Flat 73 The Blue Apartments, Broadway Plaza, 19 Francis Road, Birmingham, West Midlands

Description

By order of The LPA Receivers. Long leasehold self-contained fourth floor flat with full vacant possession.

Accommodation

Entrance hall, two bedrooms, reception room, kitchen, bathroom/WC, shower room/WC, balcony.

Location

Situated on Francis Road, well positioned for the amenities of Birmingham City Centre to the east, Birmingham Botanical Gardens, Summerfield Park and the City Heath Campus and University Hospital. Transport options include local bus routes, rail connections via Five Ways or New Street, and road links via the ring road, M5, M6, M42 and M40.

Tenure / Property Information

Investment Analysis

Same-development leasehold sales range from £85,100 in December 2024 to £115,000 in June 2023, with older 2020 sales at £146,000 and £205,000. The 2020 results are materially higher and less relevant. A base GDV of £107,000 is supported by the £107,000 December 2023 sale, with £85,100 to £115,000 as an evidence-based range. The guide is below the base GDV, but service charge, parking, heating and seller fees remain unconfirmed.

Investment Snapshot

Strategy Recommendation

Potentially suitable for cautious BTL consideration at or near guide price, subject to confirming service charge, lease terms, ground-rent reviews, parking, condition and achievable rent. Do not rely on a flip or BRRR outcome without further due diligence.

Works Required

No specific repair or refurbishment works are evidenced. Allowance is therefore excluded from the calculations, subject to inspection, leasehold enquiries and confirmation of the flat’s condition.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

At the guide plus the known £1,800 documentation fee, and with no works allowance included, the indicative total is £96,800. A 75% refinance against the £107,000 base GDV would produce £80,250, leaving approximately £16,550 before finance, tax and other completion costs. The result is highly dependent on achievable valuation, mortgageability and the currently unknown leasehold charges.

Buy-to-Let Analysis

Using the single nearby advertised asking rent of £1,425 pcm as a rental benchmark, gross rent is £17,100 per year and the gross yield is approximately 18.00% on the £95,000 guide, or 17.67% including the £1,800 documentation fee. This is not an achieved or direct comparable rent, and the unknown service charge, ground-rent review terms and other seller fees could materially reduce net returns.

Flip Analysis

The base GDV of £107,000 is only £10,200 above the guide plus the known documentation fee, before finance, selling costs, taxes, legal costs and any works. No supported selling allowance is provided, so a reliable flip surplus cannot be calculated. The wide same-development sales range also creates valuation risk.

Investor Risks & Due Diligence

• Annual service charge is not supplied.

• Ground-rent review period and increases are not supplied.

• Additional seller fees may be payable under the Special Conditions of Sale.

• The rental evidence is one nearby advertised asking rent, not an achieved or direct rent for this flat.

• Parking and heating details are unconfirmed.

• Same-development sale prices vary materially, creating valuation risk.

• Leasehold mortgageability and remaining lease terms should be checked despite the stated 102 years remaining.

Recommendation

Potentially suitable for cautious BTL consideration at or near guide price, subject to confirming service charge, lease terms, ground-rent reviews, parking, condition and achievable rent. Do not rely on a flip or BRRR outcome without further due diligence.

Strategy Rating

Analysis Confidence

The analysis has several same-development completed sales and one nearby advertised rental, but service charge, ground-rent review terms, seller fees, condition and direct rental evidence are incomplete.