2 Bed Flat, Cash/Bridging Only, Derby, DE1 1AW, £95,000

510 Prosperity House Gower Street, Derby, DE1 1AW - 6 views - a year ago

Leasehold

Cash

ROI: 11%

53 m²

+4 photos

ValuationOvervalued

Sold Prices	£37K - £155K
Sold Prices/m²	£679/m² - £2.9K/m²

Square Metres	53 m²
Price/m²	£1.8K/m²
Value Estimate	£78,824£78,824

End Value (After Refurb)	£97,500£97,500
Uplift in Value	+3%+3%

Investment Opportunity

Cash In
Purchase Finance	Bridging LoanBridging Loan
Deposit (25%)	£23,750£23,750
Stamp Duty & Legal Fees	£4,050£4,050
Refurb Costs	£21,428£21,428
Bridging Loan Interest	£2,494£2,494
Total Cash In	£53,472£53,472

Cash Out
Monetisation	FlipRefinance & RentRefinance & Rent
Revaluation	£97,500£97,500
Mortgage (After Refinance)	£73,125£73,125
Mortgage LTV	75%75%
Cash Released	£1,875£1,875
Cash Left In	£51,597£51,597
Equity	£24,375£24,375
Rent Range	£535 - £1,220£535 - £1,220
Rent Estimate	£1,015
Running Costs/mo	£528£528
Cashflow/mo	£487£487
Cashflow/yr	£5,848£5,848
ROI	11%11%
Gross Yield	13%13%

Local Sold Prices

29 sold prices from £37K to £155K, average is £110K. £679/m² to £2.9K/m², average is £1.5K/m².

Price	Date	Distance	Address	Price/m²	m²	Beds	Type
£90K	07/22	0.19 mi	Flat 14, Swinscoe House, Rosengrave Street, Derby, City Of Derby DE1 1PS	-	-	2	Flat
£150K	10/20	0.28 mi	18, Castleward Boulevard, Derby, City Of Derby DE1 2LQ	£2,941	51	2	Flat
£78.5K	08/21	0.3 mi	94, Gerard Street, Derby, City Of Derby DE1 1PH	-	-	2	Flat
£87.5K	11/20	0.3 mi	114, Gerard Street, Derby, City Of Derby DE1 1PH	£1,411	62	2	Flat
£140K	03/23	0.36 mi	First Floor Flat, 3, Friary Street, Derby, City Of Derby DE1 1JF	-	-	2	Flat
£48K	09/21	0.48 mi	Flat 27, Great Northern Point, Great Northern Road, Derby, City Of Derby DE1 1LZ	-	-	2	Flat
£85K	06/21	0.48 mi	Flat 5, Great Northern Point, Great Northern Road, Derby, City Of Derby DE1 1LZ	-	-	2	Flat
£130K	08/21	0.49 mi	4, Salisbury Street, Derby, City Of Derby DE23 6SL	-	-	2	Flat
