Ground Floor Garden Flat, 3 Alfred Street, Walcot, Bath BA1 2QU

Description

A leasehold flat occupying the ground floor of an imposing Grade II Listed terrace in central Bath, with a private walled rear garden. Sold with vacant possession. Previously let for £1,550 pcm (£18,600 pa).

Accommodation

Entrance hall, bathroom, double bedroom, open-plan living/kitchen space at the rear with direct access to the private walled rear garden.

Location

Alfred Street is situated in the very heart of Bath, with The Circus, Brock Street and The Royal Crescent nearby. Milsom Street and Bath city centre are within walking distance. Bath Spa train station provides access to London Paddington and the M4 Junction 18 is approximately 10 miles distant.

Tenure / Property Information

Investment Analysis

HM Land Registry evidence includes a same-address sale at £263,000 on 17 February 2026 and nearby Alfred Street sales at £260,000 and £230,000–£205,510. The comparables are not detailed enough to confirm identical size, condition, garden or lease terms, so £263,000 is used as the base GDV, with £230,000 as a conservative evidenced low scenario. The £220,000 guide leaves limited headroom before the £1,800 buyer premium, refurbishment and management fees.

Investment Snapshot

Strategy Recommendation

Proceed only after reviewing the legal pack, lease and management charges and obtaining a refurbishment budget. The property may suit a long-term BTL if the refurbishment is modest, but the guide offers limited protection for a flip or BRRR strategy.

Works Required

The auctioneer states that the rent is subject to refurbishment, but no defects, specification or contractor costs are supplied. A refurbishment assessment and budget are therefore required before bidding; specific works cannot be responsibly identified from the evidence.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

At the guide plus the known buyer premium, the indicative cost is £221,800 before refurbishment and management fees. A 75% refinance against the £263,000 base GDV would be £197,250, leaving approximately £24,550 unrecovered before refurbishment and other costs. The refinance case is therefore highly sensitive to the unquantified works budget, fees and achievable valuation.

Buy-to-Let Analysis

The auctioneer estimates £1,400–£1,500 pcm subject to refurbishment, equivalent to £16,800–£18,000 annually. This indicates 7.64%–8.18% gross yield on the £220,000 guide, or approximately 7.57%–8.12% including the known £1,800 buyer premium. These figures exclude refurbishment, management fees, finance, tax, maintenance and voids. The previous £1,550 pcm letting is historical evidence, not a guaranteed achievable rent.

Flip Analysis

Using the £263,000 base GDV and £221,800 guide-plus-known-premium cost gives £41,200 before refurbishment, selling costs, finance, tax and management fees. No supported selling-cost allowance or refurbishment budget is available, so a reliable flip surplus cannot be calculated. The conservative £230,000 GDV scenario would leave only £8,200 before those costs.

Investor Risks & Due Diligence

• Refurbishment is required or expected before achieving the quoted rent, but its scope and cost are unknown.

• Management fees are stated as to be confirmed.

• The sold comparables do not provide sufficient detail to confirm comparability of condition, size, garden or lease terms.

• The auctioneer rent figure is an estimate and the historic £1,550 pcm rent is not a guaranteed passing or achievable rent.

• The Grade II Listed setting may constrain alterations, although no specific restriction or required work is supplied.

• The 75% GDV refinance scenario leaves only an indicative £24,550 before unquantified refurbishment and other costs.

Recommendation

Proceed only after reviewing the legal pack, lease and management charges and obtaining a refurbishment budget. The property may suit a long-term BTL if the refurbishment is modest, but the guide offers limited protection for a flip or BRRR strategy.

Strategy Rating

Analysis Confidence

There is strong location-specific sold-price evidence and an auctioneer rent range, but no detailed comparable specifications, refurbishment scope, management fees, parking/heating information or sufficiently specific rental comparables.