Halifax Flats 1-12 (excluding Flat 10), Arcade Royale Apartments, 28 Commercial Street, Halifax, West Yorkshire

Description

The property comprises the upper parts of a building providing a total of twelve flats. The lot comprises eleven leasehold self-contained one bedroom flats, excluding Flat 10: eight flats are subject to Assured Periodic Tenancies, one flat is subject to a Company Letting Agreement and two flats are vacant.

Accommodation

Eleven self-contained one bedroom flats: Flats 1-12 excluding Flat 10.

Location

Situated on the east side of Commercial Street, immediately north of its junction with Kind Edward Street, within Halifax town centre. Halifax rail station is approximately 0.3 miles to the east. The Piece Hall, shops and amenities are within walking distance. The A58 and A629 provide access to the M606 and M62 motorways. Shibden Country Park and Manor Heath Park are within easy reach.

Tenure / Property Information

Investment Analysis

The supplied Land Registry comparables are five historic sales within Arcade Royale Apartments dated September 2001, ranging from £41,650 to £44,900 per flat. They do not provide reliable evidence of current individual or portfolio values. The £300,000 guide equates to approximately £27,273 per flat before service charges, works and other costs, but no current valuation or sufficiently specific rental evidence is supplied. Current GDV cannot therefore be established reliably.

Investment Snapshot

Strategy Recommendation

Do not bid on the current evidence alone. Proceed only after verifying the tenancy/occupancy position, obtaining current individual-flat valuations and rents, inspecting condition and EPC requirements, and confirming all service-charge and seller fees.

Works Required

Obtain a full inspection of all eleven flats and review lease, service-charge and tenancy documentation. Assess EPC-related improvement requirements because ratings range from D to G, together with any statutory, safety or presentation works identified by survey. No specific defects or works costs are evidenced.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

A BRRR assessment cannot be completed reliably because current GDV, rent, refurbishment costs, finance costs and acquisition charges are unsupported. The approximately 100-year remaining leases and peppercorn ground rent are potentially helpful, but the leasehold service-charge liability and EPC range require detailed due diligence. Refinancing at 75% of GDV cannot be calculated without a supported GDV.

Buy-to-Let Analysis

A BTL yield cannot be established because no sufficiently specific rental evidence or auctioneer rent estimate is supplied. The stated service charge is understood to be £1,305 per flat, or approximately £14,355 annually across eleven flats, before any other costs, voids, management, maintenance, finance or tax. The description refers to eight Assured Periodic Tenancies, one Company Letting Agreement and two vacant flats, while the supplied occupancy is stated as vacant; this requires verification.

Flip Analysis

A flip appraisal cannot be supported from the evidence. The only comparable sales are from 2001 and there is no current GDV, refurbishment budget, selling-cost allowance or evidence of achievable resale prices. Any resale analysis would require current local comparables and individual-flat inspections.

Investor Risks & Due Diligence

• The supplied comparables are historic September 2001 sales and do not establish current market value.

• No sufficiently specific rental evidence or auctioneer rent estimate is supplied, so yield cannot be calculated.

• The occupancy field states vacant, while the description refers to eight Assured Periodic Tenancies and one Company Letting Agreement.

• EPC ratings range from D to G, but the required improvement works and costs are not provided.

• Each flat is understood to have a £1,305 service charge, with additional seller or third-party charges potentially payable.

• The acquisition is leasehold, so lease terms, management arrangements and service-charge liabilities require verification.

• No buyer premium, administration charge or other acquisition cost figures are supplied.

Recommendation

Do not bid on the current evidence alone. Proceed only after verifying the tenancy/occupancy position, obtaining current individual-flat valuations and rents, inspecting condition and EPC requirements, and confirming all service-charge and seller fees.

Strategy Rating

Analysis Confidence

The evidence confirms the unit count, lease structure, guide price and service-charge indication, but current comparable values, rents, condition costs, acquisition charges and a consistent occupancy schedule are unavailable or unclear.