Flat 9 Lilac Lodge, Larch Road, Selby, North Yorkshire, YO8 8RJ

Description

This one-bedroom, second-floor apartment is within a purpose-built development. The apartment is in average condition and could benefit from cosmetic improvement. It is being sold with a long-standing tenant in situ and is generating £600pcm.

Accommodation

Second Floor: Living room/kitchen, bedroom and bathroom.

Location

Located within Selby, a historic market town to the south of York. Selby has shops, supermarkets, a train station and schools.

Tenure / Property Information

Investment Analysis

The supplied completed sales provide an indicative value range of £85,000–£102,000, including a £85,000 Lilac Lodge sale and £94,000 and £102,000 leasehold sales at Honeysuckle House on Larch Road. These are not confirmed identical one-bedroom comparables, so a base GDV of £94,000 is used with medium confidence.

Investment Snapshot

Strategy Recommendation

Potential BTL hold, subject to verifying the tenancy, rent payment history, lease length, service charge, ground rent and all auction-related costs. Do not set a maximum bid without those details and a refurbishment inspection.

Works Required

Cosmetic improvement only, as described by the auction particulars. The scope and cost are not specified, so no refurbishment allowance has been assumed.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

At the £65,000 guide, the stated buyer premium and minimum admin charge add £3,300 before any refurbishment, legal, search, transfer or other charges. A 75% refinance against the £94,000 base GDV would be approximately £70,500, but total project cost and cash left in cannot be calculated because works and several costs are unspecified.

Buy-to-Let Analysis

The reported rent is £600 pcm, equivalent to £7,200 annually, producing an 11.08% gross yield against the £65,000 guide. This is a reported existing rent rather than external rental evidence. Net yield cannot be assessed because service charge, ground rent, lease length, management costs and other charges are unknown.

Flip Analysis

The evidence indicates a base GDV of £94,000, but a flip surplus cannot be calculated reliably because refurbishment costs, selling costs and other acquisition charges are incomplete. The property is tenanted, which may also affect vacant-possession resale options.

Investor Risks & Due Diligence

• Lease length, service charge and ground rent are undisclosed.

• The reported £600 pcm rent is not supported by external rental comparables or tenancy documentation in the evidence.

• Refurbishment scope and cost are unspecified.

• Additional search, seller, legal and transfer charges may apply.

• The property is sold with a long-standing tenant in situ, so tenancy terms and possession position require legal verification.

• The market value comparables are nearby leasehold sales but are not confirmed identical one-bedroom apartments.

Recommendation

Potential BTL hold, subject to verifying the tenancy, rent payment history, lease length, service charge, ground rent and all auction-related costs. Do not set a maximum bid without those details and a refurbishment inspection.

Strategy Rating

Analysis Confidence

There is reported rental income, a guide price, known buyer charges and several nearby completed sales, but the comparables are not confirmed identical, while lease terms, service charges, ground rent, refurbishment cost and additional fees are missing.