£124K	03/21	0.49 mi	53, Farm Street, Derby, City Of Derby DE22 3UJ	-	-	2	Flat
£155K	03/23	0.51 mi	Flat 9, Nightingale Mews, Calvert Street, Derby, City Of Derby DE1 2RT	-	-	2	Flat
£42.5K	09/22	0.55 mi	Flat 5, Alexandra Mill, Great Northern Road, Derby, City Of Derby DE1 1LW	-	-	2	Flat
£111K	07/22	0.55 mi	Flat 41, Alexandra Mill, Great Northern Road, Derby, City Of Derby DE1 1LW	-	-	2	Flat
£38K	04/23	0.55 mi	Flat 31, Alexandra Mill, Great Northern Road, Derby, City Of Derby DE1 1LW	£679	56	2	Flat
£136K	06/21	0.58 mi	103, Parliament Street, Derby, City Of Derby DE22 3RL	£1,563	87	2	Flat
£92K	11/21	0.59 mi	19, Bloomfield Close, Derby, City Of Derby DE1 2FY	-	-	2	Flat
£127.5K	11/20	0.62 mi	22, City Walk, Derby, City Of Derby DE1 3QD	-	-	2	Flat
£116K	05/21	0.62 mi	27, City Walk, Derby, City Of Derby DE1 3QD	-	-	2	Flat
£127.5K	07/21	0.62 mi	Apartment 2, Westpoint, Brook Street, Derby, City Of Derby DE1 3TE	-	-	2	Flat
£143K	12/22	0.62 mi	100, Bridge Street, Derby, City Of Derby DE1 3LF	£1,663	86	2	Flat
£114K	01/23	0.66 mi	Apartment 1, Waterside House, Duke Street, Derby, City Of Derby DE1 3BA	-	-	2	Flat
£61.5K	03/21	0.69 mi	Flat 112, Rivermead House, Bath Street, Derby, City Of Derby DE1 3BT	-	-	2	Flat
£85K	10/21	0.71 mi	12, Nuns Street, Derby, City Of Derby DE1 3LL	£1,169	73	2	Flat
£90K	01/23	0.74 mi	124, Northumberland Street, Derby, City Of Derby DE23 6UA	£1,169	77	2	Flat
£42K	11/22	0.79 mi	Flat 33, Eaton Court, Leaper Street, Derby, City Of Derby DE1 3NX	-	-	2	Flat
£60K	12/20	0.79 mi	Flat 32, Eaton Court, Leaper Street, Derby, City Of Derby DE1 3NX	-	-	2	Flat
£37K	02/21	0.79 mi	Flat 35, Eaton Court, Leaper Street, Derby, City Of Derby DE1 3NX	-	-	2	Flat
£125K	12/20	0.81 mi	98b, St Chads Road, Derby, City Of Derby DE23 6RP	£2,358	53	2	Flat
£110K	05/22	0.86 mi	Flat 18, Derwent House, Huntingdon Green, Derby, City Of Derby DE21 6AB	-	-	2	Flat
£135K	08/22	0.99 mi	41, Auriga Court, Derby, City Of Derby DE1 3RH	-	-	2	Flat

