INVESTOR OPPORTUNITY - An excellent opportunity to acquire a two-bedroom mid-terraced property in an established and popular residential location close to Hanley, offering considerable potential for investors, landlords and owner-occupiers looking for a property they can modernise to their own requirements.
The property offers approximately 80sqm of accommodation arranged over two floors and comprises two reception rooms, kitchen, bathroom and two bedrooms.
Whilst the property would benefit from modernisation and refurbishment, the existing layout provides a straightforward opportunity to create a well-presented two-bedroom home suitable for either the rental or resale market.
INVESTMENT HIGHLIGHTS
* Refurbishment/value-add opportunity
* Current local rental evidence of approximately £750–£800 pcm
* Potential gross annual rental income of approximately £9,000–£9,600
* Recent sales on Mynors Street approaching and exceeding £100,000
* Suitable for Buy-to-Let, BRRR or refurbishment and resale
* Attractive low-entry investment opportunity
THE INVESTMENT OPPORTUNITY
28 Mynors Street presents an interesting proposition for investors seeking a property where value can potentially be added through refurbishment.
Recent sales on Mynors Street include properties achieving £99,000, £100,000 and £117,500.
For investment appraisal purposes, an indicative post-refurbishment value in the region of £95,000–£100,000 could be considered, subject to the condition of the property, the quality of works undertaken and prevailing market conditions.
An indicative refurbishment budget of £15,000–£20,000 could also be used for initial appraisal purposes, although buyers should undertake their own inspection and obtain independent quotations before bidding.
RENTAL POTENTIAL
The property also offers an attractive Buy-to-Let proposition.
Current rental evidence in the immediate area, including Mynors Street, indicates potential rental income in the region of £750–£800 pcm, subject to the property's finished condition and the prevailing rental market at the time of letting.
This equates to potential gross annual rental income of approximately:
£9,000–£9,600 per annum
LOCATION
Mynors Street is situated within an established residential area of Stoke-on-Trent, close to Hanley and its extensive range of shops, amenities, employment opportunities and transport links.
The surrounding area provides a broad range of traditional terraced housing and established rental accommodation, making this an area worthy of consideration for landlords seeking affordable investment stock.
SUMMARY
28 Mynors Street represents an attractive low-entry investment opportunity with scope to add value through refurbishment.
With a guide price starting at £52,000, established local rental demand and evidence of significantly higher sales values on the same street, the property offers investors the opportunity to create their own investment strategy rather than simply purchasing a finished property at full market value.
Guide Price: £52,000–£72,000
Potential Rent: £750–£800 pcm
Potential Gross Annual Rent: £9,000–£9,600
Indicative Refurbishment: £15,000–£20,000
Indicative End Value: £95,000–£100,000
Potential Strategies: BTL | BRRR | Refurbish & Resell
Viewings are highly recommended.
IMPORTANT INFORMATION FOR BUYERS
The figures provided are indicative only and should not be relied upon as a guarantee of rental income, valuation, profit or investment return. The indicative refurbishment allowance is not a contractor quotation.
Buyers should carry out their own inspection and due diligence and satisfy themselves as to the property's condition, rental value, potential end value, refurbishment costs, finance costs, taxation and all other associated costs before bidding.
Buyers should also read the auction legal pack and special conditions carefully, including the applicable buyer's fees and completion requirements.
Please note: This property is sold by auction and interested parties should ensure they are fully registered and have completed all necessary due diligence before bidding.
Freehold
* Plus 5% Buyers Premium + VAT
The seller of this property may consider a pre-auction offer prior to the auction date. All auction conditions will remain the same for pre-auction offers which include but are not limited to, the special auction conditions which can be viewed within the legal pack, the Buyer’s Premium, and the deposit. To make a pre-auction offer we will require two forms of ID, proof of your ability to purchase the property and complete our auction registration processes online. To find out more information or to make a pre-auction offer please contact us.
Each Lot is sold in its existing condition and state of repair. Buyers are deemed to have inspected the Property and satisfied themselves as to its condition, structure and suitability prior to bidding. Town & Country Property Auctions gives no warranty or guarantee as to the condition, structure, construction, repair or suitability of any Property, or the working order of any fixtures, fittings, services, heating systems or appliances included in the sale. No objection, claim or recourse shall be made against Town & Country Property Auctions in respect of these matters. Purchasers requiring mortgage finance or other funding are advised to arrange this prior to the auction and should satisfy themselves that the Property meets their lender's requirements. Material information relating to the Property will be provided within the Legal Pack. To download the Legal Pack, please visit tcpa.co.uk.
Any additional costs will be listed in the Special Conditions within the legal pack and these costs will be payable on completion. The legal pack is available to download free of charge under the ‘LEGAL DOCUMENTS’. Any stamp duty and/or government taxes are not included within the Special Conditions within the legal pack and all potential buyers must make their own investigations.
Ideal BTL, BRRR or Refurbishment Investment
Potential Rental Income £750–£800 pcm
Refurbishment & Value-Add Opportunity
A
* The Guide Price given is an indication as to where the Reserve is currently set. The Reserve is the minimum price that the auctioneer is authorised by the vendor to sell the property for. It is subject to change throughout the marketing period. Where the Guide Price is a single figure, the current Reserve will not be more than 10% above that single figure, and where a price range is given (i.e. £50,000 - £55,000), the Reserve will not exceed the upper level of the range. It is not necessarily what the auctioneer expects it will sell for.
We would like to point out that all measurements, floor plans and photographs are for guidance purposes only (photographs may be taken with a wide angled/zoom lens), and dimensions, shapes and precise locations may differ to those set out in these sales particulars which are approximate and intended for guidance purposes only.
These particulars, whilst believed to be accurate are set out as a general outline only for guidance and do not constitute any part of an offer or contract. Intending purchasers should not rely on them as statements of representation of fact, but must satisfy themselves by inspection or otherwise as to their accuracy. No person in this firms' employment has the authority to make or give any representation or warranty in respect of the property.
Viewing: Due to the nature and condition of auction properties, the auctioneers highlight the potential risk that viewing such property carries and advise all to proceed with caution and take necessary requirements to ensure their own safety whist viewing any lots offered. Viewings are conducted entirely at the potential buyers own risk, these properties are not owned or controlled by Town & Country Property Auctions and the auctioneers will not be held liable for loss or injury caused while viewing or accessing the lot. Due to the nature of some auction properties, electricity may not be turned on, therefore viewing times are restricted. Viewers will need to bring their own lighting/ ladders if wanting to inspect cupboards, cellars and roof spaces. Some viewings are carried out by third party agents and we will endeavour to give appropriate notice should the published viewing time change. Town & Country Property Auctions will not be liable for any costs or losses incurred due to viewing cancellations or no shows.
All auctioneer fees and deposits stated are non-refundable. The deposit will be applied toward the final purchase price. Auctioneer fees, while not contributing to the purchase price, will still be included in the total chargeable consideration of the property when calculating Stamp Duty Land Tax, Land Transaction Tax, or Land and Buildings Transaction Tax (as applicable depending on whether the property is located in England, Wales, or Scotland).
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