The Pack Horse, Bolton, Lancashire, BL1 1AS

Description

The Pack Horse is situated in the heart of Bolton town centre on Nelson Square, within close proximity of Bolton University, shops, bars, restaurants and cafes. The development is also convenient for public transport including regular bus and train services. These student properties offer an ideal opportunity for buy-to-let investors looking for a fully managed hands-off investment at an attractive price and offering a lucrative yield. Auction House have not inspected the apartment.

Accommodation

Each flat comprises; private entrance, lounge with double bed, study desk with chair, uPVC double glazed window, electric heater, wall mounted TV and access to their own ensuite shower room/WC. Communal areas comprise an entrance hall with security intercom access, residents gym, equipped games room, lounge and outdoor patio area.

Location

The Pack Horse is situated in the heart of Bolton town centre on Nelson Square, within close proximity of Bolton University, shops, bars, restaurants and cafes. The development is also convenient for public transport including regular bus and train services.

Tenure / Property Information

Investment Analysis

The only completed-sale evidence is a £40,000 leasehold flat sale at The Pack Horse on 28 May 2020. This supports a provisional base GDV of £40,000, but it is dated and there is no current comparable evidence. The apartment has not been inspected, and lease terms, service-charge information and passing rent are not supplied. The £5,000–£10,000 guide is materially below the historic comparable, but the reason cannot be established from the evidence.

Investment Snapshot

Strategy Recommendation

Do not bid on yield assumptions alone. Proceed only after verifying the current tenancy and rent, lease length, service charges, management terms, condition and all auction costs; otherwise the investment case is too incomplete.

Works Required

No specific refurbishment works can be supported from the evidence because the auctioneer has not inspected the apartment. Obtain an inspection, confirm the condition of the flat and communal areas, and review the lease and management arrangements before bidding.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

Using the dated £40,000 completed sale as a provisional GDV, 75% refinance equates to £30,000. A meaningful BRRR calculation cannot be completed because purchase price, refurbishment cost, rent, lease terms and total acquisition costs are not sufficiently established. The historic valuation evidence may not represent current refinance value.

Buy-to-Let Analysis

The property is described as a fully managed student investment and is currently let, but no passing rent, rent estimate, tenancy terms, management deduction or leasehold costs are provided. Gross yield and cash flow therefore cannot be established. The £3,600 administration charge is payable on the fall of the gavel, with other possible charges also noted.

Flip Analysis

A provisional £40,000 GDV is supported only by one May 2020 sale at the same development. Flip surplus cannot be calculated because refurbishment costs, acquisition costs and supported selling costs are unavailable. The uninspected condition creates additional uncertainty.

Investor Risks & Due Diligence

• The apartment has not been inspected by the auctioneer.

• No passing rent or independent rental comparable is supplied, so yield cannot be verified.

• Lease details are blank, including information needed to assess remaining term and restrictions.

• Service-charge and management-cost information is not supplied.

• The £3,600 administration charge applies on the fall of the gavel, and further buyer, legal, search, transfer or seller-cost charges may apply.

• The £40,000 comparable completed in 2020 may not reflect current market value or refinance value.

Recommendation

Do not bid on yield assumptions alone. Proceed only after verifying the current tenancy and rent, lease length, service charges, management terms, condition and all auction costs; otherwise the investment case is too incomplete.

Strategy Rating

Analysis Confidence

The analysis relies on one dated comparable and lacks rent, lease, service-charge, condition, inspection and full cost information.