No. 167 City Point, Salford, Lancashire, M3 6EU

Description

A well presented two bedroom apartment situated within the popular City Point development. Currently vacant, the property has the potential to achieve a rental income in the region of £975–£1,000 PCM. The apartment benefits from secure communal access and lift facilities.

Accommodation

Entrance hallway, open plan living and kitchen area, two well proportioned bedrooms and a modern bathroom.

Location

City Point occupies a prime position on Chapel Street, just moments from Manchester city centre and the vibrant Spinningfields business district. Manchester Arndale, Deansgate and the AO Arena are within easy reach. Salford Central and Manchester Victoria railway stations are within walking distance, with nearby Metrolink services and convenient access to the M602 and wider motorway network.

Tenure / Property Information

Investment Analysis

The supplied completed sales are all for City Point flat 156 rather than flat 167 and range widely from £120,000 to £236,000. Using the most recent £200,000 sale as the base indication, with the supplied comparable range as low and high scenarios, gives a broad and low-confidence GDV range of £120,000–£236,000. Flat-specific comparability, lease length, service charge and ground rent have not been provided.

Investment Snapshot

Strategy Recommendation

Potentially attractive as a buy-to-let or BRRR purchase at around the guide, subject to verifying lease length, service charge, ground rent, block accounts and all special-condition costs. Do not rely on the headline GDV or higher advertised rents without further due diligence.

Works Required

No refurbishment works are identified in the evidence; the apartment is described as well presented with a modern bathroom and is vacant. Allow for inspection, cleaning and any minor preparation only, subject to survey.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

Using the £200,000 base GDV, 75% refinancing equates to £150,000. Against the guide price, £3,600 known admin charge and no identified refurbishment allowance, the indicative total cost is £116,600, implying approximately £33,400 cash released before finance, tax and any additional auction or property costs. This is highly dependent on the comparable sales being representative and on acceptable lease and block-cost terms.

Buy-to-Let Analysis

At the £113,000 guide, the auctioneer rent estimate of £975–£1,000 PCM implies approximately 10.35%–10.62% gross yield before finance, service charge, management, maintenance, voids, insurance and tax. The rental listings are higher but are advertised asking rents rather than achieved rents, so the auctioneer estimate is the more conservative basis. Service charge, ground rent and lease length are unknown and could materially affect net returns.

Flip Analysis

The base GDV indication is £200,000 against an indicative guide-price project cost of £116,600 including the known admin charge and no identified works. However, no selling costs, finance costs, lease information or flat-specific comparable evidence are available, so a reliable flip surplus cannot be calculated. The wide £120,000–£236,000 comparable range creates substantial valuation risk.

Investor Risks & Due Diligence

• Completed comparables supplied are for flat 156 rather than flat 167 and range from £120,000 to £236,000.

• Lease length is not provided.

• Service charge and ground rent are not provided.

• Special Conditions of Sale may include additional search, legal, transfer and seller-cost charges.

• The £975–£1,000 PCM figure is an auctioneer estimate rather than passing rent.

• Rental listings are advertised asking rents and may not be achieved.

• No selling, finance, tax or ongoing ownership costs are supplied.

• No parking, council-tax or heating information is provided.

Recommendation

Potentially attractive as a buy-to-let or BRRR purchase at around the guide, subject to verifying lease length, service charge, ground rent, block accounts and all special-condition costs. Do not rely on the headline GDV or higher advertised rents without further due diligence.

Strategy Rating

Analysis Confidence

The guide, known admin charge, auctioneer rent estimate, advertised rents and completed City Point sales are available, but the comparables are for a different flat, values vary substantially, and lease, service-charge, ground-rent and additional-cost information is missing.