3 Bed Flat, Cash/Bridging Only, Worcester, WR5 2DX, £125,000

Victoria Place, London Road, Worcester, WR5 2DX - 2 years ago

Leasehold

Cash

ROI: 2%

~67 m²

+5 photos

ValuationFair Value

Sold Prices	£89K - £289K
Sold Prices/m²	£1.9K/m² - £1.9K/m²

Square Metres	~67.40 m²
Price/m²	£1.9K/m²
Value Estimate	£127,125£127,125

End Value (After Refurb)	£159,777£159,777
Uplift in Value	+28%+28%

Investment Opportunity

Cash In
Purchase Finance	Bridging LoanBridging Loan
Deposit (25%)	£31,250£31,250
Stamp Duty & Legal Fees	£7,450£7,450
Refurb Costs	£26,643£26,643
Bridging Loan Interest	£3,281£3,281
Total Cash In	£70,374£70,374

Cash Out
Monetisation	FlipRefinance & RentRefinance & Rent
Revaluation	£159,777£159,777
Mortgage (After Refinance)	£119,833£119,833
Mortgage LTV	75%75%
Cash Released	£26,083£26,083
Cash Left In	£44,291£44,291
Equity	£39,944£39,944
Rent Range	£950 - £1,500£950 - £1,500
Rent Estimate	£800
Running Costs/mo	£679£679
Cashflow/mo	£121£121
Cashflow/yr	£1,448£1,448
ROI	2%2%
Gross Yield	8%8%

Local Sold Prices

5 sold prices from £89K to £289K, average is £163K.

Price	Date	Distance	Address	Price/m²	m²	Beds	Type
£163K	09/23	0.44 mi	29, Vesta Tilley Court, Worcester, Worcestershire WR1 2BL	£1,852	88	3	Flat
£218K	12/23	0.75 mi	67, Magdala Court, Worcester, Worcestershire WR1 3PB	£1,896	115	3	Flat
£89K	07/22	1.62 mi	32, Ullswater Close, Worcester, Worcestershire WR4 9HN	-	-	3	Flat
£150K	08/22	1.8 mi	54, Gresham Road, Worcester, Worcestershire WR2 5QR	-	-	3	Flat
£289K	11/20	1.95 mi	Flat 1, Chacewater House, Chacewater Avenue, Worcester, Worcestershire WR3 7AW	-	-	3	Flat

Local Rents

13 rents from £950/mo to £1.5K/mo, average is £1.3K/mo.

Rent	Date	Distance	Address	Beds	Type
£1,500	04/25	0.2 mi	-	3	Terraced House
£1,250	03/25	0.2 mi	-	3	Terraced House
£1,200	01/25	0.31 mi	-	3	Terraced House
£1,325	07/24	0.34 mi	-	3	Semi-Detached House
£1,400	03/25	0.4 mi	-	3	Semi-Detached House
£1,050	11/24	0.42 mi	Apartment 6, Autumn Terrace, Worcester	3	Flat
£1,450	12/24	0.42 mi	-	3	Detached House
£1,500	10/24	0.42 mi	-	3	Detached House
£1,300	11/24	0.46 mi	Crossley Road, Worcester	3	Flat
£1,200	03/25	0.48 mi	-	3	Semi-Detached House
£1,000	02/24	0.54 mi	-	3	Semi-Detached House
£950	11/24	0.61 mi	Orchard Street, WORCESTER	3	Flat
£1,350	02/25	0.61 mi	-	3	Semi-Detached House

Local Area Statistics

Population in WR5	30,93330,933
Population in Worcester	142,140142,140
Town centre distance	0.24 miles away0.24 miles away
Nearest school	0.20 miles away0.20 miles away
Nearest train station	0.62 miles away0.62 miles away

Rental demand	Landlord's marketLandlord's market
Rental growth (12m)	+32%+32%
Sales demand	Seller's marketSeller's market
Capital growth (5yrs)	+18%+18%

Property History

Listed for £125,000

July 18, 2023

Floor Plans

Description

Attention Landlords - Current rental £800 PCM +
Cash Buyers Only - 55 Years Remaining On The Lease +
Popular Location +
Lower Ground Floor +
Three Bedroom Apartment +
Lounge & Separate Kitchen +
Garage +

*ATTENTION LANDLORDS - CURRENT RENTAL £800 PCM*

*CASH ONLY PURCHASE - 55 YEARS REMAINING ON THE LEASE*

Leaders are pleased to present to market this contemporary style and deceptively spacious three-bedroom lower ground floor apartment situated within a very sought after location of Worcester.

Being within close proximity to many local amenities, great access in Worcester City centre, convenient location to nearby popular schools and supermarkets and easy access to nearby motorway junction this property would make the ideal buy to let investment.

Property comprises in detail; Entrance hallway, lounge, separate kitchen, separate utility room, a bathroom and three bedrooms.

Property also offers a garage.

Further benefits to this property include gas central heating and double glazing throughout as well as access to a communal courtyard.

This property is leasehold with 55 years remaining on the current lease. The annual service charge is £1103 per annum and the ground rent is currently £75 per annum. The council tax band is A.

*VIEWING HIGHLY ADVISED NOT TO MISS OUT*

Agent Details

Leaders Sales, Worcester

01905 887216

Next Steps?

This deal was sourced from Rightmove. Contact the landlord/agent for a viewing now 💪

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