other costs. The rental evidence is not a direct listing for this flat.

Flip Analysis

A potential value uplift is indicated by the supplied Grosvenor Street sales, but the comparables are different addresses and include repeated records. A flip surplus cannot be calculated because refurbishment costs, total acquisition costs and selling costs are unsupported. The Grade II Listed status may also affect the scope and timing of works.

Investor Risks & Due Diligence

• Unquantified modernisation costs.

• Grade II Listed building status may constrain or require consent for works.

• Leasehold service charge, ground rent and other lease terms are not supplied.

• The seller may charge additional completion fees under the special conditions.

• Rental evidence comprises advertised asking rents rather than achieved rents and is not a direct listing for this flat.

• The supplied sold comparables are different flats and include repeated entries, limiting comparability.

• EPC rating E may require consideration in the refurbishment and letting strategy.

• Parking and heating information is not supplied.

Recommendation

Proceed only subject to confirming the leasehold charges, special conditions, survey findings, listed-building requirements and a firm refurbishment budget. The low guide creates apparent value, but the evidence is insufficient to set a safe maximum bid.

Strategy Rating

Analysis Confidence

There are nearby completed sales and indicative local asking rents, but the comparables are not confirmed as directly equivalent, rental evidence is advertised only, and refurbishment, leasehold, selling and completion costs are largely missing.