Local Rents

51 rents from £535/mo to £1.2K/mo, average is £1.1K/mo.

Rent	Date	Distance	Address	Beds	Type
£800	04/24	0 mi	Gower Street, Derby	2	Flat
£800	04/24	0 mi	Gower Street, Derby	2	Flat
£800	05/24	0 mi	Gower Street, Derby	2	Flat
£795	03/24	0.01 mi	Babington Court, Gower Street, Derby	2	Flat
£795	03/24	0.01 mi	Gower Street, Derby, Derbyshire, DE1	2	Flat
£850	03/24	0.01 mi	Babington Court, Gower Street, Derby	2	Flat
£835	03/24	0.01 mi	Babington Court, Derby	2	Flat
£795	03/24	0.01 mi	Babington Court, Derby	2	Flat
£850	03/24	0.01 mi	Babington Court, Gower Street, Derby	2	Flat
£850	05/24	0.01 mi	Babington Court, Gower Street, Derby	2	Flat
£850	05/24	0.01 mi	Babington Court, Derby	2	Flat
£850	05/24	0.01 mi	Babington Court, Derby	2	Flat
£795	03/24	0.03 mi	Gower Street, Derby	2	Flat
£850	12/24	0.03 mi	-	2	Flat
£850	12/24	0.03 mi	-	2	Flat
£700	03/24	0.04 mi	Prosperity House, Gower Street, Derby DE1 1AW	2	Flat
£725	04/24	0.04 mi	Gower Street, Derby, DE1	2	Flat
£750	05/24	0.04 mi	Gower Street, Derby, DE1	2	Flat
£800	11/24	0.09 mi	-	2	Flat
£950	04/24	0.11 mi	The Millhouse, Brook Street, Derby	2	Flat
£1,180	03/24	0.14 mi	The Condor Derby DE1	2	Flat
£1,190	03/24	0.14 mi	The Condor Derby DE1	2	Flat
£1,050	03/24	0.15 mi	Castleward, Derby, Derbyshire, DE1	2	Flat
£945	04/24	0.15 mi	Castleward, Derby, Derbyshire, DE1	2	Flat
£1,215	04/24	0.15 mi	The Condor Derby DE1	2	Flat
£1,160	03/24	0.16 mi	The Condor Derby DE1	2	Flat
£1,195	03/24	0.16 mi	The Condor Derby DE1	2	Flat
£1,160	03/24	0.16 mi	The Condor Derby DE1	2	Flat
£1,175	03/24	0.16 mi	The Condor Derby DE1	2	Flat
£1,200	04/24	0.16 mi	The Condor Derby DE1	2	Flat
£1,195	04/24	0.16 mi	The Condor Derby DE1	2	Flat
£1,185	04/24	0.16 mi	The Condor Derby DE1	2	Flat
£1,200	05/24	0.16 mi	The Condor Derby DE1	2	Flat
£1,140	03/24	0.16 mi	The Condor Derby DE1	2	Flat
£1,180	05/24	0.16 mi	The Condor Derby DE1	2	Flat
£1,150	03/24	0.16 mi	The Condor Derby DE1	2	Flat
£1,165	03/24	0.16 mi	The Condor Derby DE1	2	Flat
£1,170	03/24	0.16 mi	The Condor Derby DE1	2	Flat
£1,175	04/24	0.16 mi	The Condor Derby DE1	2	Flat
£1,200	04/24	0.16 mi	The Condor Derby DE1	2	Flat
£1,180	04/24	0.16 mi	The Condor Derby DE1	2	Flat
£1,180	04/24	0.16 mi	The Condor Derby DE1	2	Flat
£1,220	05/24	0.16 mi	The Condor Derby DE1	2	Flat
£1,215	05/24	0.16 mi	The Condor Derby DE1	2	Flat
£1,165	03/24	0.16 mi	The Condor Derby DE1	2	Flat
£1,160	03/24	0.16 mi	The Condor Derby DE1	2	Flat
£1,180	04/24	0.16 mi	The Condor Derby DE1	2	Flat
£950	03/24	0.17 mi	Suede House, 45 John Street, Derby, DE1	2	Flat
£950	04/24	0.17 mi	Suede House, 45 John Street, Derby, Derbyshire, DE1	2	Flat
£775	03/24	0.19 mi	Gerard Street, Derby	2	Detached House
£535	03/24	0.2 mi	Macklin Street, Derby,	2	Flat

Local Area Statistics

Population in DE1	14,04614,046
Population in Derby	308,324308,324
Town centre distance	0.31 miles away0.31 miles away
Nearest school	0.40 miles away0.40 miles away
Nearest train station	0.60 miles away0.60 miles away

Rental demand	Balanced marketBalanced market
Rental growth (12m)	+5%+5%
Sales demand	Balanced marketBalanced market
Capital growth (5yrs)	+28%+28%

Property History

Listed for £95,000

January 23, 2024

Floor Plans

Description

Investment Opportunity - Immediate income, tenant in situ. +
Large Two Bedroom Apartment in popular Prosperity House development. +
Derby City Centre location. +
Apartment comes with Tenant in situ so immediate income upon sale completion. +
242 years remaining of 250 year long lease. +
8.5%+ yield being achieved +
Large open plan living space and two good sized double bedrooms. +
Stylish modern white kitchen and modern bathroom with shower and bath +
Apartment close to all city centre amenities and Bus station. +
Cash Buyers Only +

Investment Opportunity - Immediate income with tenant in situ!

New to the market, this large two bedroom apartment is located in the popular Prosperity House development in Derby city centre.

The property itself benefits from a large open plan living space, modern white kitchen with appliances, two large double bedrooms, modern family bathroom, neutral decoration throughout and secure entry-phone access.

Long 250 year lease, with 242 years remaining.

8.5%+ Yield being achieved!

Cash Buyers Only.

Agent Details

Brick Management and Lettings, Hampshire

020 3871 3150

Next Steps?

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

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